Home renovations & home improvements play an important role during all phases of home ownership- from house hunting, to actually living in the home, to selling your home. Here are some of the most important parts of the home search strategy to consider during the home buying phase. Understanding how the homes conditions will affect the other phases will help you make wise decisions.
Part of your home buying budget and search strategy should include consideration of home repairs.
Purchase of a home in different conditions can have an impact on what kind of deal you get, how much money will be spent on repairs and what type of repairs, how long your home will be ready before purchase and so on. This will be one thing that you will want to discuss with your buyers agent so that they help you find a home that meets your expectations.
Carefully consider how you would like to spend your time and money:
Do you want to spend most of your home buying budget on buying a house that already has most of everything on your wish list or must have list?
Or, do you want to try to get a better deal on a home that needs improvements and add the things on your must have list? In addition to possibily being a money saving tactic, you have the added benefit of choosing the renovations yourself and making them exactly the way you want them.
Do you like making home improvements yourself? Do you want to hire contractors?
Do you like choosing paint colors and fixtures, etc. or would you prefer moving into a home that is already cosmetically appealing to you?
Here are four main categories of home conditions & how they affect your time and money:
Needs Significant Repairs: May be able to get a better deal on this type of home, but will likely require considerably funds and time to get this home ready to move in.
Move in Ready: The home is in livable condition without major repairs. Will not require additional time or money before moving in.
Needs Cosmetics Only: Cosmetic repairs (new paint, new carpet,etc.) can be done on a more relaxed schedule and over time.
Needs “Wish List” Only: Skylights, remodeled bathroom, wood deck, etc. These type of renovations can also be done on a more relaxed schedule.