If you have a little “defect,” call a plastic surgeon. However, even a plastic surgeon must have something to work with! Forgive me...I was being "ugly!"
Investors know the same holds true for fixer upper and investment properties. While the need for rehab may be obvious, experienced investors know the “bones” have to be good.
If you are in the market for a house or condo and an older (or abused) property is a consideration I suggest thinking a bit like a real estate investor.
Look at the neighborhood. No house exists in a vacuum. There are neighbors, crime statistics, school quality and other factors to consider. If the neighborhood is older (real estate lingo is "established neighborhood"), this can be critical especilally for the long term.
Major systems must be solid. The price of repairs can get steep if you start digging and find foundation, roof, plumbing and electrical issues. Get an inspection done! Most home buyers consider cosmetic issues to be minor – even a kitchen update later. A home inspection will give you a clue to the reality of your real estate plastic surgery! Remember, even plastic surgeons must have something to start with!
Real estate investors know what they are doing. Don’t gamble if you don’t have the money to lose. It is not as easy as the Saturday morning television shows!
In Brevard County, Florida, contact me if we can help you buy or sell that next property.
Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge, working exclusively with Century 21 Baytree Realty.