When searching for a home, it can be tempting for buyers to look for the lowest priced homes in the market. I've often seen first time home buyers have their hearts set on buying a foreclosed property or fixer upper. The plan, usually, is to do like the buyers do on HGTV or flip this house type of shows; and do a remodel job to not only get the house they want, but get it at a reduced price. The problem with this strategy is that (1) most inexperienced buyers don't realize how much these repairs will actually cost, (2) Buyers believe you can borrow the fix up cost in addition to the price of the home, and that's seldom the case, and (3) 9 times out of 10, the borrower ends up with a home that's no better in price, than what they could have bought straight out.
Here at Ricker Properties, we take the stress out of this whole deal. With most of our properties, the expensive remodel jobs have already been done by us. We typically install new roofs, siding, heating & air units, flooring, etc. etc. Most of our properties are turn key and priced under market value. They're built to last many, many years. I'm not saying buying a fixer upper can't be a good idea. It certainly can! If that weren't true, we wouldn't buy them ourselves. But you've really got to have all your systems in place, have financing set up, and have knowledge of who is good at different types of work in the contracting business.
If you decide to purchase a fixer upper, I wish you all the luck in the world! I'd be glad to give you help or advice with that. But if you're like most, you would probably prefer a Ricker Home that's already been remodeled in a top notch way, and has also been priced in an affordable way.
Best Regards,
Ricker Properties
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