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Buying Fixer-Upper Real Estate in Lake Havasu City Arizona
- Real Estate Relocation
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When you first start looking for homes in Lake Havasu City Arizona you may find some “steals” on the Web. Homes that are advertised as handyman’s specials. It is very important to look at the neighborhood when looking at these houses. If the homes surrounding the house in question are well maintained and it is a nice neighborhood, then you should calculate what it will take to improve the home to a comparable standard. If the cost of the fixer-upper and the cost of the home improvements is still under the median cost of other houses in the neighborhood and you have the skills or the cash to do the repairs, then buying a fixer-upper might be a good investment. You can then make the house into your home!
However, beware of homes that are extremely cheap in neighborhoods that are in a decline. The home’s price may be not only a reflection of the condition of the house, but of the declining neighborhood. This is where a Lake Havasu City Real Estate agent who is an expert in Relocation to Lake Havasu City Arizona can help you evaluate whether the purchase will be a sensible investment for you. Click on the FREE “Relocation to Lake Havasu City Arizona” real estate information package. One of our Lake Havasu City Arizona Real Estate agents will contact you to help with your relocation to Lake Havasu City Arizona.
Whatever you do, if you are considering buying a fixer-upper home, make sure you have it inspected by a qualified home inspector. Place a contingency clause in the contract subject to approval by you of improvement estimates. Repairs that you guess may take $10,000 may end up costing twice that! Make sure that before you close you have the necessary skills and assets to turn the house into a home within your budget! Click on the link above and our New Quest City Lake Havasu City Real Estate agent can help you with your relocation to Lake Havasu City Arizona by providing guidance and expert advice on every process of the purchase.
FINANCING A FIXER-UPPER. Some mortgage lenders will allow you to close on the home with a construction loan and then place permanent financing on the home as soon as the repairs are made. This gives you the freedom to put your cash down on the home to benefit from reducing or eliminating Private Mortgage Insurance without having to come up with additional cash to do the improvements. Your New Quest City Lake Havasu City Arizona Relocation Realtor can help you find a local mortgage company that can help you with a construction loan.
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A popular tourist attraction in Lake Havasu City is the London Bridge, which crosses an 8ft deep man-made canal that leads from Lake Havasu (on the Colorado River) to Thompson Bay. It was bought for for $2.5 million from the City of London when the bridge was replaced in 1968. The bridge was disassembled, and the marked stones were shipped to Lake Havasu City and reassembled for another $7 million. It opened in October 1971. It has been claimed that it was bought in the mistaken belief that it was the more grandiose Tower Bridge (which is often wrongly called London Bridge by tourists), but McCulloch ardently denied that. The city is serviced by several intersecting loop roads, which connect with Highway 95. This somewhat unorthodox road layout has been a source of confusion for many newcomers. Many of the houses in the city are vacation homes. The city is a destination of choice for university students during Spring Break. Its reputation in the region rivals Panama City,Florida. -- Source: Wikipedia.com
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