There are a number of reasons why people start searching for a house. Some folks are looking for their dream home that they’ve spent years saving for, while others simply love the idea of purchasing an investment property. Whatever the reason, many times once you’ve jumped in and begin hunting, you realize what you want and what you can afford are two very different things. But! Rest assured there are ways to have the best of both worlds. Below are some of our helpful tips!
Try searching for homes that require some minor cosmetic repair. This can end up saving you quite a bit of money. These are not projects that require a full-blown demolition, but rather could benefit from some upgrading and attention. For instance, let’s say you’re interested in an “as is” row home—It would be very helpful to view similar style open houses on the market that have already been gutted and remodeled. This way, if you’re having difficulty envisioning the potential of your “as is” row home, you can see first-hand completed projects that are similar in scope.
In addition to gathering ideas on home design, it’s also advantageous to make sure that you’re making an “educated offer”. In the case of our “as is” row home example, it would be worthwhile to swing by the open house and gauge interest in the property, take notes on the size of the crowds, and pay close attention to the conversations of other prospective buyers to gain a better sense of the level of interest in the property. While this may seem a little unconventional, it’s a great way to gather valuable intel. It’ll also allow you the opportunity for a second look at the home, which will help boost your purchase confidence.
Lastly, on one of your visits to the home (preferably not the open house!), bring a home inspector with you. A home inspector will perform a walk through (less official home inspection), and can point out issues and highlight potential problems. It’s important during this time to take notes and listen closely, because unlike full inspections, you will not get a formal report. This process is a lot less expensive than a formal inspection and still provides a qualified second opinion on condition. This allows you (the purchaser) to prepare a cleaner, and more educated offer—and possibly even remove your inspection contingency—which improves your ability to win in a multiple offer situation.
In this increasingly competitive sellers’ market, it’s important to make sure you’re making the best possible offer! If you’ve got additional questions or need a hand, The Crane Group is always standing by with a full team of inspectors who can quickly go out to a home for a consultation. Our job is to help you stay informed and save money!
