• Menu
  • About
    • Testimonials
    • Write a Testimonial
  • Buy
    • Buyer’s Guide
  • Search
  • Resources
    • HomeBuyerGuides
    • Blog
    • Whats Your Home Worth?
    • Sell
      • Seller’s Guide
      • Marketing Plan
  • Contact

1st Time Home Buyer ATL

Milla Murad | Realtor® | Real Estate | Atlanta | Georgia

  • About
    • Testimonials
    • Write a Testimonial
  • Buy
    • Buyer’s Guide
  • Search
  • Resources
    • HomeBuyerGuides
    • Blog
    • Whats Your Home Worth?
    • Sell
      • Seller’s Guide
      • Marketing Plan
  • Contact

Identifying if a fixer-upper is cost efficient

TV shows make finding a profitable fixer-upper seem easy. But in the real world, there are real challenges and decisions to be made.  

Identifying if a fixer upper is cost efficient - 1st Time Homebuyer Atlanta

Whether you’re buying an investment property or a starter home for your family, there are dozens of factors to consider. How much will it cost to renovate? Are home values rising or falling in the neighborhood? How in-demand is the area? 

Want to make sure your purchase isn’t a money pit? Ask yourself these four questions:

1. Does it have good bones?

We want to avoid expensive repairs that would eat into your bottom line. It’s vital to have structural elements like the roof, foundation, plumbing, electrical and HVAC system inspected. 

2. Is the price comparable to the area? 

The property may come at a fixer-upper price, but how does it compare to others in the area? Let’s also take a look at new developments or zoning laws that could influence future home values.

3. Does it need special inspections?

Fixer-uppers need to go beyond standard inspections. Things like sewer lines, septic systems and pools age with the property, so it’s important to have each evaluated. 

4. What does your contractor think?

Bringing a contractor on board early is essential when creating your renovation budget. We need to estimate the cost of any aesthetic changes or upgrades to avoid overimproving the home.

Remember, it’s not just the sticker price you want to consider when buying a fixer-upper, but the cost of the entire project. 

Do you need help finding the fixer-upper of your dreams?

Together, we can evaluate the purchase price, factor in repair costs and determine the future resale value of the home. 

If you’ve already got your eye on a fixer-upper, or want help finding a contractor in our area, get in touch today.

Posted in: Blog, Real Estate Tagged: contractor, cost efficient, electrical, expensive repair, fixer-upper, foundation, home purchase, HVAC system, inspection, investment, investment property, neighborhood, plumbing, renovate, roof, septic system, sewer lines, structural element, zoning laws

How can contingencies protect you?

How to Safeguard this Big Investment

How can contingencies protect you? - 1st Time Homebuyer ATL

Purchasing a home is one of the largest financial commitments you’ll ever make, and it’s understandable to want to protect your investment throughout the purchase process. When you’re ready to make an offer on a home, adding a contingency to your contract can give you time to assess the property and feel confident that it is a sound investment. 

Here are five contingencies that can safeguard your investment: 

A financing contingency ensures you’re not on the hook if something goes awry with your loan. If you’re unable to secure a mortgage or the terms and conditions change significantly during the contingency period, you can back out without any penalties.

An inspection contingency gives you a set time frame to have a professional home inspection done on the property. Should issues be found, you can negotiate with the seller to make repairs or adjust the sales price to account for the home’s condition.

An appraisal contingency protects you if an appraisal comes in below the sales price. When this happens, it’s up to you to make up the difference, either by securing additional financing, paying it out of pocket or renegotiating the deal. If none of these methods work, the contingency allows you to back out without losing your earnest money.

A home sale contingency is crucial if you’re selling an existing home while buying a new one. Essentially, it says your purchase relies on your ability to sell your current home by a specific date. If you haven’t accepted an offer in that period, you can withdraw and get your earnest money back.

An occupancy contingency protects you should you need to move into your new home by a specific time. It gives you possession of the home on the date you specify.

It’s no secret that today’s housing market is a competitive one, and bidding wars can be intimidating. Get in touch today to ensure that your bid stands out and your investment is protected. 

Posted in: Blog Tagged: appraisal contingency, Contingency, contract, financing, home loan, home purchase, home sale contingency, inspection contingency, investment, loan, occupancy contingency

Questions???


First Name *
Last Name *
Email *
Phone *
Comments

Search for:

Recent Posts

  • 4 Tips for Decorating a Small Space
  • 3 Reasons to Sell Your Home in Winter
  • Are you ready for a new home?
  • First-time Shopping for a Mortgage? Keep These Tips in Mind
  • The True Value of a Real Estate Agent

Calculate Mortgage Payments

Mortgage Calculator

ABOUT

Real Estate team of a Real Estate Agent, Lender, Attorney, and Insurance Agent to coach you on 1st time home buying process. Seminars held quarterly.
Read More

TESTIMONIALS

Milla made our first time home buying experience easy! Milla's knowledge of the market and her home buying steps simplified the process. Thank you Milla!

Meghan Hall
More Testimonials

FROM OUR BLOG

4 Tips for Decorating a Small Space

4 Tips for Decorating a Small Space

Whether it’s a cramped bedroom or an office nook, many homes have a small room that’s difficult to decorate.  Do you wish you could add more charm without forgoing square footage? Well, just because your space is limited, it doesn’t mean your style has to be.  Make your tiny area more usable and trendy with […]

CONTACT

Milla Murad, Realtor® Village Realty 3423 Piedmont RD NE ATL,GA 30305
O: 404-965-4080
404-268-5565
MillaMurad@gmail.com
Copyright © 2018 Milla Murad | Design by Spider Media Inc. All Rights Reserved.

Listings Sitemap