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March 5th Weekly King County Market Watch NW

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March 5th Weekly King County Market Watch NW marketingcenter--

The Perks of Buying a Fixer-Upper

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There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner.

If you’re willing to roll up your sleeves (or hire someone who will), buying a house that needs some work could open the door to homeownership. Here’s everything you need to know so you can decide if this is the right move for you.

What’s a Fixer-Upper?

A fixer-upper is a home that’s livable but requires some renovations. Think cosmetic updates like wallpaper removal and new flooring or more extensive repairs like replacing a roof or updating plumbing.

While fixer-uppers need a little TLC, here’s why they may be worth considering, especially right now:

  1. They Usually Have a Lower Price Point. Because of the repairs involved, these homes are usually less expensive up front than move-in-ready options. According to a survey from StorageCafe, fixer-uppers come with price tags that are about 29% lower, making them a solid choice if you’re having trouble finding anything in your budget.

  2. Less Competition. When you’re ready to make an offer, you’re less likely to deal with competition from other buyers who are focused on move-in-ready homes.

  3. Build Equity Faster. From choosing how to redo the floors to picking which cabinets you want in the kitchen, a fixer-upper allows you to design a space that fits your needs and style. And with smart renovations, you can increase your home’s value faster and potentially see a big return on your investment.

As The Mortgage Reports notes:

“If you’re a house hunter who’s not afraid of sweat equity, buying a fixer-upper could be your ticket to homeownership. Doing so could lead to big savings, even in some of the nation’s largest and most popular housing markets. Plus, adding the right features could help your investment.”

What To Know About Buying a Fixer-Upper

The possibilities that come with a fixer-upper are exciting, but there are a few things to think about first.

  • Do You Have a Gameplan? Consider if you have the time, skills, or budget to tackle renovations. Be honest about what you can handle yourself, what you’ll need to hire out, and if a fixer-upper is truly a good fit for your lifestyle. Remember, you’ll likely be living in a construction zone at least for a little while.

  • Prioritize the Repairs and Upgrades: Don’t stress yourself out thinking you’ve got to do all the work up front. Space out renovations over time in a way that makes sense for your budget and what’s most important to tackle first.

  • Location Matters: You want the money you’re spending to fix up a house to be worth the investment. So, make sure the home is in an area with increasing home values and amenities locals love, like parks and restaurants.

  • Get a Home Inspection: Hiring an inspector to do a thorough inspection before you buy is a must. What they find will help you understand what needs to be updated, renovation costs, and if it’s a project you want to take on.

  • Budget for Surprises: Renovations rarely go as planned. So, be sure to set aside extra money to cover things like extended repair timelines, an increase in the cost of materials, or other unknowns that may come up.

Talk to a Lender About Financing Options: There are some renovation mortgages designed for homes that need a little work. But they may have requirements like spending and timeline limits, so talk to a trusted lender to understand the fine print.

bottom line

Fixer-uppers aren’t for everyone, but if you’re open to doing a bit of work, they can be a great way to overcome today’s affordability hurdles and find something in your budget. With the right mindset and careful planning, you could turn a less-than-perfect house into the perfect home for you.

So, if you’re considering taking the plunge, connect with me about finding a fixer-upper that fits your budget and goals. 

SOURCE: Keeping Current Matters

5 Home Staging Ideas That Work Wonders During Winter

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SOURCE: Realtor.com

The weather outside may be frightful, but the housing market could be delightful for anyone looking to sell their home in the winter.

Despite what you might have heard, winter can actually work to a home seller’s advantage. With fewer homes on the market, it’s easier to stand out among the pack, especially if you invest in some home staging.

And we’re not talking much, just a few little tweaks to presentation that make your place shine like that crown jewel you know it can be. Honestly, most of these things you’ll probably be doing anyway to make yourself feel cozy in your home.

So, before you throw up your hands and take a home-selling hiatus, why not try these home staging ideas in the winter months to make your house stand out.

1. Don’t skimp on curb appeal

If you live in a snowy climate, you know there’s little you can do about the white stuff piling up outside. But you can stay on top of your yard maintenance, so buyers have an easy path to your front door and walk away with a feeling that your place is easy to maintain.

Shoveling the driveway and paths to your home is a must. And you’ll want to clean out your gutters, so ice isn’t backing up and giving the impression that you have roofing issues.

You can also add some winter-themed outdoor decor.

“I love putting evergreens next to the door and on the porch,” says Rebekah Scott, real estate broker for Atlas Real Estate Group in Denver. “Everyone knows how elegant evergreens look with snow on them, so it’s a good way to really showcase the snow.”

If you can, now’s also the time to make sure your front door has a fresh coat of paint. A bright, colorful front door will stand out all the more in the snow, and that can really wow your buyer.

2. Turn up the heat

Many homeowners like to keep the thermostat set down in the 60s to save on their heating bills, but you don’t want a potential buyer to think they’re visiting a house that’s hard to heat.

“A cold house can hurt the sale,” explains Scott. “When a buyer enters the house and wants to hurry up and get out of there because it is so chilly, it probably means they are going to have a bad memory associated with the home, no matter how great it is. You want to provide a warm and inviting environment so buyers will want to take their time and linger. “

To make buyers feel they’re right at home, turn up the thermostat. You’ll also want to fix any drafty spots around the house. You may be fine shoving a towel under the front door to keep the cold air out, but buyers will not look kindly on linens on your floor, or a chilly breeze on their feet.

3. Fire up the fireplace

Not only is it a good way to ensure the house feels warm, but making use of the fireplace is a good way to show off a great feature of your home.

“I love when a home has a fireplace, and I can highlight that feature by turning it on during open houses,” says Scott. Whether it’s wood-burning or you have gas logs in that fireplace, by lighting that fire, you’re giving potential buyers a window into what it would be like to cuddle on the couch with a cup of hot cocoa and their feet in front of the fire.

“Hitting all of the buyer’s senses creates a memorable experience that will hopefully lead to them purchasing the home,” she adds.

No fireplace? Play up the warm ambiance with candles, fur throws, and other items that give off cozy vibes.

4. Add seasonal scents

It’s always wise to clean your house and make the place smell nice and fresh, but the winter months are a time to focus on seasonal scents, Scott says. That means mulling seasonal spices such as oranges, cloves, and cinnamon on the stove, to go along with freshly baked holiday cookies cooling on a rack in the kitchen.

Music should also be seasonal, though not too heavy on the silly Santa songs. Scott suggests some smooth jazz that evokes the festive feel of holiday entertaining.

It’s not a bad idea to have hot coffee on hand, says Dale Schaechterle, broker/owner at Realty Executives Integrity in Milwaukee. Not only will it cut the cold, but it can also boost the mood of potential buyers.

5. Pump up the holiday decor

You don’t want to turn your home into the real-life version of Clark Griswold’s over-the-top house in “National Lampoon’s Christmas Vacation,” but Aaron Bowman of Mazz Real Estate in Tolland, CT, says the holidays can make it easier to sell a home, if you decorate well.

“The main reason is that buyers like to picture themselves in the home hosting holiday get-togethers, and it’s much easier to show them the potential of a house when it’s decorated for the winter months,” he says.

He recommends a big wreath with a bright red bow on the front door and some (electric or battery-operated) candles in the windows. Avoid blow-up lawn decorations or anything over-the-top or garish inside and out, favoring the sort of classic decor you’d expect to see on a greeting card.

And if the holidays are over, and you’re still showing your home, remove the decor immediately!

SOURCE: Realtor.com