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Buying Fixer-Upper Real Estate in Lompoc California
- Real Estate Relocation
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When you first start looking for homes in Lompoc California 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 Lompoc Real Estate agent who is an expert in Relocation to Lompoc California can help you evaluate whether the purchase will be a sensible investment for you. Click on the FREE “Relocation to Lompoc California” real estate information package. One of our Lompoc California Real Estate agents will contact you to help with your relocation to Lompoc California.
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 Lompoc Real Estate agent can help you with your relocation to Lompoc California 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 Lompoc California Relocation Realtor can help you find a local mortgage company that can help you with a construction loan.
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Lompoc (pronounced Lom' poke) is a city in Santa Barbara County, California, United States. The population was 41,103 at the 2000 census. Vandenberg Air Force Base dominates the economy, directly employing a large percentage of Lompoc's residents. Other mainstays of the economy include the federal prison complex, a diatomaceous earth mine, and agriculture (especially seed flowers and vegetables). Since the end of the Cold War, many workers employed in Santa Barbara have moved to Lompoc to take advantage of lower housing costs, effectively making Lompoc a 'bedroom community' of Santa Barbara. The character of the town has changed considerably with the growth associated with this demographic shift; in addition, new housing developments are spreading into the adjacent hills. In the 2000's, wine production has become more prevalent in the Lompoc Valley, with a number of wineries popping up along the 246 corridor linking Lompoc with Buellton. -- Source: Wikipedia.com
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Census Data for Lompoc, California
| Lompoc | California | United States | |
| Population | 41,103 | 33,871,648 | 281,421,906 |
| Median age | 32.2 | 33.3 | 35.3 |
| Median age for Male | 32 | 32.2 | 34 |
| Median age for Female | 32.5 | 34.4 | 36.5 |
| Households | 13,059 | 11,502,870 | 105,480,101 |
| Household population | 37,664 | 33,051,894 | 273,643,273 |
| Average household size | 2.88 | 2.87 | 2.59 |
| Families | 9,310 | 7,920,049 | 71,787,347 |
| Average family size | 3.42 | 3.43 | 3.14 |
| Housing units | 13,621 | 12,214,549 | 115,904,641 |
| Occupied units | 13,059 | 11,502,870 | 105,480,101 |
| Vacant units | 562 | 711,679 | 10,424,540 |
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