How To Get A Great Deal When Buying A Home And You're Not In A Hurry

If you are in the market to buy a home and you are not in a hurry, then you should afford yourself some opportunities that you likely have not considered.

Today's article is going to show you how to get a great deal on a home for sale in the $800,000 price range, but the example works well at other price points too. This example is not just for high-end homes.

Great Deal In The Tallahassee Real Estate Market

To find all of the best deals when shopping for a home, you need to expand both your time frame and your price range. Since today's example will be an $800K home, we are going to show you how to shop the $750K to $1M homes market truly.

If you need to buy a home and close in the next month or so, and you have no flexibility, then this article is not for you. Sometimes our circumstances provide for an obvious path.

But if you don't have a timeframe demanding immediacy, I'm going to clue you into one of the best ways to get a great deal when buying a home. Rather than just at all homes listed between $750K and $1M, why not set up a second search looking at distressed properties priced below $750K?

What if you could find a home for sale with "great bones" that needs some work to bring it to market condition?

The downside of this is that you can't buy the home and move in right away. But the upside could be worth the time and effort it takes to renovate the home before moving in. Remember, you're not in a hurry, and you are going to hire somebody to do the work, so why not test the market for a great buy?

Here's why this works so well, and the listing below is proof positive.

Buy A Home With Instant Equity

The home for sale shown above is a 4,000 square foot home sitting on 2 acres in Midtown Tallahassee. The reason that it has not sold is both simple and common. The best buyers for the home have not seen it.

People who only can pay $625K for a home think the home needs to be updated so they don't like it (they will buy a smaller home with modern updates inside and on a far cheaper piece of land). For most buyers, this is not a $600K home for sale; it's actually about a $700K to $800K house when you price in the work you'll want to be completed before occupation.

A smart buyer will focus on the bones of the house first, as that is where the real value lies. This home on two acres in Midtown has the bones of a $1M+ home, and it can be purchased for cheap in a short sale. So what the heck are you waiting for?

How To Buy And Renovate A Home Profitably

Look at the home, figure out the cost of the work that is needed as well as the offer you'll make to the bank/seller, and those combined become the full cost of the home. An experienced buyers' agent will be able to calculate the equity you gain in the transaction.

We can have a lender help you structure the acquisition so that it all goes through like buying a home in normal condition. If the work required moves the cost all the way up to market value, then perhaps the purchase does not make sense. But my near 30 years of experience tells me that there is good equity in the house, and the $800K homebuyer who makes some wise improvements to it will end up with a $1M home.

So you'll buy a home and move in six months instead of sixty days. How is that any different than spending the next four months looking for a home and then closing in sixty days? The only differences will be that you'll have to choose some appliances, paint colors and flooring, and you'll also have a little extra equity on your balance statement!

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