07/30/2024
While most buyers prefer modernized, move-in-ready homes, some bargain hunters are still willing to buy a fixer-upper. A new survey of around 1,000 Gen Zers in their 20s found that more than half of them were willing to consider an unmodernized home. However, around 27% of the respondents who had already bought one were rethinking their decisions. Would-be buyers need to keep renovation costs in mind, as well as the home's current functionality. Will they be able to move in after closing, or will they have to wait until after essential plumbing or electrical repairs are completed? If you're involved in the sale of an unmodernized home, here are areas that need a closer look: Roofs: Repairs can incur a significant cost, and earlier leaks may have caused more damage than you'll see during a walk-through. Plumbing: Any pipes installed before 1980 will need special attention, as older materials are more likely to leak. Electricity: Find out when the home's wiring was last updated. Older homes often lack safety features like ground fault circuit interrupters (GFCIs). The electrical panel, aka breaker box, can also provide clues about the home's safety. Walls: If you spot cracks in walls, uneven floors and sticking doors, there could be expensive foundation repairs in the buyer's future. Land: In addition to FEMA flood ratings, look for evidence of flooded basements or erosion. Some types of soil are less stable than others, which means that one heavy rain can cause an expensive, unwanted surprise.
