Is Purchasing the Worst House in the Best Neighborhood a Good Strategy for Columbus Buyers?

Is Purchasing the Worst House in the Best Neighborhood a Good Strategy for Columbus Buyers?You may or may not have heard of this homebuying strategy before, but it used to be a cliché thing to purchase the worst home in the best neighborhood. The strategy is to fix the home up and make it your own and update it and then you will end up with a ton of equity and a desirable home in one of the best parts of Columbus.

Even the most desirable and luxurious of Columbus neighborhoods have at least one home that could use some care and updating. There could be several different reasons why the home may need a little more work as compared to its neighboring properties. It may be easier for a Columbus homebuyer to purchase a fantastic property in great shape that needs no work but if you are looking to stay within a more affordable budget it might be worth looking at great neighborhoods that have some homes that could use a little work.

Tips for buying a home that needs a makeover in a great neighborhood

Do plenty of research

Buying a home that needs some work is not for anyone looking for an easy adventure. Working on a home can always have some hidden surprises so you want to make sure you know what you were getting into. The inspection is a great way to do this but also looking into the history of the house can help you to get some insight into what you are getting into, especially if you were purchasing a much older home.

You can find several details about a home from public records. You could find information like the architect, the year the home was constructed, the materials used, and maybe even the blueprints of the home itself. Taking these things to your inspector can also help them to gain more insight and knowledge as they walk through the home.

The inspection is very important

When purchasing a home that you know will need some TLC the inspection is crucial. You want to make sure that you are hiring a very experienced Columbus home inspector who has experience with advising people on fixer properties. You want to make sure that the home is priced well and that the amount you pay for it is not more than the scope of the work that needs to be done. You also want to make sure that estimates for the work needing to be done are not well above the price that you expected to pay to get the home to where you want it to be. You don't want to put more money into the home to fix it up than you would gain in equity. In other words, you don't want to pay more for purchasing the home and fixing it up than the home would be worth once it is fixed.

Even when a home is in one of the most desirable locations in Columbus it is easy to get carried away with making it your dream property and ending up with negative equity.

Decide how much effort you want to put in

The thought of purchasing a home in your dream Columbus neighborhood can be exciting. And to be able to live in your dream neighborhood within your affordable budget is even more exciting. But you have to measure how much work and effort you are willing to put into the home before getting caught up in the dream of the finished product. Sometimes the finished product may be just beyond your scope of ability and effort and your budget for putting money into the home.

No home is worth the incredible stress and hardship. You do not want to fall into buyer's remorse. It is a good idea to talk about how much effort you really want to put into the home and if you are hiring professionals how long you may want to take before actually being able to live in your home. You don't want to end up like the homeowners in the 1980s blockbuster movie The Money Pit.

It can be a good idea to purchase a home that means a little bit of love in a highly desirable Columbus location. But you want to make sure you are being smart with your purchase, doing your research, and being realistic about the time and effort you can give to the project.

If you are currently looking for a home in Columbus I can help. Contact me anytime about available Columbus real estate. I am here to help take the stress out of purchasing a Columbus home that you truly love and can afford.

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