The best deals on homes these days are often on properties that aren’t perfect. But that doesn't mean that home shoppers looking for a great deal can't find a place with potential.
Location, location, location. You can always fix a property, but you can't always fix the neighborhood. In the long run, home buyers often get a better deal with the worst house in a great neighborhood than with a fancy house in a not-so terrific neighborhood.
Less than 50 years old. Properties older than a half decade are likely to have more fundamental problems — like aging wiring, inadequate plumbing and sagging foundations. In and around Old Town and historic areas, that's not always possible, so shoppers also look for homes that have been completely renovated as opposed to homes with a facelift and fresh coat of paint.
Livable floor plan. It's a good idea to buy a home with a basic design that makes you happy from the start. This is because moving walls can cost a lot of money.
Light. Houses with the most potential have plenty of natural light. Southern facing homes often have the best light.
Good storage. Adding storage isn’t cheap, so it’s smart to choose a property that already has it.
What are buyers in {Location_Name} seeking?
A new Realtor.com® survey of more than 1,000 home shoppers has shown that this season's typical home buyer is searching for a three-bedroom, two-bathroom house with a garage and updated kitchen. 93 percent of survey responses indicate wanting a home with at least two bathrooms, and 44 percent indicate wanting a home with three bedrooms. Of the respondents, 27 percent rate the garage as one of the most important features, more important than even an updated kitchen (24 percent) and open floor plan (20 percent).
Old growth neighborhood
The economic theory of "Progression and Regression" states that building a home that is valued substantially above other properties in the same neighborhood will most likely cause the newly built home to value downward toward the other properties. This is sometimes called "overbuilding" because sometimes a homeowner will put additions or improvements on his home that are substantially better than his neighbors.
But the theory is called progression and regression because a home that is in a diminished condition in a better neighborhood will command a higher value. Additionally it is possible for a neighborhood to reach a tipping point. In other words, if enough of your neighbors "overbuild" your house could increase in value due to the increase in value of the neighborhood.
In Northern Virginia, we see this in many neighborhoods in and close to Alexandria and Arlington. For example, in Del Ray, older working-class homes have been replaced by or improved to become pricier and much more luxurious. Lyon Park and the area surrounding Belle Haven is not the same neighborhood that I remember as a child. Both of these areas have become much more exclusive.
Are you looking for new construction in Northern VA?
But that doesn't mean that home shoppers looking for a great deal can't find a place with potential.
