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Selling Fixer Uppers vs. Move In Ready Homes

Selling Fixer Uppers vs. Move In Ready Homes
To improve or not to improve? That is the question homeowners are asking themselves while preparing their property for the real estate market. We had a heart to heart with a few SouthCoast Massachusetts Realtors and discussed selling a fixer-upper verses a move-in ready home.
Jeannie Bettencourt, 2014 top producer at Ryan Realty and Associates of Fairhaven, knows what people are considering when ready to purchase  a new home.

“Buyers look for 3 things: location, size of home and lot, condition of interior and exterior of a home. At first showing they almost always ask the age of the roof, siding & windows.”

If a home is in rough shape and sellers are lacking the money or the will to make any improvements, Realtors often list homes in their existing condition. This type of property is perfect for buyers who are not afraid of tackling projects and prefer to customize their new home.

“We usually incorporate what needs immediate attention into our listing price. Buyers may want their own style, brand or color to pick themselves.” said Bettencourt.

Whether it is to put their own personal touch on a property or the buyers are looking to flip a house, fixer-uppers are an attractive investment. This can be an opportunity for some buyers but there could be drawbacks to selling a home in need of major improvements.

President of the Southeastern Massachusetts Association of Realtors and Owner of Coastal Realty, Lori Nery, explains the potential obstacles of selling a fixer- upper.

“Since most buyers need to borrow funds to buy their home, the fixer uppers most often need too much work to qualify for the type of loan they are approved for. Many buyers qualify for FHA backed loans but these require the borrower to purchase a home without peeling paint.” Nery explained.

It’s not uncommon for sellers with limited funds to skip major home improvements and focus on smaller projects.  Bill Ryan, owner and broker of Ryan Realty and Associates, has a few recommendations for sellers with a small budget.

“Simple cosmetic improvements like fresh paint, removing wall to wall carpet and refinishing hard wood floors can make a big difference when it’s time to show a home.” explained Ryan.

Many buyers opt out of sweat equity and the stress of home improvements – these are the folks looking for a turn-key, move-in ready home. Lori Nery discussed the move-in mentality.

“These buyers are often working so hard to pay for the home that they do not want to sacrifice their free time for major renovations. A home that is move-in ready will afford the buyers more time to spend with their family enjoying their new home! Buying a home with newer windows , siding and roofing are the key selling points. Knowing they can defer maintenance for many years is very desirable.”

Whether your home is in pristine condition or needs a little TLC, finding the right Realtor is the key to selling your home.

“I love what I do! It is a great feeling to find someone their very first home and its equally rewarding to situate an elderly homeowner into their next phase…it is wonderful to be able to guide people to make some of the most important decisions in their lifetime!” exclaimed Nery.

Getting ready to sell or buy a home? Contact Jeannie or Lori today!