Los Gatos down town
Are you considering a fixer upper? Are you tempted to buy a buying fixer upper in Los Gatos? Well, we have made our biggest paychecks from flipping homes in Los Gatos, so we have a unique perspective.
So, if you are in the market for a Los Gatos fixer upper here are the top 4 challenges you will face:
1) Los Gatos Planning Commission: We should only hope that your remodeling plans get approved without the need for an meet with the Los Gatos Planning commission. In 2010 we watched this commission torture a family with a small remodeling project that should have taken 30 minutes to approve. One family was attempting to add an 800 sqft addition to their Los Gatos home. Their plan was rebuffed despite meeting all the size, height, shadowing, architecture, engineering requirements.
2) House vs Lot : Majority of the Los Gatos fixer uppers are lot deals. They lack modern amenities which will make it difficult for any family to survive while they wait for planning commission.
3) Cash Drain: Buying a fixer upper in Los Gatos will mean that you will not be able to move into these homes for at least 2 years, specially given your fight with Planning Commission. This could mean paying for 2 homes during this period which ties up a lot of cash. And the implications might be that you will have to pay for 2 mortgages.
4) Deferred Maintenance: These older home are very poorly insulated with single pane windows and doors. They also will need work for termite and pest control. If you are lucky you might get a roof that has been recently installed.
But before you sign the dotted line on your Los Gatos fixer upper, you might want to consider a recent that majority of Americans said they would prefer newer homes. But they are not wiling to pay the 20% premium associated with newer homes.
In short Los Gatos fixer uppers still present a unique opportunity for those risk takers who want to build sweat equity into these charming homes.