Here’s how to find that dream house without the dream house price tag!
We will do the digging with you!
The Wasatch Front offers unique properties, locations, and prices. To narrow your focus and tune-in to your real estate wants and needs, we want to provide you with options across the spectrum from mainstream properties to alternative possibilities in order to showcase everything an area has to offer. We want you to have all the options in front of you before making one of the biggest decisions of your life. Here are a few things we suggest considering to keep an open mind:
Explore an improving neighborhood. Lots of neighborhoods have evolved over the years, many going from shabby to chic and from tired to thriving. Changes in city planning, transportation and construction are all factors in transforming neighborhoods. Gaining an early entry into an improving neighborhood can offer rewards like more equity.
Find a cosmetic fixer. Who doesn’t watch HGTV and DYI You Tube videos these days and love all the remodeling shows. Let’s consider putting those Dropbox pictures, Google Drive, Website bookmarked sites and Pinterest boards to use and don’t let first impressions shy you away from cosmetically unattractive properties. We can quickly assess if your dream property is hiding just beyond simple and inexpensive projects like repainting, revealing hardwoods, or replacing dated hardware with something new. It might seem overwhelming at first, but we also have a design team who can help make your dreams a reality!
Take on a home with a ‘major’ defect or that would be considered “in distress.” These properties are less likely to receive multiple offers or bids over the asking price and in this area that is a huge advantage when looking for a deal. If repairs and related costs are within your reach, and you are willing to commit to a renovation project, this type of property may be a great option. There are even loans that support rolling the repair costs into the loan amount so there is no additional out of pocket expense to you. We can help you explore the “rehab” loans that are available in this area.
Consider a property that has more than one dwelling on the lot. This could be a great opportunity for you to make some additional money. For example, if there is a single-family home with a mother-in-law over the detached garage that you could rent out for $1,000 a month, you would be able to not only use that $1,000 to help cover your mortgage payment but your lender may be able to consider it income when qualifying you for the loan and potentially being able to qualify you for a property that would otherwise not be an option. We will want to check with local city zoning for AirBNB and VRBO current rental rules and laws.