Buying A Home In The Willo Historic District
The Willo Historic District of Phoenix, Ariz., is known as a shining example of classic, historic building and landscaping that you can find close to the downtown area. Older homes in this district offer both unique and beautiful design and building standards as well as some of the finest landscaping around. Driving by one of these homes, it is easy to see the appeal of ownership. If you really want in to this district, you can probably get there for around $100,000. Homes are regularly priced in this range and serve as fixer uppers for those looking to make a tidy profit in the real estate market. It may take a little work and a small investment, but the potential reward of your efforts can be one of the most profitable investments that you ever make. Before you buy just anything, however, keep the following details in mind:
Location is key
It is not only the first rule for buying any real estate, as well as the second and third - location, location, location - but it can also get you the best deal on a great historic home in the Willo District. Finding a location that is close to other highly valued homes means that you stand a better chance of getting a high quality home at a low price. While prime areas of the Willo District are often expensive, their value can be a boost to the values of historic homes that may or may not need a little TLC.
Fixer-Upper?
Buying a fixer upper can be an interesting choice, and one that you should only make if you are certain of your resources to actually do the fixer upping. Many of the homes in the Willo District have a distinct and gentile beauty that cannot be denied, no matter what kind of work they may actually need to be fully functional again. Buying a home with the right resources in place can put you in a position where you will be able to profit greatly. However, make certain that you fully understand the issues that need to be fixed before you move forward with a purchase.
Owner-Occupied or Rental?
Another use that you may wish to consider for your historic home or fixer upper purchase is whether you will go owner occupied or treat it as a rental. If you like more room to breathe, then you may want to forgo the densely populated Willo District area. If you are looking for an added source of income, then by all means take a chance on a purchase. With the market the way that it currently is, you could maintain 100 percent tenancy.
Choosing the right historic home is like buying a masterpiece. It takes time, effort and research, but it can also enrich your life in so many ways.
Location is key
It is not only the first rule for buying any real estate, as well as the second and third - location, location, location - but it can also get you the best deal on a great historic home in the Willo District. Finding a location that is close to other highly valued homes means that you stand a better chance of getting a high quality home at a low price. While prime areas of the Willo District are often expensive, their value can be a boost to the values of historic homes that may or may not need a little TLC.
Fixer-Upper?
Buying a fixer upper can be an interesting choice, and one that you should only make if you are certain of your resources to actually do the fixer upping. Many of the homes in the Willo District have a distinct and gentile beauty that cannot be denied, no matter what kind of work they may actually need to be fully functional again. Buying a home with the right resources in place can put you in a position where you will be able to profit greatly. However, make certain that you fully understand the issues that need to be fixed before you move forward with a purchase.
Owner-Occupied or Rental?
Another use that you may wish to consider for your historic home or fixer upper purchase is whether you will go owner occupied or treat it as a rental. If you like more room to breathe, then you may want to forgo the densely populated Willo District area. If you are looking for an added source of income, then by all means take a chance on a purchase. With the market the way that it currently is, you could maintain 100 percent tenancy.
Choosing the right historic home is like buying a masterpiece. It takes time, effort and research, but it can also enrich your life in so many ways.
Source...