Almost every home that is “move-in ready” is going to multiple offer & selling WAY above list price. In a hot seller’s market like this you may be better off finding a home that needs a bit of work. These homes are usually not selling for as high during offer presentations. It’s also a good idea to look for homes that have been on the market for over a week. They may be more open to negotiations at that point. Instead of paying $100,000 over asking price for the move in ready home, buy a diamond in the rough and put $50,000 into it.
Why buy a home that needs work?
- You will get a home at a more reasonable price. You likely will be able to get the home for list price or even under.
- You get to pick your own finishes.
- You will end up with a home you love for less money
The Cost Of Renovations
Floors
Carpet: $125/room
Hardwood: $6-11/SQFT
Refinish Hardwood: $3-6/SQFT
Kitchen:
Cabinet: $50-125/Lin.ft
Laminate Counter: $45/Lin.ft
Granite: $80/Lin.Ft
Kitchen Facelift: $7,500+
Bathroom:
Vanity: $250
Bathtub Replace/Retile: $2500
Bathroom Facelift: $5250+
Paint:
Walls – 3 Coats: $2/SQFT
For a complete list visit: Pillar To Post
*These are estimations for the average home*
Source: Pillar To Post
