Keep Your Eyes Open For Hidden Gems In The Real Estate Market
When you start looking for a new home, you need to look out for the hidden gems that hit the real estate market on occasion. While a good real estate agent will help you find these gems, it is up to you to measure whether these gems are diamonds in the rough or just a lump of coal. The real gems will give you a home that is going to expand quickly in value and will put you in a better financial situation than you might think.
The real estate mantra of “location, location, location” makes a great deal of sense in the search for hidden gems. Every city has its neighborhoods that are high end. They also have neighborhoods that are not so good and others that are in transition. Each neighborhood can have hidden gems, but some make more sense than others. For example, if you can find a fixer-upper in a high end neighborhood like Preston Park, you have found a true hidden gem. The lowest costing house in the highest end neighborhood is almost always the perfect investment. With basic investments of repair and maintenance, you can have a home worth much more than what you initially paid.
Look past bad curb appeal. Many people looking for a home to buy will bypass any home that has poor curb appeal. If you can look past the bad curb appeal, you may find the house is a rough gem waiting to be polished. Look at the exterior of the home. The exterior of the building may be in good shape and might only need a good cleaning or a good paint job. Landscaping can be tamed or redone. Signs you should avoid include rotting wood, broken window panes, and foundation problems. When looking at a property, think about what can be, not what is.
Look past poor decorating choices. Some homes look like they were stuck in a time warp. If you walk into a home that looks like a 1970s decorating nightmare, don’t let it stop you from looking further. Are the rooms spacious? Do you have lake views? Are their hardwood floors hidden beneath the hideous green shag carpeting? Can you cover poor color choices with a coat of pain? These are just a few things to think about when touring the inside of a home.
Look at homes smaller than what you might think you want. Smaller homes often get overlooked by home buyers. They want a certain square footage and that is all they think about. However, a smaller home may get you in a better location and will offer you the chance to renovate and add square footage. Some people have found they can afford a lake side home built in the 1940s or 1950s, when they thought they could only afford a larger home well away from the lake front. Don’t let expectations keep you from looking at different options. Finding that hidden gem means thinking past first impressions and finding out what is really on the market.
Omni Chaparala works for DFW Realties, a DFW real estate company serving home buyers and sellers in the Dallas – Fort Worth metroplex.