When Looking For A New Home Check Out The Diamond In The Rough

Cosmetic Home Improvements Can Reap Big Rewards

Here is how you can be ahead of the majority of home buyers and save yourself some money too. When looking for a new home try being less concerned about the "pushover" houses that need little or no work and require a premium price. Concentrate on the "diamond in the rough" properties that need work, and many buyers pay little to no attention to.

Most home buyers have little to no "creative vision" when it comes to looking at houses on the market. They can’t see past a wall that needs to be painted, a door that needs to be replaced, or landscaping that needs trimming or weeding. This is especially true of first time buyers looking for their dream house. Most buyers believe that their dream house is not ugly with worn out appliances. As a result, the best looking houses get the most activity, the most offers, and the highest prices. A buyer of a property that needs some cosmetic work or minor repairs/improvements, whose repairs are considerably less compared to the price savings of purchasing a "pushover" house, has the advantage. They also save even more if they are willing and able to do the majority of the work themselves.

When speaking of repairs/improvements we are referring to repairs or improvements that do not involve the need for major construction or structural elements. For example, installing new carpeting throughout the house compared to repairing/replacing a rotted bandboard. A rotted bandboard is part of a house's support system, and should only be attempted by a reputable professional and not by the average home purchaser.

Here are examples of minor repairs and improvements for the average home purchaser and can usually be handled fairly easily:

Home purchasers can compound their savings appreciably by doing some or all of this work themselves, but obviously, certain jobs should be done by trained/skilled professionals such as major electrical, structural, and plumbing repairs.

An Important Warning: It’s strongly advised that a whole house inspection be performed by a competent and experienced professional before the purchase of any home. This is especially important in the case of properties in need of repairs/improvements for several reasons. In some cases when repairs/improvements are needed, it could be a sign that there are hidden deeper rooted and more expensive problems with the house. For example, exterior siding that is weak and in need of paint could be hiding much more expensive water damage behind the siding. Also keep in mind that if the previous owner deferred maintenance of the simple, less expensive repairs/improvements chances are that they also deferred much more expensive repairs and maintenance like the possible water damage behind the siding. A complete whole house inspection will give you a much clearer picture of what needs to be done to the house and a general idea of the expense involved.