Mailbag Edition: Fixer Uppers, Cash Pits, Marketing & Budgets

When is a home a fixer upper worth buying and when does it become a money pit? How do you set a budget for buying a house and how does Angie’s team market a home to sell? Angie will answer all of these questions and more on today’s podcast answering your questions from the mailbag.

SHOW NOTES

0:38 Did you see this? The tower house.

• Unique house for sale in upstate New York is on a lake that is shaped like a lighthouse or “Rapunzel” tower.
• A huge spiral staircase brings the homeowner up to a beautiful view of the lake might make for a fun vacation home.
• Angie has seen some unique things as she’s toured thousands of homes in the area. Ones that stand out include seeing dramatic murals in homes before as well as some maxed out basements here in the Triangle.

4:59 Mailbag: Fixer Upper

• Joey has looked at a few homes with minor issues like carpet stains or ugly countertops. Is there a fine line between a fixer upper and a cash pit?
• It depends on the buyer and how savvy you are and if you’re willing to put in sweat equity.
• If it’s just more cosmetic like floors, counter tops, and fresh paint then you should be open to those changes.
• Make sure you are buying the home at the value of its true condition.
• You can always hire a professional to do some of these things too, so don’t let this scare you away.
• There’s always something you will want to change.
• Overestimate the amount of time and money it will take to make the repairs.

10:11 Marketing a home for sale 

• Darcy asks what are some of the outside-of-the-box ways you use to help people sell their home?
• Angie has the radio show and podcast, with the ability to market a home they are selling.
• She also has a professional stager to make your home show the best.
• A professional photographer is key. They also create floor plan drawings.
• Angie’s team also uses social media advertising with targeted ads.

11:49 Home buying budget

• Grant from Garner is trying to set a house buying budget and doesn’t want to end up house poor. Is there good guideline to follow?
• Angie suggests not going off of the pre-qualification number that the lender gives you but the monthly payment you can make.
• Tell the mortgage lender your monthly budget then ask for the purchase price.
• One of the preferred lenders for Angie’s team is Ned Liggon, and they have a useful mortgage app for your smartphone. Text LENDING to 555888 if you want to download the app.

14:51 Basement update

• Darlene in Fuquay-Varina says they have a huge empty basement, but she isn’t sure what to do with it. They will probably sell it in a year or two, so what should they do?
• Angie says it depends on the surrounding homes in their neighborhood. The largest and most expensive home in a neighborhood likely won’t get a lot of value out of it.
• If finishing off the space won’t push you to the highest price in the neighborhood, it’s probably worth making it into a living space like a bonus room or maybe another bedroom.