Real Estate Location – Finding the Perfect Fixer Upper Spot
The business of flipping homes or buying a property at low cost and renovating it is about more than your skill as a handyman or designer. It’s all about location. Remember, most home buyers choose their house based on location, so the actually geography of the property is critical for a successful sale down the road.
Location drives home values, which is why the biggest decision of your fixer upper venture should be where to buy. If you want to learn how to find the perfect fixer upper or reno-home location, keep reading for some tips and tricks directly from the pros.
1. Check the School Districts
Many parents buy their homes based on the quality of the school district, proximity to a specific school with a good reputation and with their children in mind. The attractiveness of the neighborhood itself might not even be one of the best in the general area, but if the school system is good, concerned parents are drawn.
Consequently, a good school district with low student-to-teacher ratios, high-ranking scores and strong graduation rates is going to help drive up the value of the home.
2. Go Micro Local
Buying in a supposedly “ideal” neighborhood can go all downhill if you pick the wrong street. Choosing a fixer upper or reno-home means checking the median prices for the neighborhood, and also the block and street.
A simple records check can tell you what price comparable homes next door and across the street sold for at the time of their last sales. While your search should encompass the entire region, a good house hunter goes micro local.
If there is another house in close proximity to the one you are evaluating and it’s structure and land size is similar, those are the best to compare against.
3. Transportation is Key
When buying an investment home, look for a house that’s close to public transit and highways, but not too close. While most home buyers prefer a house that provides easy access to their commuter highway, they don’t their house want to face it or listen to the noise of traffic throughout the day and night.
With many home buyers turning away from cars, an ideal location is also one that’s close to public transit options. For example, the city of Seattle is building a light rail transit system. Savvy home seekers snatched up properties close to the proposed stops and stations and have since seen an exponential growth in their investment’s value.
4. Read the Newspaper
If you’re considering the purchase of a home outside your current area, subscribe to the local newspaper. Not only will you get a handle on crime rates, you’ll also start to learn about desirable neighborhoods, shopping districts and even planning proposals. The news surrounding a district often provides subtle clues about the desirability of that area.
5. Call the Planning Office
Selecting the perfect location won’t do you any good if the city is planning to allow a rock quarry to set up shop across the street. Investigate future plans for existing undeveloped property and whether those will accommodate your lifestyle and preferences.
Remember, buying a fixer upper home for location isn’t just about the present, but also planning for the future of your investment.
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