If you are looking at real estate, with the help of a company like Greenways Real Estate & Auction, you might be overwhelmed by the many options that are in your local real estate listings. You don't want to waste your time looking at a home that isn't right for you, so consider these signs that a home might be a fixer-upper. Then, you can decide beforehand if this is the type of property that you're interested in tackling before you waste your time.
1. The Listing Price is Surprisingly Low
Everyone wants to score a great deal on a home, so you might find yourself drawn to listings that feature low prices. However, you should be cautious about listings for homes that have very low prices. Look at other listings for similarly-sized homes in the same area; if the price for one home is much lower than for others in the same place, it's usually because there is something wrong with the home. A cheap fixer-upper can often be a good investment and can allow you to get more home for your money, but you do have to be careful with this type of purchase.
2. Certain "Code Words" Are Used
No real estate agent, or person who is trying to sell a home, wants to make it look bad. With the wrong real estate listing, a home might not get any showings. This means that "code words" are often used to describe homes that are in less than good condition. A few code words and phrases that you might want to look out for are:
- "Handyman's Special" - If you're a handyman, you might find this type of home to be a good choice. Otherwise, you're sure to have to hire one.
- "Needs TLC" - All homes need TLC. If an ad specifically mentions it, it's probably because the last owner didn't give the home much care.
- "Needs the Right Owner" - In these cases, the "right owner" is usually someone who has time and money to spend on a fixer-upper.
- "Perfect for a DIY-er" - With this type of home, you often need to DIY a lot of home repairs.
- "Great Investment Opportunity" - In many cases, fixer-uppers are marketed to real estate investors who are looking to flip homes and sell them or rent them out.
These code words and phrases aren't necessarily a bad thing, so it might still be worthwhile to look into listings that feature them. However, you will want to take a close look at the home before you get too excited about it. You will also need to have it inspected by a professional and will need to decide if it's worth your time and money to purchase a fixer-upper and make it livable for your family.