Is Your Home a Fixer-Upper Or Is It Move-In ready?
Today’s home buyers may be the handiest of handymen or women but, Charlotte home buyers are thinking with their purses now more than ever. No, they’re not thinking of ‘low-balling’ sellers! They’re planning ahead.
At this time, it is possible to find a mortgage loan that carries with it, a sub-3% interest rate. So, buyers are thinking about the cash remaining on-hand after they Close on the purchase of their home. Would they rather wrap up all of their home costs in one lump payment–their mortgage? Or, would they want to purchase a less expensive home and spend their residual cash on home modifications?
It only makes economic sense to have a mortgage which covers the TOTAL expense of a home purchase. Home buyers are more and more discriminating these days when they view Charlotte homes for sale. If the home is not updated to their liking, they will find one that is so that they can invest their residual cash into something that will earn them more money over the years than the costs of rehabbing a fixer-upper property. Charlotte home buyers want their home costs wrapped up into one neat package–a single mortgage.
Second mortgages and HELOCs (Home Equity Lines of Credit) are not as prevalent or readily available as they once were. Appraisals are tighter these days; if a Charlotte home buyer moves into the property and begins the rehabilitation process, chances are they may not be able to refinance and recoup that rehab investment. They would also be taking a chance of having to pay a higher interest rate upon completion of their renovation project.
If you’re a Charlotte home seller, contemplating putting your home on the market and can afford to update your home prior to putting it on the market, you’ll get more for your home and a ready, willing and able buyer in far less time than selling it as a fixer-upper. Fixer-uppers also historically garner less money per square foot proportional to the home’s base value as do even minimally updated homes.
If you’re considering listing your Charlotte home for sale and would like a professional opinion as to whether to update your home or not, give us a call at (704) 491-3310 or email [email protected].
©Debe Maxwell | Savvy + Company Real Estate | Charlotte Home Seller Tips | Charlotte Home Seller Tips | Why Buyers DON’T Want Fixer Uppers! Is Charlotte home for sale turn-key ready. Ask us to evaluate your home from a buyer’s perspective.