When dealing with “retail” home buyers you need to keep in mind that they will demand a perfect home. So, get ready to put out thousands of dollars to repair the property.
If you’re not willing to fix it then you’re probably going to have to discount the property significantly. Don’t forget that you’ll be paying thousands of dollars in real estate commissions and fees.
First time home buyers don’t want the hassle of buying a fixer upper. They want their dream home and they want it at their price.
Have you thought about working with a company or person that buys homes in “As Is” condition? They have the ability to purchase properties that need extensive repairs or have other issues.
A smart seller will weigh the cost of improving the home against the price someone will pay for the home. Is it really worth the headache to spend $20,000 in upgrades to net an additional $5,000?
Do you have the time and expertise to select and manage contractors? I’m not sure if you’ve seen the DIY channel but that’s a great example of what happens when people take on projects that they can’t manage. It’s a disaster.
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