Sunday, November 14, 2010
Consider buying a home for its potential? Maybe you should.
A new listing in the back of Kemp Mill, a subdivision in Silver Spring Maryland, on Bluff Terrace near the park. Below is a link for the listing Do you know anybody interested in living in Silver Spring, Maryland? Seller did a nice renovation job on the home in just over 2 months after buying the home for a steal-it was cash though.
Please visit my website to see the listing and for a general home search:
Even if it isn't the right home for you,give thought to buying a home for its potential
if it is in an area you like and has good bones. There are loans designed for homes that need renovation like the FHA 203k loan. Part of my full service with clients is introducing them to contractors if they see a home that needs work,but aren't sure what the cost of the work will be and if they will in the end have saved any money by buying a home that needs renovation/updating,verses a home that is "in perfect condition".
The other benefit of buying a home that needs renovation is that the renovation will be based on your taste,wants and needs. Some sellers' homes may be beautifully renovated from head to toe,but you may have a different taste than them.
On the other hand,if you buy a fully renovated home,you don't need to invest the time in meeting with contractors,calculcating the costs of repairs and different options. Some renovation work can be done while you live in the home,but some renovation work is substantial to the point where you cannot move into the home until at least until certain work is done. So,you might need to calculate the cost of living at your current residence a couple of additional months after your new home purchase. That being said, there may be more buyers out there looking at fully renovated homes,which brings up their value. You need to weigh the situation.
If you or someone you know is thinking of buying a home in Metro DC,please let me know. I always have time for and greatly appreciate your referrals.
Life is good!
Licensed in MD & DC
301-718-4100 ext. 132