Things to consider before purchasing a home that needs work.
The idea of buying an older property and renovating it into your dream home is appealing to many people. However, with the excitement comes a lot of potential issues. It’s important to know what you’re getting yourself into before signing on the dotted line. Here are some factors to consider when it comes to a fixer-upper property.
Know what’s right for you
- Make a list of pros and cons of buying a fixer-upper. While a lower sales prices is inviting, there can also be a lot of unseen costs associated with purchasing a home that needs work.
- Be patient! Renovating can take anywhere from a month to over a year to be complete.
- Renovations can be costly. If you won’t have much cash left over for renovations after your down payment and closing costs, you may want to consider a property in which you can live while fixing it up.
What to consider when house-hunting
- The location. Check average home prices and schools in the area. Take a stroll around the neighborhood to see if the homes are well-maintained.
- If you are looking to minimize renovation costs, look for a property that has a solid roof and foundation, a good floor plan, quality construction, and coherent design.
- Keep in mind that the layout can be changed. Older homes are often a series of small rooms rather than open-plan spaces. It’s possible to knock down walls and rearrange floor plans.
- Search for houses that have the approximate square feet and number of bedrooms and bathrooms that you desire.
When you are looking to purchase a home, make sure you enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!