Thinking about buying a fixer?

You might want to think twice about your options…

Many buyers have thought: “Maybe we can find a home that just needs a little cosmetic sprucing up!" But how do you know if a home is really worth the effort of excavating in order to try and save money?  Is it really cosmetic or is it structural?  A cosmetic issue generally entails making the home look better by: painting, landscaping, refinishing floors, and other details that won’t cost a ton of money and hired contractors.  With structural issues, it’s usually problems with the foundation, roof, plumbing, or pest (wood destroying organisms), and it equals a whole lot of money and time, so you may want to pass.

Buyers will often think, “There should be a lot less competition with fixers, right?”, however you very well could be going to bat against an all-cash investor who’s not going to let a naïve buyer get in their way.  A cash offer is automatically stronger, and an investor is likely to offer well over the asking price, if necessary.  Overall, it takes a certain mindset, budget, and attractive price to know if it's the right move for you.

Neighborhood Spotlight: Richmond Annex