While typically homes are originally built with a certain layout and design (i.e. split levels open floor plan, colonials with defined rooms, etc.) it is amazing what time will do. Over time homeowners will eventually decide to do some "creative" remodeling - they will take a very functional home and turn it into a home that not only turns off potential buyers but also makes it very costly to find buyers who are willing to pay to bring a home back to its full potential. According to a study by the National Association of Realtors, first-time buyers made up nearly half of all buyers this year at 47% -- knowing this and understanding that most first-time buyers don't want to embark on major renovations, you are significantly reducing the number of potential buyers. See recent sales in Morris Township: Morris Township Monthly Real Estate Report.
For that reason it is not surprising that many of these homes go to investors. I've seen homes in Morris Township homes that don't have bathrooms on the same level as the bedrooms, bathrooms where guys over 5' 6" need to crouch while using the "facilities," and a home that had doubled as doctor's offices with numerous tiny rooms that were patient rooms. You never know what you will find when you open the door.
A recent CNN article explained the types of homes that are purchased by HomeVesters - you know the "We Buy Ugly Homes" people. They end up with homes that they can't be sold to standard buyer and the top reasons they end up with these homes include:
- Dysfunctional Floor Plans
- Too Many Bedrooms - Too Few Baths
- Poorly Converted Garages
- Big Kitchen with No Living room
- No Closets
- Overgrown "Mature" Landscaping
- Bad Colors
- Missing Necessities (you know like... um.. floors!?)
