The large number of Las Vegas foreclosures on the market certainly brings out the gold rush spirit in many first-time homebuyers.
Even though many popular television shows portray ripping walls down to the studs and tiling floors as a fun weekend warrior activity, the do-it-yourself approach of rehabbing properties for profit is more involved than Vanilla Ice makes it look.
While there are plenty of properties, and neighborhoods, in Southern Nevada that could use some TLC, many novice home rehabbers fail to consider some of the possible negative aspects of buying a fixer-upper for the purpose of making it their primary residence.
The good news is that there are Rehab mortgage programs available if you are interested in completely remodeling a home, or maybe just making a few minor energy efficient upgrades. Please check with your trusted lending professional about 203k Rehab Loans, or feel free to ask us for a referral.
Either way, the following list explains a few of the challenges home buyers need to consider before entertaining the idea of finding a Las Vegas foreclosure to rehab:
Pride in Ownership Is Delayed
The biggest thrill about buying a new house is showing it off. Housewarming parties, Christmas dinners and friends dropping by just to hang out are some of the best things about being a homeowner.
When you buy a fixer-upper, however, you’ll most likely be forfeiting most of that non-tangible joy for quite a while. After all, are you really going to have your niece and nephew spend the night in a room with just a concrete slab?
Are avocado green countertops too much for you to bear with your best friends in the room? Sure you’ll be excited to have a house, it’s just a shame you can’t share it or the full impact of your pride for a while.
Repair Time Significantly Lengthens
It doesn’t matter what the project is that you’re working on – it’s going to take longer than you thought.
The television shows and website videos we watch are deceiving. It looks like a handful of people walk in with a table saw and paint bucket and just a day or two later, they have installed new flooring, painted everything, built new furniture, found new lighting fixtures and done an artistic interpretation using granite tiles or some such thing.
The truth is there are dozens of people behind the scenes making sure TV miracles happen.
In the real world it works something more like this: You work five days a week and then you come home over the weekend ready to face a project. The first weekend, you might paint. By the time you’ve taped, primed and painted the walls in one or two rooms, your weekend is just about over.
So you head back to work for a few days and then come home and paint the next few rooms. After a month of painting you might have time to start some demo, but between the budget and the amount of time that you’re actually at home ready to rip things apart, projects take huge amounts of time, especially if you’ve never done anything similar and you’re on a learning curve.
There are two approaches to a fixer-upper.
One is to hire out the individual projects. This costs significantly more than doing the work yourself, but it is one way to be sure that things are happening at a relatively fast pace. The trick with hiring contractors is to watch your budget carefully. As you uncover walls and pull up flooring, you usually uncover new problems as well, so always budget for projects generously.
The second approach to fixing up a fixer-upper is to do the work yourself. If this is your plan, you’ll be spending less on contractors, but sacrificing more of your time. If you’re working on a tight budget, doing the work yourself is usually the best way to go provided you actually know what you’re doing. If you don’t do a good job on your repairs or you buy subpar materials, you may be lowering your home value, and that’s the opposite of your goal, so take your time and renovate wisely!
About The Author
Rebecca Garland is a freelance writer who enjoys sharing her experience with renovations and home staging in the Denver real estate market with readers. Thanks to a large fixer-upper, Rebecca has entirely too much experience with making a home look great on a thrifty budget. You can learn more about Rebecca on her website, www.internetauthor.net.
If you are looking for recent foreclosures or bank owned properties in the Vegas Valley, the following properties are the most recent homes listed for sale in Henderson, NV.
$200,000 : 1077 OAK SHADE Lane, Henderson3 beds, 2 baths
$899,950 : 11 OLD MARSH Court, Henderson4 beds, 5 baths
$317,000 : 2157 EAGLECLOUD Drive, Henderson3 beds, 3 baths
$950,000 : 24 SUMMIT WALK Trail, Henderson3 beds, 4 baths
$187,000 : 1177 PARADISE SAFARI Drive, Henderson2 beds, 3 baths
$107,000 : 402 PUEBLO Place, Henderson3 beds, 3 baths
$317,000 : 961 HARBOR Avenue, Henderson5 beds, 3 baths
$395,000 : 1808 QUARLEY Place, Henderson4 beds, 5 baths
$195,000 : 6940 SMILING CLOUD Avenue, Henderson3 beds, 3 baths
$309,999 : 457 VIA STRETTO Avenue, Henderson2 beds, 3 baths
$329,900 : 81 JOHN STUART MILL Street, Henderson4 beds, 3 baths
$104,000 : 455 APACHE Place, Henderson3 beds, 2 baths
$270,000 : 252 HOPEFUL RIDGE Court, Henderson3 beds, 3 baths
$1,250,000 : 2263 CORAL RIDGE Avenue, Henderson5 beds, 5 baths
$300,000 : 2071 CLUB CREST Way, Henderson4 beds, 3 baths
$369,999 : 1105 ANCIENT TIMBER Avenue, Henderson5 beds, 4 baths
See all Foreclosures - Henderson.
(all data current as of 3/21/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.