Back in the 1970’s, housing prices fell by approximately 12% in NYC. Buyers could purchase fixer-upper buildings or homes for sale in Brooklyn for super low prices. Those who renovated the properties and re-sold them in the 1980’s saw their original investments more than pay off. These days, it’s once again a buyers’ market in NYC. If you’re looking to buy property, are you in the market for a fixer-upper? There are many homes for sale in Brooklyn that fall into this category.
Here are a few tips to consider when looking for fixer-upper homes for sale in Brooklyn: Your main goal should be to buy for as low a price as possible. Also aim to save as much money as you can on repairs and improvements. If you’re handy, you can do some of the repairs yourself. But for more in-depth repairs, such as electrical re-wiring, hire a professional contractor to do the job for you. However, make sure the house is not damaged beyond repair. If it turns out to be, this could make it hard to get a mortgage or recoup your money later. Since the market is tipped in your favor, you should be able to find a good stock of homes for sale in Brooklyn that only need a moderate amount of renovations.
Another thing to do is to only seek out homes for sale in desirable Brooklyn areas, or up-and-coming ones. There’s no point fixing up a house on a street full of run-down, abandoned homes. As you’re looking for your perfect fixer-upper, also remember that Brooklyn has many historical districts, such as Clinton Hill. Houses in historical districts have strict guidelines for renovations that must be followed, particularly when it comes to the exterior of the house. That’s why it’s important to find out about the area where you’re interested in purchasing one of the homes for sale in Brooklyn.
Whether you’re considering a fixer-upper or a new property, it can make your search easier if you seek the help of a realtor. With more than 3 decades of experience to their name, Massada Home Sales has gained a reputation for helping buyers choose the right homes for sale in Brooklyn. Massada specializes in Brooklyn residential properties. Our salespersons are fully licensed and professional in selling Brooklyn homes. At Massada, you will be guided through every step of the purchasing process. When you’re ready to view homes for sale in Brooklyn, you can call us at 718-658-7200, or visit our site to see our current listings.