1 of 11 photos Las Vegas For Sale $125,0003 Beds / 2 Baths
Great single story that''s not a short sale or bank-owned! 3 bedrooms, 2 baths in this charmer with a fireplace! Tile in the kitchen and baths, with hardwood type flooring in all othe rooms...
1 of 15 photos Las Vegas For Sale $132,5003 Beds / 2 Baths
NO HOA on this beauty!!! A circular driveway welcomes you to the single story with 3 bedrooms. White plantation shutters throughout. A sunken, formal living room in front with fireplace...
1 of 19 photos Las Vegas For Sale $145,0003 Beds / 3 Baths
WOW!!! This is a real beauty, and right across from the pool! Open floor plan with tile on the diagonal and hardwood type floors. Bedroom downstairs, loft upstairs...
1 of 15 photos HENDERSON For Sale $167,5004 Beds / 3 Baths
4 bedrooms in this beauty with a balcony off the master and a covered patio! Gorgeous kitchen has island with granite countertops and a pantry. Tile flooring in kitchen, baths and laundry room...
1 of 6 photos Las Vegas For Sale $174,9004 Beds / 3 Baths
Great two story on a huge corner lot in the southwest! 4 bedrooms, living and dining rooms with hardwood style flooring downstairs. Pool and spa in landscaped backcyard...
1 of 3 photos Las Vegas For Sale $189,9004 Beds / 3 Baths
Gorgeous property! Brand new kitchen cabinets, light fixtures and much more! Fresh, neutral paint! Upgraded tile flooring, showers and more! Fantastic, like-new property! Must see!..
1 of 5 photos Las Vegas For Sale $190,0005 Beds / 3 Baths
Open floorplan in this 2 story corner lot home! JUST REHABBED with neutral paint and carpet! Kitchen has garden window and breakfast bar, with plenty of cabinet space! Move-in ready! Must see!..
1 of 5 photos Las Vegas For Sale $194,0405 Beds / 3 Baths
HUGE home in great Northwest neighborhood! Great location! Oversized kitchen with lots of cabinet space and granite counters! Open floorplan with 5 oversized bedrooms. Back yard has covered patio...
1 of 5 photos LAS VEGAS For Sale $195,0004 Beds / 3 Baths
Gorgeous, newly rehabbed home with just under 3,000sf in newer Southwest community! Fresh, neutral paint and carpet! Large kitchen with black granite counters and wood laminate flooring!..
1 of 5 photos Las Vegas For Sale $199,9003 Beds / 3 Baths
Gorgeous 2 story home in Summerlin! Great condition! Neutral paint and carpet, tile floors and granite kitchen counters! Open floor plan with plenty of space!..
1 of 22 photos Las Vegas For Sale $268,5005 Beds / 3 Baths
WOW!!! NO BANKS,NO HOA, 5 bedrooms, with pool and spa! Bedroom down has full bath. Formal living and dining rooms, with a family room off the kitchen area...
1 of 19 photos Las Vegas For Sale $277,5004 Beds / 4 Baths
This wonderful 4 bedroom in the heart of Summerlin has the Master Suite down! The spacious kitchen has solid surface counters, microwave, double ovens and a large island. Huge loft upstairs...
1 of 4 photos LAS VEGAS For Sale $285,0003 Beds / 3 Baths
Gorgeous, single story home in gated Mountains Edge community! Just rehabbed with neutral flooring and paint! Open, single-story floorplan! Sparkling pool in backyard!..
1 of 18 photos Las Vegas For Sale $348,5004 Beds / 3 Baths
This is a beautiful single story in the heart of Summerlin! Circular driveway welcomes you to a gated courtyard entry! Four bedrooms with a formal living and dining room...
Buying a Fixer Upper Ask many a home buyer about the type of house they are looking for and many will reply "We are looking for something we can fix up and live in (or resell). We like the idea of gaining some quick sweat equity." The classic "fixer-upper" home. Unfortunately, there is a bit of fantasy in the notion, though. First of all, there are many more fixer-upper buyers than there are fixer-upper properties. Second, the current thinking in many minds is that anyone can make a killing in the Real Estate market, which is not always the case. Third,
many buyers totally mis-estimate both the cost and the time involved in fixer-uppers, severely impacting (and in some cases destroying) the profit potential. Unless you are fully prepared to deal with the realities of fixer-uppers rather than the fantasies, it probably is a good idea to look elsewhere for a home.
This does not mean that there isn't equity to be gained (or profit to be made) by purchasing the RIGHT property at the RIGHT price. The important notion is to understand that there are several factors that will make the difference between winning and losing in such a transaction.
The Mindset
The first factor that must be understood is that it isn't going to be easy. The only people who think that finding, buying, fixing and selling a home is an easy task are those who have never done it. Those with any experience (even if only once) will tell you that it rarely is as simple as it appears. In general, it is best to assume that repairs will cost twice what you estimated, take double the amount of time and,when finished, the house will be worth less than expected. If you keep that in the forefront of your thinking, the chances of being burned are much less.
Foreclosure sales are often good sources for fixer-upper properties.
Start Out Small
Some of the worst examples of mistakes made by buyers of fixer-uppers are first-time buyers who bite off way more than they can chew. Examples of this are houses that have structural problems or will take an exceptionally long time to repair, or are located somewhere other than a desirable neighborhood. These can be a horrible drain on finances, time and peace of mind.
A much better strategy for the inexperienced is to purchase a home in a desirable neighborhood that is in need of cosmetic attention--new paint, carpeting, appliances, landscaping and the like. These repairs can either be handled by the homeowner or are easily contracted out, saving time, effort and money. Yes, money can be made on homes needing major renovations, even if they
are in less popular neighborhoods, but these are jobs for professionals, not homeowners (and definitely not for first-time homeowners!)
Avoid Surprises
The most expensive situations are often those that are the least expected--those nasty little (and often big) surprises that jump out at you. You can avoid many of these surprises, though, with a couple of easy steps taken BEFORE final commitment to a property.
1) Have the property thoroughly inspected. Have the inspector detail all obvious (as well as potential) defects in the property. NOTE: The seller may say "we are selling the house as-is, so NO inspections." Avoid this property like the plague.
2) Run the numbers. You must know the market values for houses in the neighborhood in which you are interested that need no repairs. Running the numbers means working them backwards to see how much equity or profit may be available (or even IF there will be any) in the deal. You will need to begin by computing the realistic value of the home when all repairs are made. From that point, you will need to subtract any selling expenses you will incur (commissions and the like) as well as the full cost of repairs and, most importantly, the amount of desired profit or equity.
Example:
$120,000: Expected Sale Price, Repaired
-7,500: Selling Expenses
-17,500: Repair Expenses -10,000: Desired Profit/Equity
$85,000: Maximum Property Purchase Price
Don't be deluded into thinking that you'll be able to sell for more than the market value or do the repairs for less than the estimates. If the numbers don't fit--with a good amount of "wiggle room" for more expense or handling costs or if the property does not sell quickly--don't waste your time or your money!
Summing Up
When considering a fixer-upper, whether for resale or to live in with increased equity, go into the process fully prepared so you will avoid many surprises. For your first project, only consider structurally sound homes in good neighborhoods requiring cosmetic repairs only. Have any property you are considering fully inspected and then get firm estimates for all needed repairs. Most importantly, "run the numbers" to be certain that the potential for gain is truly there. If you are satisfied on all counts, you may very well be able to be successful with your fixer-upper project!
Ask many a home buyer about the type of house they are looking for and many will reply "We are looking for something we can fix up and live in (or resell). We like the idea of gaining some quick sweat equity." The classic "fixer-upper" home. Unfortunately, there is a bit of fantasy in the notion, though. First of all, there are many more fixer-upper buyers than there are fixer-upper properties. Second, the current thinking in many minds is that anyone can make a killing in the Real Estate market, which is not always the case. Third,
many buyers totally mis-estimate both the cost and the time involved in fixer-uppers, severely impacting (and in some cases destroying) the profit potential. Unless you are fully prepared to deal with the realities of fixer-uppers rather than the fantasies, it probably is a good idea to look elsewhere for a home.
Don't be deluded into thinking that you'll be able to sell for more than the market value or do the repairs for less than the estimates. If the numbers don't fit--with a good amount of "wiggle room" for more expense or handling costs or if the property does not sell quickly--don't waste your time or your money!
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