Vegas Voice 10-18
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“ASK LAURA ABOUT REAL ESTATE”<br />
Is It Worth It To Buy A Home That Needs Repairs?<br />
The answer differs depending on the type of repairs, the neighborhood and more.<br />
Are the repairs only cosmetic?<br />
Cosmetic repairs include items like painting, changing the flooring or installing new cabinetry. If<br />
the home you’re interested in only needs cosmetic repairs, it may be worth the money because<br />
you’ll get to customize the home to your tastes, and the Seller might be offering a discount<br />
because they know the house needs a "face lift".<br />
What does the inspection report say?<br />
Always get a professional inspection before you buy. The inspection report could alert you to<br />
problems that the Seller either doesn’t know about or didn't think to tell you about. If the<br />
inspection report mentions foundation issues or that the HVAC system needs replacing, this may<br />
be a bigger project than you are prepared for.<br />
Laura Harbison<br />
Broker/Owner<br />
Seniors Real Estate Specialist ® (SRES)<br />
Accredited Buyer Representative ® (ABR)<br />
Graduate, REALTOR ® Institute (GRI)<br />
Equator Platform Platinum Certification<br />
Equator Short Sale Agent Certification<br />
Certified Residential Specialist (CRS)<br />
Advanced Evaluations Certification<br />
At Home With Diversity (AHWD)<br />
Broker Price Opinion Resource (BPOR)<br />
NVS Institute BPO Certification<br />
Five Star BPO Designation<br />
Certified Distressed Property Expert ® (CDPE)<br />
Resort & Second-Home Property Specialist<br />
(RSPS)<br />
NAWRB Certified Delegate Spokeswoman<br />
Distinguished Real Estate Broker ® (DRB)<br />
Laura@HarbisonRealEstate.com<br />
www.LauraHarbisonRealEstate.com<br />
Call Laura Today!<br />
702-777-1234<br />
What will the ROI be for the needed repairs?<br />
It’s worth it to take on some minor home repair projects for a house in the right location. Bringing<br />
the home up to par for the neighborhood is wise, just be careful not to over-improve. Keep in<br />
mind how long you plan to own the home when contemplating improvements as well.<br />
Do you have the time to devote to getting the repairs done?<br />
Moving into a home that isn’t move-in ready could be stressful. Make sure that you will<br />
have not only the funds but the TIME to deal with what needs to be done. You should be<br />
prepared for loud noises and a little debris if you hire workers to assist you with the repairs as<br />
well.<br />
Are you getting the home for a great price?<br />
One of the most important factors is the type of deal you’re getting on the home. If it’s not move<br />
-in ready, what’s the incentive to do the repairs and updates yourself? If the Seller isn’t offering<br />
an allowance for you to do the repairs or isn’t selling slightly below market to incentivize you,<br />
what’s the point?<br />
Look into a 203 (k) loan<br />
If you find a home that you’re serious about but that requires minor (or major) repairs and you<br />
don't have the extra cash needed to complete the repairs, look into financing your purchase<br />
through HUD’s 203 (k) loan. This type of financing allows you to finance the purchase of the<br />
home and the necessary improvements without having to seek multiple loans.<br />
Call me today and I'll help you decide if a home that needs repairs may be a good option for<br />
you. If you have questions about the home-buying (or home-selling) process, my team and I here<br />
to guide you, every step of the way!<br />
Sharing your goals,<br />
Laura Harbison<br />
ABR, AHWD, BPOR, BS, CDPE,<br />
CRS, DRB, GRI, RSPS, SRES<br />
Broker/Owner<br />
Realty Executives Southern Nevada Properties<br />
770 Coronado Center Drive, Ste. <strong>10</strong>0<br />
Henderson, NV 89052<br />
Office: 702-777-1234<br />
54<br />
October 20<strong>18</strong>
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