Buyers and owners alike can always find hidden discounts
By M. M. Adjarian
These days, there’s no denying that anyone who owns, sells or buys property is concerned with the bottom line. With liquidity in short supply and loans more difficult to secure, homeowners and homebuyers are looking for ways to get the most and best for their money. Besides, who doesn’t like a good deal?
With his experience as a Dallas Realtor, Rogers Healy of Rogers Healy and Associates Residential Real Estate, knows what to look for regarding money-saving opportunities for people standing on either side of the property-owning fence.
If a property owner is specifically renovating to sell, taking care of electrical, plumbing, roofing, foundation and window issues should be at the top of any to-do list.
“It’s the stuff that a homebuyer’s going to ask for when they get the house under contract,” says Healy.
Healy advises to do research on how much projects will cost and then to get bids from contractors.
“In the economy that we’re in, people are definitely willing to work for less,” he says.
Just don’t limit searches for bids to the newspapers and telephone book. Consider a modern approach. Healy suggests that social networking is a reliable way to go with the search. Plus, feedback is easily found.
“I think you can catch some great deals on Facebook fan pages and on Twitter as well,” Healy says. “That and also skimming the paper. Places like Home Depot and Lowe’s will compete against each other for your business, meaning they will want you to come to their store for the better deal.”
Realty offices are a surprising resource. After buying your home, the affair, with your agent doesn’t stop there. Agents and firms can also provide homeowners the names of vendors specializing in renovation materials and services.
Healy’s own firm has a service provider list “of at least three people for everything from aquarium installation to air duct cleaning” that it shares with clients and non-clients alike. The one word of caution Healy has for home renovators is that a project could run double the expected price tag.
“Prepare for it to cost more money than you think,” he says.
Financial flexibility is crucial for those selling their home. Properties stay on the market longer due to the economic situation and seasonal fluctuations. These conditions are creating possibilities for property discounts that come from homeowners willing to sell for a lesser price.
One option would allow the seller to finance a home purchase. Another, which is becoming increasingly popular, is leasing to own the property.
“People who maybe have been burned or don’t have great credit or don’t have a huge amount of liquidity can get on a contract and then have an extended option period which is the lease,” Healy explains. “At the end of the lease, they have the option to apply a percentage of the money they’ve paid as rent as a down payment and purchase the property.”
Neither method of financing provides buyers with discounts, but offer possibilities for home ownership to more people.
Affordable options and breaks are also offered to veterans, individuals who have owned property for two or more years and first-time buyers.
Or you could just be in the right job at the right time.
“A couple of banks I know of are doing creative financing if the buyer is a CPA, a dentist, an accountant or an attorney,” Healy adds.
This article appeared in the Dallas Voice print edition of Defining Homes Magazine October 8, 2010.