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The Hidden Gems: Underpriced Homes Needing Minor Improvements
We've all seen the news lately of the homes in Detroit, Michigan, selling for $100, requiring massive home improvement work. These seem like great deals, and they may be for the right person. However, the reason these homes are selling for $100 is that the entire neighborhood has been abandoned, and the home has been stripped clean. Literally, all the copper has been removed, all the outlets are gone, and don't even think about finding any workable fixtures.
In other words, these houses are going to require a lot of work and money for someone to make them livable. That's why this particular type of home improvement project requires the right individual.
However, for the rest of us, there are plenty of better home improvement opportunities that will be quick and easy, not requiring experience in the industry. You just need to look for the hidden gems in good neighborhoods. In today's housing market, home prices are appetizingly low. Because of the competition among the flood of homes on the market, the ones with minor blemishes are currently under-priced.
These homes are the hidden gems you should look for, because you can save a lot of money on the purchase and build a lot of equity with a small home improvement project. It's the best of both worlds for first time homebuyers and anyone else looking for a new home, because these minor renovations don't require any extensive skill or knowledge in the construction industry.
Let me give you a quick list of some of the home improvement items that I'm talking about. You'll see just how quick and easy the project can be. From the time you purchase your hidden gem of a home, you should be able to complete all of the below home renovations within just a month or two. Then, you'll have a great home, in a great neighborhood, at a discounted cost!
Home Improvement Project #1: The Kitchen
The kitchen is still the king of renovations when it comes to building equity. You get a lot of bang for your buck when you make repairs and upgrades to a kitchen. It's quick and easy to have new appliances installed, countertops upgraded, and maybe even renovate the cabinets if needed.
Home Improvement Project #2: Paint
A hidden gem of a home will be under-priced because of simple, minor flaws like ugly or old paint on the interior and exterior. Many prospective homebuyers will see this as a turn-off. You should see it as a great opportunity to buy a steal of a home and freshen it up with paint for a very small price.
Home Improvement Project #3: Flooring
Does the home need new floors? You can take this opportunity to upgrade to hardwood or tile. Likewise, maybe all the property needs is some fresh carpet. Remember, you don't have to do the install yourself. These are simple home improvement projects that you can have done quickly and inexpensively. Yet, when the home is renovated and upgraded, it will look and feel like new - and, you will have some nice equity built in.
Home Improvement Project #4: Roofing
We're not talking about structural issues here. We simply want to look for properties that may have older, dilapidated shingles. This will cut the asking price of the home, because it makes the property very unattractive. But, the truth is that new shingles are quick and easy home improvements. Often, the old shingles don't even need to be removed - you can have the new shingles installed right over the top to save time and money in many cases.
Home Improvement Project #5: Fixtures
Just like installing new appliances, installing new plumbing and lighting fixtures should be quick and easy. New lights along with upgraded sinks and tubs will completely change the look and feel of a home.
The key to any of these types of home improvement scenarios is the lack of cumbersome, difficult repairs, such as structural work. These full, major rehab projects can themselves be a great opportunity for building equity in a home, but they are not for everyone. They require more time and management. However, the hidden gems on the market today will need simple, minor home improvement repairs that anyone can oversee to create a whole new home quickly and easily.
But, how are you going to pay for all of these repairs and renovations? You do not want to put the costs on a credit card. Instead, wrap the home improvement project into the purchase of the home with a home renovation loan.
Home renovation loans today have a few key advantages that make them ideal for this type of home improvement situation. First, there is just one closing that wraps the purchase of the home and the costs of repairs into one fixed-rate mortgage. Second, the interest rates are still close to rock bottom. Third, unlike loans for new construction, home renovation loans have small down payment requirements and credit score requirements.
If you can find your own hidden gem of a home in the right neighborhood for your family, then there is probably going to be a great home renovation loan that will fit your scenario. Look for the minor home improvement opportunities, and you'll find amazing deals in today's housing market.
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