What You Need to Do If You Buy a Fixer-Upper
Considering the price of available homes in many areas of the U.S., a fixer-upper is a great way for first-time homebuyers to break into the market. If you’re unsure of where to start, here are a few tips to get you ready for your first home.
Buying a Home
When buying a fixer-upper, you will face a number of uncertainties. Make sure you take into account the initial investment, mortgage, insurance, and expense of repairs and renovation. This will be an important gauge when judging an asking price. Before committing, inspect your desired home. Since you’re buying a property that’s in need of renovation, it is important to assess the structure, plumbing, and wiring as part of your budget projections. In the end, your vision may not be enough to justify a purchase if an inspection finds deficiencies too severe to remedy. In addition, make sure to extensively research permit and coding requirements, as the process can be lengthy.
Get Advice and Support
Purchasing a fixer-upper is a major investment. For example, the average listing price for a fixer-upper in Orlando, FL is $295,000. An Orlando real estate agent can help you get a deal that works for you. Look to hire an inspector to evaluate the home and identify any major flaws. An architect will be another valuable source of knowledge. They can aid you in honing your vision and give you guidance as to what will be feasible. Architects will have an extensive network and might be able to assemble a team of contractors. Having contractors is important as you start the process of renovation. Make sure to do extensive checks to ensure you assemble a team you can trust, with an emphasis on references and verifiable reviews. Research will help limit any risks and may help save you money. In addition to your team, it is prudent to consult with the homeowners’ association or neighbors to get a feel for the area and what upgrades are not acceptable.
Knowing what you will do with your new home is essential before starting. Will it be your forever home? Do you intend to renovate, then flip? Having a well-defined vision will help develop the scope of your investment and give you a clear direction. If this is going to be your home, give yourself more license when it comes to emphasizing your personality. However, if you plan to ultimately flip for a profit, you will have to stress neutrality to maximize its appeal. Avoid distinctive wall colors, and opt for enduring surfaces like hardwood flooring. If you plan to rent out the property, you should opt for additional precautions, like more resilient, and inexpensive, materials.
Repairs and Designs
When it comes to a fixer-upper, the priority has to be your home’s foundations: plumbing, wiring, walls, and ceiling. Address structure before you start to implement a grander design. This will ensure absolute safety and minimize hazards faced by you or your team. In the end, it may simply be more prudent to gradually restore rather than rip out pieces of your new property and adapt what you can to your vision. Renovations require numerous minor adjustments and decisions. Communication will be essential to ensure that the process is smooth and not disrupted by confusion and uncertainty. DIY repairs may be something you feel comfortable taking on yourself. You might be interested in replacing door knobs or patching up nicks or holes. Before taking on any personal projects, it is important to assemble the right sort of power tools, especially drills, sanders, and jigsaws, which will ensure your repairs are done correctly.
Overall, there is much to consider when venturing into the home market. If your aim is a fixer-upper, do your research, get the right team, and use the right tools. You’ll be well on your way to fulfilling your dreams of owning your own home.
Image Courtesy of Pixabay.com
With a tremendous rise in Orlando’s real estate market, the desire to purchase a condo has increased. The market is ideal for investors wanting to dip their toes into the area and acquire a condominium.
Local Realtor Fred Franks states, “The housing market last year was strong in the Ocala housing market, but a rush of interest has appeared for condos in Orlando. Northeast buyers are eager to get their hands on these condos making Orlando’s market stronger.”
For those considering purchasing a condo in Orlando, it’s important to have a plan in mind before diving in.
Establish Personal Needs
- Size – Start with the size as that’s going to have a powerful impact on your condo’s future value. Make sure it fits with your expectations and meets the eye test as well.
- Rooms and Layout – While the size is important, you also want to be mindful of how the rooms are laid out. Does it have a robust family room? Is the kitchen as you want it to be? What about the bathroom(s)?
Make sure the layout is perfect before diving in and making a purchase.
Pinpoint Future Value of Condo
- Current Value vs. Potential Growth – What is the future growth like in the neighborhood? Look at analyzing past prices and then comparing them to what you will be paying. This can set a baseline for your decision in the future. Orlando is a bustling market with lots to give, but you still want to do your due diligence.
One of Orlando condo specialist state you still want to optimize the purchase and assess how it’s going to fit into your budget and the value it will return in the long-term when you’re ready to sell.
Analyze Neighborhood in Detail
- Multiple Visits (Day and Evening) – Don’t visit the condo once and call it a day. Visit it multiple times to ensure you’re getting a good read on it. Visit it during the day and then during the evening to see if there’s a difference. It will ensure you make a good decision based on your needs.
- General Vibe – What is the vibe like in the neighborhood and building? Do you like how it is set up?
Ask these questions and don’t be afraid to go with something else. The market is bubbling, and you’ll want to determine the vibe and how it’s going to impact overall value for your condo.
- Layout of Neighborhood – What is the neighborhood like when it comes to its layout? Is it easy to access major stores in the area? What about schools if you have children?
Ask these questions immediately. It will help with your decision.
- Check View from Condo – Considering the view from your new condo is important. For example, a condo overlooking a garage entrance is going to see a vigorous amount of traffic. This will mean continuous noise throughout the day leading into the evening. In general, it’s best to avoid condos of this nature.
- Parking Space is Important – Is there a parking space being offered? It’s important to have one available in case you want to use it or rent it out. Don’t settle for less as a parking space does come in handy even if it’s something you don’t require.
Start with these tips and dive into Orlando’s hot real estate market. This is the time to jump in and make the most of your investment. The value will only continue to rise, and the area is ready for a major burst forward in the next year or so.
H.R. 3700, the Housing Opportunity Through Modernization Act, was passed by the Senate. Now, it just needs President Obama’s signature to become law.
This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, and will help would-be buyers of Orlando condos – in particular the condo conversions which are so ”investor heavy”. In some communities 90% of owners are absentee investors and this has made lending almost impossible until now.
These changes will make the Federal Housing Administration’s recertification process much easier, and it will lower the FHA’s current owner-occupancy requirement from 50% to 35%. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.
The FHA’s current restrictions on condominium financing present a significant hurdle for one of America’s most affordable options, according to testimony given on Capitol Hill in 2015.
Current NAR President Tom Salomone oultined the opportunity. “Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.”
“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans,” Salomone said. “Tight inventory and rising home prices are a reality of today’s market, and mortgage credit is hard to come by.”
“We should take every opportunity to clear the path for well-qualified borrowers to purchase a home when they’re ready, and this legislation does just that,” he said.
For more information concerning Orlando condos, check out our website at: http://CondoMetropolis.com or call us on (407) 901-5161.
Here’s a beautiful town house we just listed for a UK seller.
Well looked after with lots of upgrades, it’s in a new community built by Taylor Morrison just a few years ago. Already the landscaping has taken hold and the location couldn’t be better. This town-home can be sold with our without a tenant, and professional property management is on hand for a would-be investor.
Just call Condo Metropolis on: 407-901-5161 x10 with any questions or for a tour (or email Info@CondoMetropolis.com)
The legal status of drone photography when it comes to real estate remains the subject of much controversy. In fact, several industries are currently affected with it comes to the legal status of arial video and photography, including drone photography for weddings, sporting events and the like.
At the current time, any aerial photography done to advance a commercial purpose requires that the operator have a private pilots license. Such licenses are not required for “hobby” flights however, although even these flights are restricted according to proximity of crowds and buildings etc. Even hobbyists can find themselves subject to legal action if they breach these guidelines. See, for example this drone flight across the Orlando skyline. Clearly designed to advance a ”commercial purpose, the UAV operator would not only have needed a pilot’s license, but even with that, there appear to be clear breaches of the guidelines that restrict flight close to public buildings etc.
According to a wedding drone site, it seems likely that in 2016, the current Federal guidelines may be softened or otherwise revised as authorities struggle with the proliferation of unauthorized UAV flight and what appears to be a loosing battle in the face of so many “illegal” flights taking place. Clearly something has to give and it seems increasingly likely that those drone operators who are already licensed in their industry, eg. real estate photographers, may eventually be given special dispensation to carry out those legitimate business activities, provided they adhere to the guidelines provided.
They say timing is everything.
In the case of ISIS condos, downtown Winter Springs, (Orlando) the developers were ahead of the curve. Perhaps anticipating the need for terrorist accommodation, developers of the Tuskawilla Road condominium were ready to pounce on a gap in the market place, long before anyone had even heard of Jihadi John. Although there are still some listings on Condo.com it seems this condo no longer exists — at least it’s no longer called ISIS. Ah, the pressure of modern politics.
But these developers were not alone in their faux pas. How about a smoke then at the ISIS hookah lounge? We can’t confirm their type of clientele but they have an “excellent” rating on Trip Advisor.
Not to be outdone, Hotel ISIS in Reddington Beach FL is still alive and kicking. It’s unclear if the accommodation is a hotbed of home grown terrorism but they also have an “excellent” rating on T.A.
And that’s it for this edition of “Names to be Avoided When Opening a Business.” For property you’d be proud to call your own, just call us – or visit our site at www.CondoMetropolis.com
Looking for a classy, fully furnished place to stay while you’re in Orlando, but would like to rent it out while you’re not there? Check out The Grove Resort and Spa Disney Vacation Homes!~
The Grove features 2- and 3-bedroom villas and the community even has its own water park and restaurants.
Get pre-opening prices today. For more information or a tour, please contact Condo Metropolis on +1 (407) 901-5161.
Here’s a great way to start 2016 if you’re an overseas holiday maker looking for a permanent place in the sun, or perhaps something to keep as a future investment.
The Retreat home developers describe themselves as a new, eco-friendly vacation home community made up of 88 town-homes offering water views, conservation views and standard lots:
“Dream’s neighborhoods, Hidden Forest, Hidden Lakes, The Retreat and Serenity are nestled on 145 acres of Florida’s natural beauty. These communities have been designed with destictive features, including natural conservation areas, serene water views, mature landscaping, solar powered streetlights along winding roads and a solar powered ECO-CLUB in each neighborhood.
Located in the heart of Vacation-ville, aka Disney, in Orlando, Florida, this new community is proving popular with Brits in particular, who were able to see the community featured on “A Place in the Sun”.
For the latest pricing, click here (accurate 1/16).
For more information or to visit the community, contact us at Condo Metropolis on: 407-901-5161 or email: Homes@CondoMetropolis.com