First-time home buyers are flooding the market, as millennials continue to grow into their careers and move out of their parent’s basement and into a home of their own. But should they always buy a property that’s in immaculate condition? What are the benefits for first-time home buyers who buy a fixer-upper instead? Let’s find out right now!
It’s A Learning Experience
When you’re buying a property for the first time, it’s a very emotional experience. Just imagine all of the good times, and bad, that you’ll have while you’re living in your new home.
One unforgettable experience that you should have is when you and your loved ones work together to dream build and make repairs to your new [marke_city] NC home!
Having experience in carpentry and painting would be beneficial, but they’re not required.
Nowadays, first-time home buyers can look everything up on Youtube or ask a friend to help! Just bring some snacks, music, and beer to the table and they’ll be more than happy to lend you their services!
You’re also going to learn a lot about the home buying process as a whole.
You’ll learn about all of the professionals that are involved in the process and how they collaborate with each other to make the transaction happen. Be sure to ask a lot of questions about what they’re doing and why.
If the real estate professional you’re working with is standoffish and it feels like they’re just “going through the motions” you may want to look around for someone else.
If you feel like you’re just a part of a transaction or a cog in the system.. it’s better that you move along and try to find somebody else that can connect with you on a different level and understand your unique situation.Scott Johnson – Pitt Home Buyers
Professionals today understand that the consumer is more informed than ever and they need to be educated on the process.
Understanding the process works for selling your house in Greenville NC will improve your confidence and make you much happier. This also increases the chance of you leaving a great review for them once the transaction is completed!
The Risks Are Manageable
Real estate holds its value well.
While prices tend to fluctuate, you would have to do some serious damage to your property for it to go down in value.
I’m talking about walking around with a sledgehammer pounding in walls and installing additions when the scope of your woodworking experience was that birdhouse you made in first grade.. that broke the same week.
Most properties that tank in value have holes in the walls, ceilings, and roofs that are falling in, appliances that are rusting or dead, and flooring that’s coming up.
It’s your home, and you’re going to take care of it. There’s no reason to worry about it going into disrepair.
As long as you keep it up, your Greenville home will continue to hold its value.
You’re Buying Smart
You don’t make your money when you sell real estate, you make money when you buy it.
That means that savvy investors purchase a property they know, once the needed repairs are completed, will sell it for a profit.
When you buy a fixer-upper as a first-time home buyer you’re doing that the pros do! The average person buys a new house every 5 years, so you’re looking at a nice payout in a short period of time!
In today’s market, if you purchase a house that doesn’t need any repairs, you’re likely paying top price for it.
The median list price for Greenville increased quite a bit to $267,000 from $189,000 last year. While the median sold price was only $183,000 up from $155,000 this time last year.Kathyrn Glenn – Greenville NC Real Estate Market Update | July 2020
Sure the value of a home tends to increase over time but you should never purchase a property because you think the price will go up.
This is investing 101, so read that last bolded sentence two more time!
As first-time home buyers you’re not actually investing, but wouldn’t it be nice if you could sell your property for more than you bought it for?
When you do this, you’ll get back your original down payment and a nice profit when you sell your house.
Think like an investor when you’re buying and you won’t regret it in the end.
A Note On Improvements
It’s also important to note that you should never make any improvements to your property until you discuss them with your real estate agent unless you know for a fact that you’re never going to sell it.
The reason you want to speak with your real estate agent before doing any improvements is that they know what is selling in the market and what improvements can add, or subtract, from the properties value.
It’s a good rule of thumb to always make improvements that will improve the value, but you won’t know what those are until you speak with your Greenville NC real estate agent.
These are only a handful of reasons why buying a fixer-upper is a great opportunity for first-time home buyers in Greenville.
Always be sure to speak with a reputable Greenville real estate agent prior to making a purchase such as this.