The term empty-latex is used to describe a home that has been vacant for a long time but has not been utilized. This term is used to describe a home that has been vacant for between five and ten years but has not been utilized.
During this time, the home may have undergone several renovations, possibly adding or taking away from the value of the home. For example, a formerly-used home that has been thoroughly renovated might have a new kitchen, bedrooms, and bathrooms added onto it.
This discovery process can be very valuable in creating potential buyers and investors alike. After explaining the potential of these homes to potential buyers and investors, this article will discuss some tips that could help discover these empty latex homes on your own.
Conducting a thorough renovation
While there are many ways to look for a renovation project, the best way is through experience. While online resources are always helpful, having a project plan and practice run before beginning the actual project is key.
On top of that, being familiar with different renovation techniques and tools is an added bonus. There may be a new software program or tool available for use that you did not previously know existed.
For instance, there may be new ways to decorate or how to repair things in your home. Displaying signs of potential trouble or what might be changed on them can help when embarking on a project.
Having people around you that can help with ideas and take you through projects is valuable when embarking on your own renovation project.
Develop a detailed budget
While there are many ways to use empty homes as sources of inspiration, the majority of you looking into this topic will need to create a budget and a strategy for spending your money.
Visiting an estate sale or running off a list of items you would like at a local store is a good way to start. Look into online sites that have catalogs and stores listed as they often have better quality items than sellers listed in a catalog.
If you are getting new materials look into which companies they belong to and if they have quality control standards. Previous homes may be the only information you have about them but checking with neighbors and local authorities should suffice.
When doing any renovations make sure you do your research! Doing some house hunting, going to houses in your area, and just taking it on faith that you can do a good job does wonders for your self-confidence.
Identify potential investors
While many developers target active home users with their products, there is a large population of empty homes that may be attractive to investors. Identify potential investors by offering these potential home owners a valuable investment opportunity.
Appreciate the need for property appreciation
Most investors recognize the importance of property appreciation in keeping the value of their investment high. When properties are valued consistently, people feel comfortable investing in them.
When evaluating potential investors, pay attention to whether or not they appreciate property values, how much they appreciate it, and whether or not they feel comfortable investing in it. If they do not feel comfortable investing in it, consider offering them an empty house instead of a hotel to invest in.
Know what type of property you are looking for
When you are looking at vacant homes, it is important to know what type of property you are looking at.
There are two types of property in Houston – land and home. Home properties have values between $500,000-$1 million and land values between $25,000-$50,000. Due to these large price differences, home owners can be rich or poor!
A land value property is one where the owner hasn’t lived on the property for awhile. A home value property is one with a resident living on it, like a house that has been occupied for years.
During your renovations, you will need access to both types of properties.
Research the neighborhood
While it may seem natural to check online sources, both do you need to know the neighborhood before embarking on a renovation journey?
Without knowledge of the area, renovations can be stressful or even impossible. For example, as a jeweler, you know how important accurate color matching and perfect opaqueness is for jewelry sales.
Likewise, as a architecture student, you know how important research is in determining what architectural styles are popular and accepted today. Knowing who else is remodeling or what they are doing can help smooth out the transition to your property!
Knowing the community will also help when it comes to prices. A community where someone lives with their kids is likely going to cost more than one where no one lives in but years have passed and standards have changed.
When looking up homes for sale in your area, consider checking out sites such as Realtor.com or NeighborhoodScout.com to get an early look at potential buyers and property owners.
Visit the property repeatedly
When you find a empty house or land, it is important to visit it regularly to see if you have made any improvements.
It can be difficult to determine whether a property has been lived in or not, especially if the home or land has not been occupied for a few years.
You can check the property by visiting it from different perspectives: from inside the neighborhood, from outside the neighborhood, and from the street. All of these can reveal recent changes or renovations.
When you visit the property, make sure to take some pictures and make any notes. This can help determine whether anything has been missed on previous visits and whether any new things have been added.
Whether you are renovating a room, upgrading an entire area of the home, or expanding an area of the home, taking pictures will help determine what changes have been made.
Make an offer
After a long period of anticipation, your agent has helped you find a home to purchase. You’re excited about your new home and ready to make it yours!
If the seller accepted an offer from another buyer, you would then have to go through the process of transferring ownership. This can be complicated, especially if it is a well-kept property with good value.
If the house needs some repairs, they can be corrected during the transfer process. If not, you can make upgrades and improvements as the property values increase. You’re on track here!
Finding your ideal home can take months or even years, so in the meantime, these vacant estate homes could be sitting unclaimed.
Get a mortgage
After a lot of research, you can now get a mortgage for an empty home. There are multiple ways to do this, but the most common is to get a mortgage for the same amount as the house is currently being sold for, plus additional fees and points toward your loan.
Many lenders will even consider you if you show proof of current property ownership. And since your home will be worth more if it’s vacant, this could save you some money in Closing Costs.
The potential savings can be huge! For example, a $200,000 house could cost $200,000 in Closing Costs, but if it were bought for $300,000 then only $150,000 would be spent. This would mean a bigger savings on your part!
Another tip: When applying for a mortgage, ask for points toward your loan instead of just signing up. Some lenders will give you these extra points if the property is empty.