Unless you are building a new home, it can be difficult to find a house that meets all of your needs. It is common for people to choose location over some of the internal features of their dream home with the plan to renovate or expand after they move in. Purchasing a home with a plan to renovate can expand your search and allow you to find a solid home in a good location. However, there are a few things you should consider before buying a home that requires renovations.
Consider the structure and layout rather than the appearance
If you're going to be renovating anyway, a house that needs a renovation will be a better investment than one that only needs one because of your specific aesthetic choices. For example, if you plan on installing a bathroom to your specifications, it is better to look for a home that needs a new bathroom rather than one that has recently been renovated. Seeking houses that need cosmetic work will ultimately save you money. However, it is important to make sure the house is structurally sound and there are no issues that will be difficult to get rid of such as mold, which can continue coming back even after renovations.
Make sure you are allowed to renovate
Before purchasing a home, it's a good idea to have a solid plan for renovation in mind. You may want to talk with a contractor to make sure your plans are realistic. If you have any large renovations plans, such as adding onto the home or building a garage, you will want to make sure your zoning laws will allow it. Although you may have to move fast in a sellers' market, you will want to take the time to complete these checks before committing to a home.
Consider financing issues
One great thing about buying a home that requires renovations is that you can take your time to complete the renovations, spreading the cost out over several months or even years. However, if the renovations are large and you plan on living in the home soon after purchase, you definitely want to consider your financial abilities. If you need a loan to cover these extra costs, it is important to make sure you can secure one before you commit to the purchase.
Buying a home with renovations in mind can be a great way to secure the perfect location on a smaller budget. However, it's important to make sure you consider your needs before you purchase a home. Look for homes for sale in your area today.