Tips for Buying a Home That Needs Work
SUBMITTED BY Highline Residential on October 29, 2019
Roughly 37 percent of the average American's budget is put toward their home. It's a lifelong
investment that will take most people between 15 and 30 years to pay off. If the cost of homes
in your target area is above your current budget, then you might want to consider purchasing a
home that's in need of some work. Most people pay will pay through the nose in order to get a
pristine house with no issues whatsoever. You can get around this industry standard and make
away with a steal by investing in a property that doesn't meet this perfection requirement. So,
here are some tips for those buying a home that needs work.
Calculate Before You Buy
With any major investment, it's important to do some calculations beforehand to ensure the
return is worthwhile. When it comes to purchasing a home in need of repair, you should
determine whether the cost of renovations will end up being more expensive than purchasing a
brand-new property. Start by adding up the overall cost of repairs needed on your prospective
house. Once you find the listing price of a similar home that is in perfect condition, subtract the
total repair expenses to see how much money you're saving.
Add a Garage or External Structure
If you found a great deal on a home but aren't happy about the limited space, you can always
add a garage or external structure for additional square feet. Whatever can't fit in the main part
of your house can be placed into this extra space. Not only will this additional structure keep
clutter to a minimum, but it will also help protect your car, lawnmowers, snowblowers, garden
tools, and other pieces of equipment. When building this additional space, you'll need a host of
material including wood, steel, piping, insulation, and more. Although steel is slightly more
expensive than other materials, it is more durable and will last longer.
Hire an Inspector
Before you dive into any major renovations, it's important to have the home inspected. These
professionals can help you get an accurate idea of the current state of the property, which would
otherwise have to rely on guesses or estimations. This knowledge can then be used as an
important consideration for informing your remodeling strategy. You'll be able to make any
necessary adjustments or tweaks before you begin rather than having to stop in the middle of
renovations due to an avoidable issue. Don't allow the initial cost of an inspector to hold you
back since their input could end up saving you hundreds on repairs in the long run.
Enlist the Help of a General Contractor
Unless you're a jack of all trades with experience in home building, there may be some aspects
of this renovation when professional help will be required. Instead of hiring plumbers,
electricians, landscapers, and all other necessary positions separately, you're much better off
with outsourcing this work to a general contractor. These professionals can organize all of the
labor while also detailing a plan for completing all of the renovations required at your house.
Don't be afraid to tackle parts of the project that you feel comfortable handling. This is a great
way to cut your costs while also having a hand in the final product.
Many homeowners are under the impression that their new house has to be in mint condition
with no issues whatsoever. In reality, you can end up saving a lot of money by purchasing a
home that's in need of some repair without sacrificing any key features.
investment that will take most people between 15 and 30 years to pay off. If the cost of homes
in your target area is above your current budget, then you might want to consider purchasing a
home that's in need of some work. Most people pay will pay through the nose in order to get a
pristine house with no issues whatsoever. You can get around this industry standard and make
away with a steal by investing in a property that doesn't meet this perfection requirement. So,
here are some tips for those buying a home that needs work.
Calculate Before You Buy
With any major investment, it's important to do some calculations beforehand to ensure the
return is worthwhile. When it comes to purchasing a home in need of repair, you should
determine whether the cost of renovations will end up being more expensive than purchasing a
brand-new property. Start by adding up the overall cost of repairs needed on your prospective
house. Once you find the listing price of a similar home that is in perfect condition, subtract the
total repair expenses to see how much money you're saving.
Add a Garage or External Structure
If you found a great deal on a home but aren't happy about the limited space, you can always
add a garage or external structure for additional square feet. Whatever can't fit in the main part
of your house can be placed into this extra space. Not only will this additional structure keep
clutter to a minimum, but it will also help protect your car, lawnmowers, snowblowers, garden
tools, and other pieces of equipment. When building this additional space, you'll need a host of
material including wood, steel, piping, insulation, and more. Although steel is slightly more
expensive than other materials, it is more durable and will last longer.
Hire an Inspector
Before you dive into any major renovations, it's important to have the home inspected. These
professionals can help you get an accurate idea of the current state of the property, which would
otherwise have to rely on guesses or estimations. This knowledge can then be used as an
important consideration for informing your remodeling strategy. You'll be able to make any
necessary adjustments or tweaks before you begin rather than having to stop in the middle of
renovations due to an avoidable issue. Don't allow the initial cost of an inspector to hold you
back since their input could end up saving you hundreds on repairs in the long run.
Enlist the Help of a General Contractor
Unless you're a jack of all trades with experience in home building, there may be some aspects
of this renovation when professional help will be required. Instead of hiring plumbers,
electricians, landscapers, and all other necessary positions separately, you're much better off
with outsourcing this work to a general contractor. These professionals can organize all of the
labor while also detailing a plan for completing all of the renovations required at your house.
Don't be afraid to tackle parts of the project that you feel comfortable handling. This is a great
way to cut your costs while also having a hand in the final product.
Many homeowners are under the impression that their new house has to be in mint condition
with no issues whatsoever. In reality, you can end up saving a lot of money by purchasing a
home that's in need of some repair without sacrificing any key features.