Most first time buyers are looking for that Holy Grail property: a home that is affordable, can be fixed up, and sold for a profit in a few years when they've outgrown it. These properties, called “fixer uppers", are the dream property for new buyers, and Peoria is a dream community.
Because so many people are looking for these houses, the market for these homes has become pretty competitive. It can be hard to find a house to fix up, especially with so many people looking for a real estate investment property.
Of course, the easiest way to find a fixer upper is to work with a good real estate agent; one that really has their finger on the pulse of real estate listings. There are some opportunities to find fixer uppers through the less than traditional routes, and an experienced agent can help you uncover some of these potential diamonds in the rough.
Vacation and Second Homes
Peoria is a great community for vacation homes or investment properties. Unfortunately, the wear and tear on these properties can be extensive. Even though these properties have appreciated in value, they may not increase at the same rate similar properties increase , primarily because the homes are not as well maintained as primary residences.
This can be a great opportunity for buyers: buy these properties, make some minor modifications, maybe update to reflect current styles, and you could have a property that you can enjoy and one that gains you a great rate of appreciation.
Unfortunately, Peoria and other communities are experiencing a higher rate of homes falling under foreclosure. In part, it may be a result of higher interest rates or it can be part of a pattern of consumers becoming increasingly overextended financially.
Whatever the reason, these properties are coming onto the market generally at a lower than average sales price. These properties may require some minor modifications or improvements, but again, the potential to gain from these properties is fantastic.
Probate and Bankruptcy Properties
Bankruptcy properties are similar to foreclosures and probate properties are usually those being sold after the original owner's death. Although these homes may be a bit more complicated to purchase than a normal real estate transaction, they are well worth it. Again, a talented real estate agent can help you work through the challenges of the sale, and help you find a great deal.
There are lots of fixer upper possibilities through out Peoria. Take some time to explore your options and you may find a home that pays off big in the years to come.
Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.
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