Everyone has their own definition of beautiful. When buying a house, most people would naturally be drawn to houses that look and feel great. Many would automatically pass on houses that lack street appeal. Even if giving the benefit of the doubt can be useful, many are not interested in buying a house that requires many improvements. Most buyers won’t even bother to check the insides when the property’s outdoor appeal sticks like an eyesore among the other houses listed online.
What may look like a bad property for sale can be a golden investment to others. Some people find the beauty behind the façade of old, unkempt, and unconventional homes. Why would you even invest in an ugly house when tons of other beautiful houses are listed for sale?
It makes sense to look beyond what ugly homes portray online. Usually, homeowners post photos of the property online and intend to sell the house as-is. Other times, they feel like leaving their property untouched is the best way to grab the attention of buyers.
Here’s what homebuyers should know about ugly houses for sale and why it could be worth your next investment.
Owners Are More Open for Negotiations
All sellers want to sell their homes for a good price. But even if this is the case, owners would have usually done their research on how much they can realistically sell the house. They consider the different factors involved, including the state of their property.
Sellers often know if their house stands out in the block for the wrong reasons. They are likely to post a lower asking price. The best part is, you can negotiate for a better price, especially if you have facts to support your proposal.
For instance, you are buying with the help of a mortgage and want a home inspection to take place. With the results in hand, you can use this to negotiate a better price. Remember to avoid lowballing, or you might end getting rejected.
Sellers Can Approve of Seller Financing
Homebuyers’ go-to financing choice is to apply for a mortgage when buying a property. But if you are buying a house that is not in its best condition, you can ask the seller if they would consider seller financing. This is the type of financing wherein they handle the mortgage process.
This means your seller is basically your lender. They get to sell the property fast and collect the interest and note until the time you pay the house off. This eliminates the need to apply for a mortgage loan.
You must work with a reliable property lawyer to create an agreement. This way, both parties will agree on the terms. You can enjoy lower closing costs and draw up a promissory note stating the schedule payments, interest rates, and possible consequences in case you failed the seller on time.
Transform It Into Your Own Home
If you love renovating and plans on making your next home into your dream home, an ugly house can be your best choice. You won’t feel as bad as demolishing a perfectly beautiful property just so you can turn it into your ideal home. Giving the house a makeover can be a great project, especially if you can’t find a house that really fits your standards.
For instance, you want a low-maintenance house. You can improve the property in accordance with your preference. You can easily transform any part of the house to make your dream home into a reality.
Let’s say you want a more beautiful countertop on that old house you bought recently. You will find it easier to make your dream stone and granite countertop into a reality. Even if you splurge on luxury and low-maintenance materials, you won’t feel as bad renovating because you are already investing in newer and better materials.
Enjoy Valuable Architectural Interior Design
There is more than meets the eye for older and ugly houses. You may not like the property’s curb appeal. But if you take some time reviewing the interior design, you might just be surprised with the hidden architectural details. Homebuyers often get the best surprise after walking into a seemingly ugly house.
If you are one who loves old but valuable architectural designs, consider exploring older houses with unappealing curb appeal. Most of the time, homeowners are unable to maintain their property. You might even snag a great deal and be the next proud owner of an architectural treasure.
Don’t forget about the high return on investment you can get for giving it a nice makeover. This is especially true if you can buy a fixer-upper in a nice neighborhood with a sizable lot size. You might drastically increase its value should you sell in the future.
Ugly homes can have potential only if you are willing to give them the benefit of the doubt. Homebuyers should avoid falling for the nice house trap and start house-hunting smartly. If you don’t mind a fixer-upper buy, consider ugly houses to be your next big investment.