Why Buy a Home that Needs Work?

Are you tired of competing in a hot real estate market? We all know that homes in good condition and that are priced right from the start are flying off the market. Days on Market for single-family homes is averaging 9 days in Honolulu. Offers are exceeding list prices and Buyers are doing everything they can to secure a property. Escalation clauses, waivers of special terms, persuasive and endearing cover letters, and creativity abound. But, if you are like a lot of Buyers, you may find yourself coming up empty. You may be low on enthusiasm and high on discouragement.

Why not consider buying a fixer-upper? A home that needs work may be a good option for the right buyer. Maybe for you? Of course, you’ll have to ask yourself some questions. Do you have the time, talent, and resources? You’ll need to consider your budget, your needs, and your lifestyle. Deciding to buy a home that is going to require your time and money should only be done after careful consideration.

Pros to Buying a Home that Needs Your Tender Care

• You’ll face less competition and you will be purchasing at a lower price.
• You’ll have a chance to customize your home: You’ll have the freedom to make it your own!
• You’re in charge. You get to choose the materials, colors, contractors, and everything else. And, you can do it on your timetable.

Buying a home that needs work isn’t for everyone, but for those who are willing to put in the time and investment, it may be the ideal situation. In my experience, those who buy fixers are often ahead of the pack when it comes to seeing marked appreciation in their homes. This is especially true if they can do at least some of the work themselves. A home in my neighborhood sold last year for $890k. It was pretty original and the new owner has been working on it ever since. It’s starting to take shape and guess what? The exact same floor plan on the same street just closed at $1,228,000! The owner of the fixer-upper is more than a little elated. His finished product is to his own liking and taste and he’s already got built-in equity.

Home for Sale Palolo Valley

If you think a home that needs work is an option, I’ve got a listing that may be worth your consideration: 2666 Waiomao Road in the beautiful valley of Palolo (MLS#202108469). It’s listed at $785,000 and it’s a 3 bedroom, 3 bath with almost 2900 square feet under roof. The price per square foot ($274) is well below the average in the area, which is $629 per square foot. The floor plan is open and versatile. There’s a separate one bedroom, one bath unit, plus an ample basement which is multi-functional. Part of the home has been upgraded, but the rest is waiting for someone to add their own style and touch.

Is the idea of putting your talent and creativity to work appealing to you? If so, give me a call. Opportunity is knocking.