As the holiday season rises to fever pitch, many persons have begun to put their plans in motion for the New Year. One of the resolutions often popular at this time of year is buying a house.
However, for many first-time home purchasers, the hunt can be daunting, especially when there appears to be a wide gap between what they earn and what they see as their dream home.
Judy Benjamin of Benjamin’s Realty Services offered up some guidance recently during a recent appearance on the JN Bank’s Own Sweet Home web series. She advised that a fixer-upper can be a cost-effective option for many first-time homebuyers, pointing out that, with time and patience, a purchaser can end up with their dream home.
“A fixer-upper is a great idea, because you can find a property with good bones, in an ideal location that you perhaps wouldn’t be able to afford if it were brand new. You can take your time and renovate the most important areas of the property,” she stated.
She pointed out that some of the key areas to look at include the roofing, plumbing and electricals. “Ensure that you get a professional contractor to assess the home. You must also consider getting an assessment for termites as well,” she advised.
“Take your time and ensure you get the proper assessments and the relevant advice because you don’t want to buy the house, move in and then realise it is requiring more work than you initially thought.”
Ms Benjamin noted that in many fixer-uppers, the areas that may require the most sprucing up might be the kitchen and the bathrooms. “If those are the only two areas that are ‘problematic’, then go for it,” she said. “You’re not going to get the perfect house right away, because that’s going to cost you.”
The experienced realtor further noted that a lot of Jamaicans are now looking for fixer-uppers, because they see the benefit in such properties.
“Do not let anything that can be changed deter you from buying a home. Therefore, if the house needs to be painted, the kitchen and the bathrooms need fixing and the yard is overgrown…don’t let that deter you, these are all things that can be fixed and improved. Once it’s in a community you like, and the house has a good structure, it’s something you can work with,” Ms Benjamin stated.
More advantages of a fixer-upper:
A lower purchase price: Although you’ll need to spend more on renovating it, a fixer-upper house often comes with a lower list price and down payment requirement.
Chance to customise your home: Once you buy a fixer-upper house, you have the freedom to do whatever you’d like to it. Don’t like the kitchen? Remodel it.
Quality control: When it comes to renovations, you’re in charge. You can choose the materials, colours, contractors and everything else.
The JN Bank Own Sweet Home web series is aimed at providing prospective homebuyers with relevant information about the mortgage and home buying process. Watch it on the JN Bank YouTube channel.
