Buy a House Fast

If you believe what you see on TV, buying a home and performing all repairs and renovations yourself is a walk in the park.  Many consider a fixer-upper a fun DIY project like restoring an old car or learning to cook for yourself, the kind of activity that lets you put your personal stamp on a property and adds to the pride that comes with home ownership.  Add in the money you could save by buying a house that needs work and you’ve got a winning combination, right?  Right?

The honest answer to that is… it depends.

It depends on what kind of condition the home is in, and what repairs need to happen before it can be considered fully livable.  Remember, a home that needs its wiring redone, or which has only a half-finished second floor, or whose plumbing is suspect may be a long way from “ready to move in.”  You’ll have to factor in not only the added cost of hiring a contractor (or if you really are doing this by yourself, of all tools and materials) but also the inconvenience of having to go elsewhere when parts of the home cannot be accessed.  If you’re new to the area you’re moving into, this may mean shelling out money to stay in a nearby hotel; if your kitchen is undergoing repairs, you may have to eat out for however long the process takes.  Assuming you decide to stay in the home while it’s being worked on, are you prepared to live in a construction site?

Another potential downside to going it alone is the possibility of error.  It goes without saying that mistakes can happen when you attempt a project you aren’t qualified to tackle, but even contractors can make mistakes- what guarantee do you have that the so-called specialist you hire will complete the task to your satisfaction?  Even if he/she fails miserably, you will have no choice to cover the labor they put in, and then pay even more for yet another so-called professional to hopefully right the ship.  Buying a home that has already been fully restored (like the ones we sell) eliminates the risk of a botched job.  We have a tried-and-true system in place, and a large network of reliable contractors… why not let us handle the details while you focus only on enjoying your newly purchased home?
Some people (you may know them as house flippers) have been known to buy fixer uppers hoping to eventually sell them for a massive profit.  You should be aware that performing renovations on a home does not entitle you to add your building costs onto the final selling price- in other words, a home that you purchase for $150,000 will NOT automatically sell for $200,000 simply because you sank $50,000 into restoring it.

The point is, no matter how practical, cost-saving or trendy fixer-uppers may seem, few people realize how much time, effort (and yes, money) can go into the process.  Before you decide to take matters into your own hands, make sure you know what you’re getting yourself into.  If you’d rather spare yourself the hassle and are fine with letting experienced professionals create a beautiful living space for you, give us a call and let’s make something happen.

There’s a strange thing going on in Prince William County.  The phenomenon we’ve been observing is one we’ve never (to our knowledge) seen before; the emergence of a strong seller’s market WITHIN the buyer’s market that has been the norm in real estate for the last year or so.  Here’s a good example of what we’re talking about:

The Woodbridge house

Recently, we listed a home at 14925 Enterprise Lane, Woodbridge VA 22151 for $89,000.  Within 22 hours we received 23 offers, the highest being $142,000.

If you’re considering buying a similarly priced home in Prince William County or anywhere else, you should understand how an escalation clause works.  It starts with finding a home you like, and making an initial offer with the listing agent (let’s use $120,000 for this example).  The agent will likely tell you that he/she is receiving numerous offers for the home, and that you should create a contingency plan in case a better one comes along.  This will involve mentioning in your contract that you’re prepared to go up by increments of $2000 if the seller receives any higher offers (naturally, you’ll set a “do not exceed” cap, $180,000 in our scenario).  If you’re wondering about this process, you aren’t the only one: what guarantee do you have that there are other offers, or that there were enough that you had pay the full $180,000?  Unfortunately, this is very often how the game is played, and the escalation clause can be an effective way of giving yourself a fighting chance of winning the battle for a new home.  If this is the path you choose to take, then be sure to factor the added costs into your overall buying budget from the get-go.

The bottom line is, now is the time to buy a home, whether in Prince William or elsewhere; in fact, it may be the best time to buy a house in the next 30 years, especially if you’re planning on unloading your current one first.  For details on either of these two processes, feel free to give us a call.