The Metairie fixer-uppers:
You know them when you see them—especially when going
through the town listings, where their photos probably lack quite the allure of
the others. You can also spot them by some cautiously-phrased tip-off language.
They are “handyman specials” that are offered “as-is” or that “need attention.”
A perplexingly low asking price is a dead giveaway, too. Most often, if, considering
the features listed, the number is too good to be true, you’re looking at a
fixer-upper.
If you are house hunting, are they worth looking into? Or
if you own one, should you do the fixing-up? How do you make a rational
decision?
First, about whether to get to work before you offer your
own Metaire fixer-upper to the world:
It’s true that a fixer-upper can be a serious magnet for prospective
buyers, particularly when those buyers aren’t averse to putting in some old-fashioned
elbow grease. If you are able to accept the kind of low sales price that will
make yours a standout from competitors, it’s bound to attract a lot of interest
from budget-minded householders—as well as professional house-flippers and
contractors who work on their own account.
The rule of thumb for
owners readying a property for sale is to investigate whether smaller
replacement projects—the kind that add curb appeal and/or kitchen glamour—are
likely to boost value above the cost of the undertaking. Most reports on the
subject find that large-scale projects seldom return even 80% of their cost,
although when chosen strategically, per the NAR® “…they can improve
the market position of the property in relation to the competition.” (Translation: move it out of the ‘fixer-upper’ category).
From a non-professional buyer’s point of view, though, the question is whether the
fixer-upper route is a better choice than the costlier entries. If you have little
interest in extensive DIY projects or decorating overhauls, you already know
the answer: skip the Metairie fixer-uppers. You have to be enthusiastic to make
one of those worth the undertaking. You needn’t bother with any of the super
bargains with listings that admit “needs some TLC.”
If you are on the fence, the answer may well lie in a
careful appraisal of what will be needed to bring the candidate up to
neighborhood standards. If you are an experienced DIYer, there are software
packages available that can help you estimate expenses. If not, our Metairie
contractors will be able to provide an itemized ballpark estimate for such a
project. If the combined cost of purchase and upgrades still create an
attractive package—and you are prepared for some dislocation as major work is
being done—a fixer-upper in Metairie is worth serious consideration.
This September, the Metairie market has offerings with real
value in every category. Call me to get the complete low-down on any and all
that pique your interest!
Terez B. Harris
Keller Williams Realty New Orleans
504 975 1033
TerezHarris@KW.com
TerezSellsNolaHomes.com
8601 Leake Ave., New Orleans, La 70118
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