Which repairs are deal-breakers and which have acted as placeholders for a wise investor like you to come along? Buyers want homes ready to move into and often lack the time, patience, or imagination to consider less than perfect houses. Homes with less curb appeal typically tend to sit longer on the market. The best part about sellers leaving more cosmetic work undone is that there is probably a discount on the home already based on the necessity for the repairs. If the home is ugly but structurally sound, you have likely found your diamond in the rough.
Even if you’re a professional in the construction industry, it is wise to have a home inspection done by a professional, providing you with a general overview of possible severe defects. You must realistically factor in the skillset you bring to the table, or you may find yourself halfway through a project and all of the way through your budget, needing to hire a professional to finish the job. Knowing which repairs are a go or a big no could mean the difference between buying a bargain or a nightmare.
When you are in the market for investment property in Philadelphia, you need to be aware of the red flags and what you can overlook. Here are five repairs to overlook when purchasing an investment property in Philadelphia.
While flooring has an enormous impact on the impression of the property, this is another repair to overlook when buying investment property in Philadelphia. Scratched wooden floors, mismatching or severely worn carpet throughout, and stained linoleum in obvious need of updating can detract from a house with good bones. Wooden floors can be refinished in most cases and appear like new. If the flooring is beyond salvaging, replacing the flooring with modern materials is a relatively low-cost fix compared to the value this adds to the property.
Walls or Ceilings
Outdated or peeling wallpaper can be a turn-off to buyers, just as a buyer can be turned away by questionable paint and interior colors or a choice of materials. The trained eye of an investor looks past outward appearance. Often, around windows or doors, wear and cracking are unattractive but relatively inexpensive to repair because of heavy use. Now, if the doors or windows are difficult to open, this could indicate more severe issues. When buying investment property in Philadelphia, minor cracks in ceilings or walls and paint that need refreshing while making a significant impact on appearance are repairs you can ignore.
Kitchen or Bath Outdated
While a rare group of buyers may be delighted to walk into a time capsule, a property that presents with being left behind in time is likely unsuitable to the majority of buyers in the Philadelphia market. For real estate investors, outdated kitchens or baths are additional repairs to overlook when buying investment property Philadelphia. By replacing tiles, cabinets, fixtures, and appliances, you can turn a dark and dated house into a fresh and modern dream home, with touches of modern conveniences adding even more value. Consider the demands of consumers created by today’s technology and place outlets strategically to accommodate phones and computers.
While the average buyer may see overgrown landscaping and piles of garbage and turn around before ever looking further, this is an opportunity for investors. Repairing the curb appeal and restoring the attractiveness through landscaping is another relatively low-cost fix to overlook when buying investment property in Philadelphia. Often, a trim of shrubbery and other plants close to windows on the home can brighten up the interior, which is priceless. When you are planning to repair the landscaping appeal, investors should trim trees overhanging the roof. You will want to check to ensure that there is no leaf debris in the gutters causing overspill. Among the damage this can cause is a build-up of water along the edge of the home, softening the soil and eventually leading to foundation damage.
Sidewalks and driveways begin to wear over time, and unsightly cracks are the first thing you will notice as you approach the property. If the other homes are well maintained, this damage is likely to stick out like a sore thumb in the neighborhood. A crumbling driveway indicates age. However, rectifying this issue does not fall under the category of significant repairs. Technology today allows for restoration easily if the damage is minor, and total replacement is not a considerable expense if required. A construction company should assist you with this repair, which you can overlook when buying Philadelphia investment property.
Philly Off-Market Deals makes it easy! A walk-through with an experienced real estate investor from Philly Off-Market Deals can help you determine which repairs to overlook when buying investment property in Philadelphia. Philly Off-Market Deals has an incredible inventory of Philadelphia properties. Call Philly Off-Market Deals at (215) 422-3288 or send us a message today!