TO
SHOW FIRST:



AMENITIES
SPECIAL MARKETS
PROPERTY TYPES
TO
SHOW FIRST:



AMENITIES
SPECIAL MARKETS
PROPERTY TYPES

Learn

Share
Share
Save
Save

Homes with unused potential

November 11, 2011


When in the process of shopping for a new home, many buyers may overlook properties which have potential beyond their current appearance, according to MSN Real Estate. Professional remodeler Steve Gray told the source he estimated that he and his wife had saved 20 percent on a purchase because others could not see past the home's current appearance. The couple chose it based on its location and structure, and easily made cosmetic changes afterward.

Location is among the most crucial factors to consider when looking at possible homes. Unlike the style and even structure, no amount of time, effort and money can change a home's location. To best understand a neighborhood, it can help to visit multiple times at various hours, which will help to reveal the local culture and levels and types of activity to be expected from neighbors.

Evaluating a potential purchase

Home buyers willing to do a little work on a property can involve contractors at an early stage to better understand what kind of commitment a given home will require. According to Gray, many if not most remodelers will visit a potential purchase at no charge and give a guesstimate of how much work would cost. While this is not as accurate as a more in-depth examination can be, it still represents valuable information when comparing different homes. He recommends using the National Association of Home Builders to find reliable, qualified professionals.

Remodeling company owner Dan Fritschen noted buyers' real estate agents are also valuable resources. They can help home buyers understand a home in the context of its neighborhood and area, and may be able to offer advice on how to increase the value of the property after purchase.

Specifics to look for in a home

Examining a home can be a complex process, and looking for one with unused potential can make it more difficult. The inexperienced in particular may not know what to look for. One thing to keep in mind, according to Fritschen, is that homes older than 50 years are likely to have similarly aged plumbing, electrical, heating and other systems, and they may be worn out or too outdated.

The trick, according to the experts, is to find a home whose appearance has caused it to be overlooked or undervalued, but which has sound fundamentals. Improvements like new paint, lighting fixtures, and flooring are relatively cheap and easy.  Work on plumbing and electrical systems, structural walls or cabinets is more difficult and expensive. Above all, the floor plan should be appealing. Changes to the home's structure may be extremely expensive.
 

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
Coldwell Banker Real Estate LLC will never sell or provide information to a third party without your prior consent.
Click here to see our full Privacy Policy and Terms and Conditions of Use
New Search
Top Tools

Choose a Currency close window close