You know them when you see them—especially when going through the Las Vegas listings, where their photos probably lack quite the allure of the others. You can also spot them by some cautiously-phrased tipoff 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 Las Vegas 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 can 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 glamor—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 Las Vegas 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 Las Vegas contractors will be able to provide an itemized ballpark estimate for such a project. If the combined cost of purchase and upgrades still creates an attractive package—and you are prepared for some dislocation as major work is being done—a fixer-upper in Las Vegas is worth serious consideration.
This fall, the Las Vegas 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!
Author:John Gafford Phone: 702-785-4699 Dated: September 11th 2015 Views: 386 About John: John Gafford, as seen on NBC’s The Apprentice, is a listing specialist. As the Broker Owner of the...
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The Gafford Group are southern Nevada’s premier real estate agents. With millions and millions of dollars sold the Gafford Group maintains a position in the top 1% of all REALTORS nationwide. John Gafford, as seen on NBC’s The Apprentice, is a listing specialist. As part owner of the prestigious, Simply Vegas Luxury Brand. John has vast knowledge and experience listing and selling homes of high value.
“It’s more than just listing, anyone can list, we actual MARKET the homes we list resulting in the lowest days on market average of any agent out there” —John Gafford.
Gidget Gafford heads our team of Buyer’s specialist. From luxury to investment properties, our team of ten has the experience and savvy to ensure you the best possible deal.
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"Michele Rodriguez is an absolutely amazing agent. As first time home buyers, the process seemed a little overwhelming, but Michele walked us through it from the very beginning. She was incredibly warm and friendly, but also kept us focused and on task when needed. She was right there every step of the way, making sure we were comfortable with the process.
With her help, we were able to get a beautiful house at a price that was right where we needed. She never pushed us (which we were concerned might happen before starting this journey), but made sure we were the ones benefiting from the experience. I would recommend Michele to every single person I know looking to buy a house. She is outstanding."