Every year in the USA, there are millions of existing homes that are bought and sold. These homes come in all shapes and sizes, as well as in various conditions. While some people want a move-in ready home, others might want a fixer upper.
When many people buy a fixer upper home, they are doing it so they can quickly fix and flip the home. Fixing and flipping a home is buying it for a cheap price, fixing it up quickly and relatively affordably, and then selling it for a profit.
However, fixing and flipping isn’t the only use for a fixer upper. The costs can add up, a lot of work is involved and the time it can take to sell the home can be plentiful. With that in mind, this article is going to look at a few other ways to put your fixer upper to good use.
As an Airbnb
When people used to visit or stay in a new city, they would almost always stay in a hotel. However, in recent years, that has begun to change. A big reason for this is Airbnb. Airbnb allows anyone to rent out their home by night, similar to how a hotel will rent out a room. This often gives customers more bang for their buck, and allows homeowners to make money without doing a thing.
Sure, you will have to keep the place clean, stock it with items and perform a bit of customer service, but that is a small price to pay for what you can make. You will need to fix up your fixer upper to a point where it is livable, but renting it out nightly through Airbnb is significantly less work than completely renovating it and selling it.
As a Vacation Rental
While this will depend largely on where you live, you could also rent your home out as a vacation rental. For example, millions of people travel to California every single year, and they need a place to stay. If your fixer upper home has a good location, it could be perfect as a vacation rental.
You could rent it out weekly or monthly to interested parties, and potentially make thousands of dollars. You will need to update it and ensure it functions well and looks nice, but think of this as an investment than a cost. Sure, selling a house from ISoldMyHouse.com can be a good idea and can net you a lot of money, but be sure to consider putting the home up as a vacation rental as well. This could allow you to make a good amount of money, without actually having to lose the asset.
As a Standard Rental Property
Another option instead of fixing up and selling your fixer upper is to fix it out and then rent it out. Being a landlord is indeed some work, but can be incredibly fruitful financially. Depending on the size, location and look of the home, it can be rented out to families, couples, university students or anyone.
Oftentimes, you will essentially be able to get your mortgage paid for if you rent out the home. In some cases, you may even be able to charge more in rent than your mortgage if you include utilities or internet. While you will essentially be breaking even for a little, once the mortgage is paid off, the rent you collect will be nothing but pure profit.
In conclusion, there are many different things you can use a fixer upper for, in addition to simply fixing and flipping it.
Whether you have plans to sell your home as a for sale by owner listing or through the help of a real estate agent, you want your home to sell quickly and for a price that is close to the asking price. How attractive or appealing the home is plays a major role in this. You want the home to look well-maintained and clean as well as stylish. There are a few steps that you can take to improve your property and make it more attractive to potential buyers.
Price the Home Right for the Market
One of the most important factors that will impact how attractive or appealing a property is is the price. With an attractive price, the property will gain more attention from interested buyers. If a home is overpriced for the market, on the other hand, a property may not look as appealing to a buyer as another property that is more affordably priced. Your real estate agent can help you to determine the best asking price for the property given current market conditions.
Clean the Front and Backyard
The front yard is one of the first property features a buyer will notice, and this is because the front of the home is one of the first images a buyer will see when looking at the home online. It also is what will make a first impression of the home on the buyer when he or she drives up for a tour. The backyard is equally as important. Keep in mind that nobody wants to inherit your junk when they buy a new house. Clear away clutter and debris from the yard. Make it look pristine, and take time to mow and edge. For the best results, plant seasonal blooms in the flower beds, and cover these beds with a fresh layer of mulch.
Invest in Power Washing Services
If your home is like most, the exterior of the home may be filthy. It may have ground in dirt in the patios and walkways, mildew growing on the siding or roof and even staining on the bricks. Power washing can go a long way toward removing these spots and stains and can leave the property looking fresh and clean. Professional power washing services are best if you want to minimize potential damage that could be caused by the powerful stream of pressurized water. This can break windows, damage the paint on siding and more if you are not careful.
Spruce Up the Front Entryway
Continuing to pay attention to the exterior of the home, take time to make the exterior of the front entryway look attractive. Keep in mind that the front door is a focal point of the exterior of the home in online pictures. It also an area where the buyers may stand for long moments while they wait for the agent to open the front door. Add potted plants to the patio, and replace the worn out welcome mat. Replace or repaint the front door, and update the door hardware for the best results.
Replace Outdated Fixtures
If you have extra money in your home preparation budget, a smart idea is to take a closer look at your home’s fixtures. This includes electrical fixtures and plumbing fixtures. These items can date a home quickly, and you can easily improve the look and appeal of your home by modernizing them with new features. You may also consider replacing the door hardware, and focus on using the same type of finish throughout the home for a cohesive look.
Eliminate Unpleasant Odors
A home that smells like cigarettes, pets or even some types of food may not be appealing to be in. It can be difficult, however, to determine what your home smells like because you can become accustomed to odors. You can ask a friend or family member to give you their honest analysis of your home’s odors. You can also leave the home for several hours and take a deep breath upon returning. Cleaning carpeting and upholstery is often one good step you can take to improve the smell in your home.
Paint the Walls a Neutral Hue
Many homeowners love to get creative with paint colors, but bold or unique colors are often not appealing to buyers. A smart idea is to repaint the walls a neutral color for greater universal appeal. In addition to making the home look more inviting, it can make the rooms look larger and can eliminate some of the unpleasant odors that may have been locked into the walls.
Show Some Love to the Flooring
Your home’s flooring requires significant attention when preparing to list your property for sale. This is because it covers the entire surface area of your home and is a true focal point in the space. If you have tile, take time to replace chipped tile and grout, and professionally clean the grout. For carpeting, steam clean or shampoo the floors to restore its look to like-new condition. For wood flooring, follow manufacturer’s care instructions, such as waxing or polishing the floor. In some cases, homeowners may decide to replace the flooring altogether. If you choose to proceed with this option, choose flooring that has universal appeal to most buyers.
Remove Personal Items From the Home
A final step to take to improve the appeal of your home to potential buyers is to remove all personal items from the property. Ideally, your buyers will be able to envision themselves living in the home, but this can be hard to do if there are family photos of your loved ones hanging on the walls or trophies of another child’s sports endeavors on a shelf.
The decision to list your home for sale is not a matter to take lightly, but there are many benefits for doing so. For example, you may have plans to upgrade to a larger home, downsize to a more affordable home or relocate to take advantage of career opportunities. Before you can achieve these or other goals, however, you need to find a buyer for your home. Through these efforts, you can more easily improve the appeal of your property and attract interested buyers.
Finding the right home is hard, especially for individuals who have special needs. It’s not an impossible process, but it is best to keep a few tips in mind to make sure that it goes as smoothly as possible.
Know Your Needs
The most important part of the process is knowing exactly what sort of housing you need to accommodate your disability. The more information you can provide to the real estate agent, the more likely they are to find something appropriate. There are times when finding an appropriate home on the market will be impossible, so it can also be prudent to meet with contractors so you can determine which houses can be renovated to meet your needs. According to Disability.gov, most renovations for this purpose only cost between $150 and $2000 dollars, so you should remain open to the idea of altering an existing home.
Take Your Time, But Act
Finding a home can be a long and frustrating process, but it’s important not to rush things. Buying a home is a big decision, and it’s important not to forget any details that could make it hard to live with your disability in your new home.
On the other hand, it’s also important to act once you find something that does meet your needs. Nothing is more frustrating than finding your perfect home and losing it because somebody else bought it before you made up your mind. Take all the time that you need to make sure the home is appropriate, but be sure to act once you are positive that it is.
Look For Support
It may seem impossible to get your own home, but there’s plenty of support out there that can make the process easier. Many government programs, such as those offered by state governments and the federal Department of Housing and Development, offer financial support for disabled people who want to buy a home. Private groups, such as Habitat for Humanity, can also help build or fund a home. These groups usually work very closely with disabled individuals, so they know how to build a home that can meet any special requirements. Those organizations can take more than a year to go from applying to closing on a home, so it’s best to apply as soon as possible if you think they can help you.
Know Your Rights
Disabled individuals face a lot of challenges when it comes to finding a home that meets their needs, so they shouldn’t need to deal with discrimination for landlords or real estate agents. Fortunately, the Fair Housing Act offers protection against that type of discrimination. Discrimination is relatively common in spite of that protection, so it’s important to know your rights before you hunt for a home.
In this case, discrimination includes advertising a home in a way that indicates a preference for people who are not disabled, refusing to sell or rend to a disabled person, or interfering with their ability to exercise their housing rights. They are also forbidden from offering different terms to disabled individuals than they would to anybody else. Disabled individuals are also entitled to make reasonable modifications to their home to accommodate their disability.
In the event of a violation, individuals are entitled to file a complaint to the United States Department of Housing and Development, which will attempt to resolve it. The HUD will start by attempting to reconcile the two parties, but if that fails the matter will go to court. The court can order the landlord to pay compensation to the wronged party, so it’s important for people to know their rights and be willing to fight for them. If you aren’t sure if you have a case, consider consulting an injury lawyer or other legal expert who has experience dealing with cases that involve disabilities.