5 Signs a Home has Potential

The best deals on homes these days are often on properties that aren’t perfect.

Home shoppers looking for a great deal should keep these factors in mind when they are looking for a place with potential:

· Location, location, location. It’s still true that you get a better deal when you buy the worst house in a great neighborhood than you do when you buy a fancy house in a not-so terrific neighborhood.

· Less than 50 years old. Properties older than a half decade are likely to have more fundamental problems — like aging wiring, inadequate plumbing and sagging foundations.

· Livable floor plan. Buyers should select a home with a basic design they can live with. Once they start moving walls, they’re into big money.

· Light. Houses with the most potential have plenty of natural light.

· Good storage. Adding storage isn’t cheap, so it’s smart to choose a property that already has it.

Source: MSN.com, Marilyn Lewis (04/12/2010)