Bargain Buying 101: Things to Look for In a Deal

When you’re shopping for a new home, it’s not uncommon to face a little bit of sticker shock when it comes to price. This often leads to buyers trying to find a good balance between what they want and what they can afford. However, if you’re smart (and maybe a little lucky), you may be able to find some really great deals if you know what to look for.

One of the keys to finding a good deal is to look for properties that have qualities that might seem unappealing at first but that can be corrected fairly easily. Some of these things can drive prices down significantly but won’t require a major renovation to fix. If you’re hoping to find a bargain, here are a few things to look out for.

Ugly Paint

Even though there’s a lot of damage that can make your paint look ugly, sometimes the paint is just ugly because someone chose to bring together colors that should never coexist. It could be awful colors, it could be cheap paint that’s faded over time or it could even be an amateur paint job that never got touched up. Regardless of the reason for the ugly paint job, it can drive the price of the property down by thousands or even tens of thousands of dollars. It doesn’t even have to be the entire house; one ugly room can give you an opportunity to find a good deal on an otherwise nice property.

Landscaping Issues

A property’s yard is one of the first things that potential buyers see. If it’s obviously been neglected or has bald patches and overgrown flower beds, this can make a negative first impression because it suggests that the house itself might not have been taken care of either. That isn’t always the case, though. Even if the house is in good condition, a yard that needs some TLC can usually shave some money off the asking price and help you to net a great deal.

Fixtures and Accents

There are a lot of cosmetic elements in houses that can start looking rough over time. Handles and knobs can come loose or become tarnished, shutters can get loose, bathroom tiles can become cracked… the list goes on. While updating these issues won’t break the bank, many sellers will drop their asking price quite a bit due to how these little things make the house look.

Bathroom Concerns

A lot of buyers shy away from houses that have obvious bathroom problems, causing those sellers to bring the price down significantly in many cases. Depending on the extent of the issues in the bathroom, though, there could be a real opportunity here. If the problem with the bathroom is mostly cosmetic, then you may be able to fix it on the relatively cheap side and save a lot of money in the process. Just be sure to keep an eye out for signs of water damage or mold, since that could indicate problems that would be much more expensive to fix.

Previous Foreclosure

One other strategy for finding a deal is to look for bank-owned properties that were previous foreclosures. These properties are often sold at a discount because the bank isn’t necessarily trying to sell the house at market value, it’s simply trying to recoup the money it lost when it had to foreclose. The amount you can save will depend on both the bank and the amount of equity that was in the home when it was foreclosed, but you may luck into a great deal on a nice house this way. Just be aware that while there are legitimate programs that can help you find a foreclosed property, there are also some scammy ones out there as well.

Call in the Experts

Having your Realtor help you with your search is another way to find hidden gems and get a bargain on your next home. They can find you properties that need some of these little fixes and give you an idea of what sort of updates the property could need.

The Feeling You Get from Owning Your Home

We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones.

No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, that feeling of safety and security you gain from owning your own home is simultaneously one of the greatest and most difficult to describe.


Frederick Peters, a contributor for Forbes, recently wrote about that feeling, and the pride that comes from owning your own home.

“As homeowners discover, living in an owned home feels different from living in a rented home. It’s not just that an owner can personalize the space; it touches a chord even more fundamental than that.
Homeownership enhances the longing for self-determination at the heart of the American Dream. First-time homeowners, young or old, radiate not only pride but also a sense of arrival, a sense of being where they belong. It cannot be duplicated by owning a 99-year lease.”

Bottom Line

Owning a home brings a sense of accomplishment and confidence that cannot be achieved through renting. If you are debating renewing your lease, meet with a local real estate professional first. They can help answer any questions you have about what your next steps should be and what is required in today’s market!

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again!

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”

According to the 2019 Home Buyer Report from NerdWallet,

“Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”

This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?

Purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!
As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?

The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!

“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”

NerdWallet’s report also mentioned:

• 6% plan to buy a house this year.
• 39% intend to buy over the next 3 years.
• 58% say they will purchase within 5 years.

Bottom Line

If you lost a home due to a financial event but would like to review your options, contact a local real estate professional that can help you create a plan to obtain a home in the future!

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