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In the market for a residential property? Whether you are searching for a primary residence, a second home or an investment, an essential component of home hunting is taking a close look at the flaws of properties. The flaws that you choose to live with can result in vast differences in the return on your investment.
Here are our expert answers on analyzing home flaws, provided by Mosaic agent John Tyson:
What flaws are acceptable to overlook if you want a good deal on a home?
When shopping for a new or used home, there are many features that might be considered unappealing to many homebuyers, but can often be disguised as a good deal to the savvy buyer. Don’t be too concerned over funky wall colors, wallpaper, or worn or outdated carpeting. These are easy fixes and often provide some deep discounts off of list prices. Unappealing or outdated kitchen cabinets can be refinished or repainted. The same goes for outdated light fixtures and window treatments – and anything cosmetically not to your taste. They can be replaced for minimal amounts.
Other features that can be easily remedied would include bathroom grouting, closet doors, and dated/odd color appliances – again not a big expense for replacement or repair. Curb appeal can often be remedied by trimming an overgrown yard or planting an under-planted landscape.
The furnace is sometimes a deal breaker for buyers, but depending on the age of the system and issue at hand, a reputable furnace inspection might reveal a minor repair and not a major replacement cost. It is always suggested to have a home inspection and hire other necessary inspectors when buying a house.
Which flaws spell disaster and should never be overlooked?
A home search usually depends on priorities such as budget, lifestyle preferences and functionality. If a home meets your criteria, there are some issues with any home that should never be taken lightly when shopping the market, even when looking for a deal.
Take a look at the location and the neighborhood – consider major traffic arteries, schools, neighboring homes, parks, and railroad tracks. Are they to your liking? Consider the functional use of space and the layout. If the flow is not good, it could become a major task to correct it.
Outdated wiring often requires tearing down walls and can become a major expense. Always be aware of the structural integrity of the house you are looking at. Look for sagging floors, cracked foundations, cracks in the walls, water stains in the basement, mold or mildew odors or a damaged or sagging roof. These items all can be costly to repair. A twenty-year-old furnace may be ready for replacement, which can cost thousands of dollars for replacement and making it fit the existing space and ductwork in the house. It is always suggested to have a home inspection and hire other necessary inspectors when buying a house.
John Tyson's Bio
John has been a real estate investor and landlord for nearly 20 years and a licensed REALTOR® in Florida, Indiana and North Carolina. His knowledge, expertise and many years of experience in real estate with residential and multi-family homes, condominiums and townhouses give him the skills to help clients reach their goals. Communication, organization and an eye for details are among his many strengths.
For more information on real estate in Asheville, please contact Mike Figura at mike@mymosaicrealty.com or call him anytime at (828) 337-8190.
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