When you’re shopping for a new home, it’s not uncommon to face a little bit of sticker shock when it comes to price. This often leads to potential buyers trying to find a decent balance between what they want and what they can actually afford. Nonetheless, if you’re smart enough, you may be able to find some really amazing deals if you know what to be on the lookout for.
One of the main keys to finding a great deal is to look for properties that have qualities that might seem unappealing at first but that can be corrected fairly easily. Some of these things can drive prices down drastically but won’t require a major renovation to fix. If you are looking to find a bargain, here are a few things to look out for.
Bad Looking Paint
Even though there’s a lot of damage that can make your paint look ugly, sometimes the paint is just ugly because someone chose to bring together colors that should never coexist. It could be awful colors, it could be cheap paint that’s faded over time or it could even be an amateur paint job that never got touched up.
Regardless of the reason for the ugly paint job, it can drive the price of the property down by thousands or even tens of thousands of dollars. It doesn’t even have to be the entire house; one ugly room can give you an opportunity to find a good deal on an otherwise nice property.
Agents will often tell you that a property’s yard is one of the first things that potential buyers see. If it’s obviously been neglected or has bald patches and overgrown flower beds, this can make a negative first impression because it suggests that the house itself might not have been taken care of either. That isn’t always the case, though. Even if the house is in good condition, a yard that needs some love and care can usually shave some money off the asking price and help you to net a great deal.
Fixtures and Accents
There are a lot of cosmetic elements in houses that can start looking a bit rough over time. As an example, handles and knobs can come loose or become tarnished, shutters can get loose, bathroom tiles can become cracked… and the list goes on.
While updating these issues won’t break the bank, many sellers will drop their asking price quite a bit due to how these little things make the house look.
A handful of buyers shy away from houses that have obvious bathroom problems, causing those sellers to bring the price down significantly in many cases. Depending on the extent of the issues in the bathroom, though, there could be an amazing opportunity here.
If the problem with the bathroom is mainly cosmetic, our realtors often will tell you that you may be able to fix it on the relatively cheap side and save a good amount of money in the process. Just make sure to keep an eye out for signs of water damage or mold, since that could indicate problems that would be much more expensive to fix.
One other strategy for finding a deal is to seek out bank-owned properties that were previous foreclosures. These properties are often sold at a discount because the bank is not really trying to sell the house at market value, it’s just trying to recoup the money it lost when it had to foreclose.
The amount you can save will depend on both the bank and the amount of equity that was in the home when it was foreclosed, but you may luck into a great deal on a nice house this way. Make sure you are fully aware that while there are legitimate programs that can help you find a foreclosed property, unfortunately there are also some scammy ones out there as well.
Call In The Experts
Having your local Realtor assist you with your search is another way to find hidden gems and get a bargain on your next home. A majority of the time, they can find you properties that need some of these tiny fixes and give you an idea of what type of updates the property could need.