Real estate listings often feature common and not-so-common phrases that can give potential buyers a clue about the home’s condition or possibly hint at a seller’s motivation. TLC is one of these more common phrases – it tells prospective buyers that the property requires some “tender loving care,” but if you are willing to get your hands dirty you may have found a good deal.
What does ‘TLC’ mean in real estate?
How much work can a house calling for TLC actually need? If a house requires TLC, a buyer will need to do more than lay on some new paint and install new flooring. A house that needs TLC may have major structural issues to address, such as a shifting, a leaking or sagging roof, outdated knob and tube electrical, peeling paint or cracked siding, broken or leaking windows, and potentially much more. These homes are also known as “handyman specials.”
Is a home that needs ‘TLC’ sold ‘as-is’?
A home that requires TLC will often be sold “as is” – meaning what you see is what you get. These homes are also often sold by a lender who repossessed the house in a foreclosure. If a TLC home is being sold ‘as-is,’ the seller is usually unwilling to complete any repair work or renovations identified by the buyer.
What’s the difference between ‘TLC’ vs. ‘fixer-upper’?
TLC and fixer-upper are often used interchangeably. A fixer-upper could mean minor repairs and cosmetic fixes, such as fresh paint and new flooring. But a fixer-upper could also apply to a property that needs a complete renovation to make it livable. Either way, be sure to see the property in person, as it can be a risky move to buy a home sight unseen if it’s identified as a fixer-upper or in need of TLC.
How much money and time can I expect to put into a ‘TLC’ home?
Several factors are involved when it comes to a home renovation and a TLC home. The amount you spend will depend on the materials you choose and if you DIY the…