When choosing where to buy real estate, the purchaser will often hear three words of advice: location, location, location. That credo can really work against you as a home buyer, particularly in today’s market. Homes in the most desirable locations in any city are snapped up within days of going on the market — and at increasingly high prices.
So how do you beat other buyers in such a frenzied market and find the home of your dreams? You change your location. There’s a lot of action in the market right now, so by shifting your search to an area of lesser activity, you can save a lot of time, hassle and, most importantly, money. You’ll get the home you want at the price you want.
On top of that, if you hit on an up-and-coming market, your home will be worth more when you sell it than if you buy in an established neighborhood. In order to find these diamonds in the rough, you’ll want to remember these few factors:
1. Avoid areas with brand-name affiliations
Often, you will end up paying more for a home (regardless of size and aesthetics) solely because it’s in a high-end, reputable neighborhood. Sure, we’d probably all love to live in Beverly Hills and brag about it up and down Rodeo Drive. However, this would leave most of us a couple dollars (at most) for the rest of our expensive, modern day lives. Naples, Fla., for example, is well known as a ritzy enclave along Florida’s Gulf Coast. You’ll pay a lot more for a home there than you will just north in Bonita Springs, a community offering similar amenities, but homes there usually cost less.
2. Make a list of your favorite areas, and then look for comparable places
Sometimes, she does have a sister; almost every neighborhood or suburb is going to have a similar city of sorts that mirrors your first choice’s attributes-like amenities, lifestyles and homes. Think about why you want to live in the places you list among your favorites — good schools, walkable neighborhood, great nightlife — and use that to guide your search for comparable areas. You generally want to find a neighborhood or suburb that has a similar feel, but with a lower median list price.
3. The house needs some work
The list here is endless. The previous owners had young children or indoor pets and the house looks a little banged up or worn at the edges. Maybe the current owners don’t have the time or want to repaint and are leaving it as is. Regardless of what the home needs, if you can envision it as repaired, updated, and looking great, then you may have a fantastic deal on your hands.
Think you’ve found your diamond in the rough? Contact me today for a free, no obligation mortgage.
Kerry Gaby, Branch Manager/Sr. Mortgage Consultant NMLS#641778 FL LO#22820
2015 Centre Pointe Blvd, #105
Tallahassee, FL 32308