Location, Location, Location - Why is This So Important for a Fixer Upper House?
Sunday, May 11th, 2008 Subscribe To Our Feed
Although most people choose to buy fixer upper homes in neighborhoods that are already well established and popular, you can’t overlook the value of a great fixer upper in a less desirable location. Regardless of geography - eastern state real estate, western real estate, or central and mid-west real estate - location is certainly first and foremost concerning what makes a home as valuable as it can be.
However, less popular neighborhoods have potential as well as being up and coming, and that is sometimes just as desirable to home buyers. Granted this isn’t always the case because there are some in-development neighborhoods that can really be attractive as a great sale to potential buyers.
Buying a home in a less popular neighborhood that needs work is a challenge to someone who is less experienced in this type of investment, so you should have someone by your side who truly knows what they are doing.
Many of the homes in less desirable neighborhoods need more work and major remodeling done to attract serious buyers and make the point that their choice should be in that neighborhood. Once the renovations are complete, the house can sell for much more and will appeal to buyers who might ordinarily look elsewhere.
Choosing a home in a popular neighborhood is very likely to be a good deal when it comes to profit as well. Though basic location is critical, where many homeowners fail is in not fixing up the home to the standard of the neighborhood itself.
If the convenience of great schools is there as well as being close to businesses and has easy access to highways, then you need to make the home reflect the standards of the neighborhood. Once you do that, you significantly improve your chances of earning a hefty profit just based on location alone.
Choosing between locations can be the hardest part of picking out which fixer upper will make most sense to you. Whether you select a home in a trendy and popular area, or one that is sure to become one in time, the location can spell the difference between selling it for a nice profit or just a little.
Buying in a more popular location will usually gain you more money in the long run because purchasers normally feel better in a safer, more convenient location. Unless you are fairly certain that a neighborhood will grow in popularity quickly, it might be better to focus your attention on a home that is already in an established, high-appeal part of town.
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