While San Diego County boasts one of the healthiest markets in the country, there are still many distressed short sales, foreclosures and homes in need of repair. So what are the pros and cons of buying a ‘handyman special’ or fixer upper? Acquiring a San Diego short sale that requires work may be a great investment for your company, considering the current direction of the market.
There are big financial gains to be realized by buying short sales, foreclosures and fixer uppers in San Diego, CA, but it’s also smart to do your homework to find the best match.
Some San Diego short sales and fixer uppers can be in pretty bad shape, requiring more work than many buyers are prepared for. However, the rehabbing and home improvement process can not only be a route to more money, but can be a lot of fun and highly rewarding.
Those buying homes now can expect growing equity, rising income from rentals and lots of potential for reselling properties for quick and sizable paydays.
Those that are really brave and experienced at renovating homes may find even bigger discounts in acquiring short sales and foreclosures with major structural defects. However, these properties can take more work, bring more risk and often require more cash or credit to make livable.
Conversely, investors can look to a local San Diego County real estate wholesaler that already has leads on a variety of discounted properties in the area. If you don’t feel cut out for the work involved in renovating homes yourself, you can always let someone else do the hard work for you and buy the end product to rent or live in without any of the hassle or uncertainty.