You heard me correct, Get Dirty, Get Equity in your next home.
Homes that need updating have more equity availible for the savvy home buyer to add in. Some homes in the Chatham NJ real estate market have as much as 40% equity appreciation availible for the savvy home buyer who is not afraid to get a little dirty.
Why so much home equity availible in some of these run down out of date homes? The short answer is that most home buyers don’t want them. They cannot be bothered with spending the time to even manage the updating of them, let alone actually doing any of the updating. So almost nobody wants these homes in their current condition.
Now if some of these homes were fully updated, they certainly would garner a lot more demand, and might sell for as much as 40% more money. In some of these homes cases that would mean several hundred thousand dollars more.
So you have to ask yourself, do you want to get a home that you can at least put a little equity into? Can you paint, can you clean, can you live with a kitchen which is out of date, at least until you have the time to have a contractor update it for you? If the answer too these questions is yes, then you could easily put yourself into the drivers seat to big time savings on your next real estate purchase.
I wrote another article on this subject a few days back. Check it out at Get your hands dirty to get a great deal on your next home.
James Boyer
Chatham NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
9 responses so far ↓
1 Emily in Austin (2 comments.) // Oct 5, 2008 at 7:48 pm
I think we live in a time when people are so busy, pulled in so many directions, and are used to things being so easy (with the internet and modern gadgets) that they just don’t want to “get dirty” anymore. Too bad, because if more people decided to just take the time to fix up a house, they would have much more equity in the home, not to mention a large sense of satisfaction that they helped make those improvements themself!
2 Curtis Reddehase (1 comments.) // Oct 11, 2008 at 3:49 pm
People should consider getting dirty and enjoying some of that equity by living in it and enjoying the improvements
3 James (22 comments.) // Oct 11, 2008 at 5:16 pm
Yes they should Curtis, There are so many homes on the market which are not what I would call move in condition, but they are more than livable. You can get some really great deals on them.
4 Mike Taylor (1 comments.) // Oct 16, 2008 at 7:00 am
You really can get some great deals on these homes if you are willing to put in the work. Most people are willing to take on paint and light work, but the real deals require more than just paint and carpet. It takes the right kind of person to do this though. I guess that is why everyone doesn’t pounce on these deals.
5 James (22 comments.) // Oct 16, 2008 at 10:42 am
That is right Mike, if your willing to put in a little work you will get a nice reward. If you are willing to put in more work, you will likely get a fantastic reward. There are risks to be sure, which is why I always push hard for all home buyers to get a full home inspection by a qualified professional home inspector. There is plenty of money to be made in real estate, even now.
6 Ki (3 comments.) // Oct 22, 2008 at 3:02 am
I love finding homes that are rough around the edges and peeling paint. Usually those houses are not getting offers even if they are underpriced.
7 Equity Release (2 comments.) // Oct 23, 2008 at 10:33 pm
yea I agree, if you are serious into selling or buying you need to have an attractive offer. Also these houses should be redone carefully so that they look what they are worth off.
8 JCL (2 comments.) // Dec 12, 2008 at 3:45 pm
“Sweat equity”, it’s the American Dream! Plus there is something satisfying about seeing the before and after live and in person.
9 houston homes for sale (9 comments.) // Dec 18, 2008 at 5:48 pm
I am glad to see that you brought this to the fore front as I have a little story of my own. My wife and I purchased our first place when we were 20 years old and renovated it. Just 18 months later we sold the place for a 25% profit after accounting for the costs of the repairs. Add to this it sold in less than 5 days before the real estate boom. Now to put this in perspective the home we purchased was on the market for more than a year before we bought it. As no one wanted it until we restored it. Then we had 3 offers in 5 days. These opportunities exist today if you are willing to put in the work.
It ended up allowing us to purchase a new home in the area of town and school district we wantedto be in. It makes alot of sense to deal with a little head ache to get ahead if you ask me.
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