If you’ve made a list of what you want and need in a home (a “wish list”) it
may look more like an impossible dream. Depending on how much a
home-buyer has to spend on a home, wish lists are often tall orders.
That isn’t to say you won’t get many of the items on your list, but let’s face it,
the chances that you’ll find a home you can afford, in good condition, in an
area in which you want to live, that ticks all the boxes on your list are slim.
This is when it’s time to think outside the box. Yes, it requires the ability to
see possibilities in the seemingly impossible and beauty in the ugliness.
That’s what you’ll need when you consider purchasing a fixer-upper home,
known as a “fixer” for short.
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The Benefits of Buying a Fixer
Sure, they aren’t much to look at in their present form. But they do come
with some very attractive benefits, if you are willing to delay your dreamhome-
buying gratification.
• Fixers cost less than homes in turnkey condition.
• There is less competition for fixers.
• The home can be customized for your needs and wants.
• Fixers often are located in otherwise unaffordable neighborhoods.
• Loan options combining buying/rehab costs are quite attractive.
The Disadvantages to Buying a Fixer
The following common fixer issues should help you reflect on how much
work your willing to do and how much you’re willing to spend. These include:
• Foundation problems
• Structural problems
• Deck replacement
• Major problems with the sewage system
• Major problems with the electrical wiring
Shopping for a Fixer
The best fixer will be located in an in-demand neighborhood, in an in demand
school district that has a floor plan that’s close to what you envision
for your dream home. Your two most powerful allies during the fixer-hunting
process are an experienced real estate agent and a contractor. Don’t look at
homes without the assistance of both.
You’ll Need Financing
Unless you’ll be paying cash for both the home and the rehab work, you’ll
need to get your hands on some money. Thankfully, there are several loan
programs to fit your needs: Fannie Mae’s HomeStyle® Renovation
Mortgage, Freddie Mac Home Possible® mortgage, FHA 203(k) loan.
These programs differ in various ways, but they all offer the opportunity to
bundle the cost of the rehab work and the financing of the home into one
loan. The FHA program offers the buyer the very attractive bonus of the first
payment not coming due until the buyer actually moves into the house.
Speak with your lender about the aforementioned programs and others that
he or she may think are worth looking into.
Search for the latest fixer homes in San Diego:
Search Results: 939 Properties
1926 Ensenada Street Lemon Grove 91945
506 Canyon Drive 12 Oceanside 92054
31908 Del Cielo Este 10C Bonsall 92003
4816 Stephanie Pl Oceanside 92057
2112 E Vista Way 15 Vista 92084
1216 Willowside A Alpine 91901
1548 S 38th Street. San Diego 92113
17459 Plaza Animado 130 San Diego 92128
1014 S 45th Street San Diego 92113
526 Calle Montecito 140 Oceanside 92057
2248 Washington Lemon Grove 91945
2920 Ribbonwood Road Boulevard 91905
4046 Iowa St. 4 San Diego 92104
1116 57th Street San Diego 92114
10414 Caminito Banyon San Diego 92131
2297 Huntington Point Rd 162 Chula Vista 91914
853 Bonsall St San Diego 92114
12080 Calle Naranja El Cajon 92019
5885 El Cajon Boulevard 205 San Diego 92115
3660 Vista Campana 44 Oceanside 92057
6924 Hyde Park Drive 314 San Diego 92119
8046 Camino Tranquilo San Diego 92122
1855 Diamond St 5-309 San Diego 92109
5605 Friars Road E 3-310 Mission Valley 92110
