Tag Archives: fixer upper

Highlands Fixer-uppers can also have the “Wow Factor”!

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You know what the “wow factor” is for any Highlands home that’s for sale—it’s the extra something that’s highly desirable and unique to the property. It could be a three-story entry hall, or a game room that’s large enough for a pool table and a conversation pit. It might be a home theater with four stepped rows of velvet-upholstered movie house seats. It might be a bricked backyard barbecue arena, with a step-down standing pit which puts the Chef of the day at eye level with the seated guests.

And you also know what a Highlands fixer-upper is. It’s any Highlands property that is up for sale at a bargain price due to maintenance that is left for the new owner to worry about. A Highlands fixer-upper is an opportunity for prospective buyers to become owners of homes that would otherwise be out of their price range. Fixer-uppers attract prospects who are ready to dig into projects that take varying degrees of elbow grease, imagination—and also some extra cash.

There’s an element of risk that’s usually attached to a fixer-upper, because any major maintenance or remodeling project can run into unknown snags. So fixer-upper buyers should also possess some degree of courage!

Sooooo, what in the world could the “fixer-upper wow factor” mean?

For one thing, any Highlands home that’s listed for sale that has the ‘fixer-upper wow factor’ is a rare bird indeed. It is, as the title conveys, a residence in need of restoration—but which also has a design element (or elements) which are uniquely captivating. For prospective buyers who find those features intriguing, such a property can prove pretty irresistible. The price puts it within reach—and the design is better than anything they had been hoping to find!

In other words, a home that has the ‘fixer-upper wow factor’ is, potentially, a trap.

This is not to say that such a property cannot be a true bargain; lucky find; etc. Indeed, for the right buyer, it certainly can be. The caveat is that a fixer-upper with wow factor features can lure in prospects who aren’t really prepared for the ‘fixing up’ part. If they lack the extra funds it may take to bring the property back up to snuff—or lack the know-how, patience, or time such a project requires—they might be charmed into biting off more than they can chew. With indigestible results: a perpetually-unfinished property characterized more ‘yccch’ than ‘wow.’

Luckily, most prospective buyers who fall into this category get over the wow factor after a second or third visit—or after a discussion with their Realtor®—or after taking a look at the home inspector’s report. For those who are ready to dig into the fixer-upperness, they can end up with a wow of a home…at a wow of a price!

There aren’t a surplus of Highlands fixer-uppers with wow on the market right now—but when you take today’s mortgage interest rates into account, there are plenty of wow-producing good bargains: call me!

Deciding if a Sapphire Fixer-Upper is the Right Deal for You

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9-16-fixerupperThe Sapphire fixer-uppers:

You know them when you see them—especially when going through the town listings, where their photos probably lack quite the allure of the others. You can also spot them by some cautiously-phrased tipoff language. They are “handyman specials” that are offered “as-is” or that “need attention.” A perplexingly low asking price is a dead giveaway, too. Most often, if, considering the features listed, the number is too good to be true, you’re looking at a fixer-upper.

If you are house hunting, are they worth looking into? Or if you own one, should you do the fixing-up? How do you make a rational decision?

First, about whether to get to work before you offer your own Sapphire fixer-upper to the world:

It’s true that a fixer-upper can be a serious magnet for prospective buyers, particularly when those buyers aren’t averse to putting in some old-fashioned elbow grease. If you are able to accept the kind of low sales price that will make yours a standout from competitors, it’s bound to attract a lot of interest from budget-minded householders—as well as professional house-flippers and contractors who work on their own account.

The rule of thumb for owners readying a property for sale is to investigate whether smaller replacement projects—the kind that add curb appeal and/or kitchen glamor—are likely to boost value above the cost of the undertaking. Most reports on the subject find that large-scale projects seldom return even 80% of their cost, although when chosen strategically, per the NAR® “…they can improve the market position of the property in relation to the competition.” (Translation: move it out of the ‘fixer-upper’ category).

From a non-professional buyer’s point of view, though, the question is whether the fixer-upper route is a better choice than the costlier entries. If you have little interest in extensive DIY projects or decorating overhauls, you already know the answer: skip the Sapphire fixer-uppers. You have to be enthusiastic to make one of those worth the undertaking. You needn’t bother with any of the super bargains with listings that admit “needs some TLC.”

If you are on the fence, the answer may well lie in a careful appraisal of what will be needed to bring the candidate up to neighborhood standards. If you are an experienced DIYer, there are software packages available that can help you estimate expenses. If not, our Sapphire contractors will be able to provide an itemized ballpark estimate for such a project. If the combined cost of purchase and upgrades still create an attractive package—and you are prepared for some dislocation as major work is being done—a fixer-upper in Sapphire is worth serious consideration.

This fall, the Sapphire market has offerings with real value in every category. Call me to get the complete low-down on any and all that pique your interest!