How much work would you consider doing on a home purchase?

If you found the "right" house to buy-the neighborhood was great, your commute was fine, the schools are fine, every thing checked out-especially the price, would you consider doing home repairs yourself?  You know, the old fashioned "sweat equity" purchase? 

In the past, many buyers have stayed away from a home that needed work. Now, I am finding them more and more accepting, to take on this challenge. 

The ripping off the wall paper weekends with the family. Having the floors re-finished. DYI -painting the kitchen cabinets, and putting granite counter tops in. Having a plan, and establishing a budget is a must.

Besides the do it yourself shows, those people at the Home Depo's, Lowes, and your local hardware store are a wealth of information. Ask them, these people have great experience in home repairs.

Aways take the before and after pictures.  

There are perks in sweat equity. You are paying less for the house, for usually more square footage, in a location you probably could not afford other wise.. Sweat equity, can can be a wonderful thing. If you have family and friends in the trades, the better. So work out of your house-sanding, painting, installing tile, sheet rock, hardwood floors-go for it. You will be surprised what you can accomplish. That pride of home ownership will certainly shine through, like no other turn key home!

 
  • June 29 2011 - Hanover
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Answers (2)

Deborah:

I am still finding buyers resistent to doing work on homes, and it is mostly because they both work and don't want to spend free time on the home.  The only buyers that I find willing to do work are the ones that are getting the home for 50 cents on the dollar and most sellers are not willing to take that hit.  Condition is really important in this challenging economy and I still recommend sellers improving the property as much as they can to garner the highest sale.  best
  • July 01 2011
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Deborah, I personally like the sweat equity concept and I have certainly done a lot of my own through the years (I even know which end of the hammer to hold!); however, I have met few people in today's world who are willing to take on any substantial projects.

My solution (really FHA's solution) is the 203K program.  I am a HUGE advocate of this program as it benefits consumers, agents, communities and the entire housing market.  I have written several educational blogs about the program and am working towards completing an ebook to provide agents and consumers insight into the program.  

Education is the key; but given the aging housing inventory all across American this product is privotal in helping to update communities across the nation.  Ironically, it is not a new FHA product...far from it...it is simply unknown to many agents and consumers.  And, only about 5% of lenders offer the program...fewer do it well.

If you want links to the articles I have written feel free to contact me directly.  All my best.
  • July 01 2011
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