What to Consider Before Putting In an Offer on a Home You Plan to Renovate
If you’re in the market for a fixer-upper, it can be an exciting time to think about paint colors, shiny new appliances, and designing rooms. But before you get carried away with the enthusiasm, there are a few things you should know and look for when you plan to renovate a home in the Miami area.
One of the first things to consider is the location in which you want to buy a property. Depending on your goals for renovation – whether you plan to sell the house to another family or live in it yourself – the location of your house is always important. This will help you set your budget as home prices can vary widely by neighborhood.
Comps & Valuations
It can be tempting to skip the tedious details of your renovation project and go straight for tackling the major improvements you plan to make – but trust us – doing proper research on your home’s history and planning out your projects will save you potential headaches down the line. Additionally, speak with a realtor to understand the comps in the area now – but also historically – especially for homes that are newly renovated. This will help you get a good understanding of how the valuation of your home will change post-renovation.
Before buying a fixer-upper home, consider hiring a professional architect and contractor to estimate the cost of all the work that’s needed before you make an offer. Don’t underestimate the power of seeking advice on your project ideas and getting a second opinion from professionals.
A Good Foundation
Bad paint, carpet, floors, and cabinets can easily be dealt with – but a cracked or shifting foundation can mean potentially spending a fortune. The cosmetics of a home are always changeable, but foundation issues are sometimes just not worth dealing with if you’re renovating. Look out for floor cracks, wall fissures and a broken chimney if you’re inspecting a house you plan to renovate – these are all signs that a home’s foundation is shifting.
Use Your Home Inspection to Your Advantage
Having a functioning A.C. system, water heater, and septic system can prevent stress, extra spending, and troublesome maintenance down the line when you’re renovating – trust us. Make sure to follow through with your property inspection before closing on a house – they’ll be able to catch any key things that need to fixed or replaced which can give you a good idea of where to start making your budget for renovations.
Renovation projects can be a lot of fun. One of reasons we really enjoy helping our clients find renovation-project homes is because we can share our passion for seeing a vision for a home – and then watch it come to life.
If you’re in the market for a fixer-upper, don’t hesitate to give us a call today.
