How to Find the Right Home to Renovate

IN THIS POST:

boy with hammer

Looking for the right home can be both exciting and overwhelming. Looking for the right home to renovate, well that can bring on a whole other level of eagerness and stress. Having witnessed many clients go through the same experience over the years, and now doing the same last year, I thought writing a post on what exactly you want to be on the lookout for might just be helpful. Today, I’m sharing all the details. Some of which you’ve probably thought about and some you likely haven’t.

Location, Location, Location

When it comes to real estate, they say location is everything—and they’re not wrong! The neighborhood you decide on planting roots in can have a huge impact (not just on property value) but on your daily life for years to come. You want to make sure you are looking for an area that aligns properly with your lifestyle. Some important things to keep in mind are whether there are good schools nearby, proximity to major roadways, crime rate, how other neighbors keep up with their properties and access to amenities like parks, and shops. Some important elements to consider are if a neighbor is slated to be the location for any new large construction projects, what zoning is like and what the future potential looks like for said neighborhood.

Budgeting for Success

The most important factor when it comes to being on the hunt for the right home, is the budget. It is incredibly important to know how much you can afford factoring in both in regards to the initial purchase, closing costs, and the renovations themselves. My biggest piece of advice is to start researching and put together a renovation budget (based on real numbers) and then work backwards. If you have never done a renovation before, I would add another 10% – 15% as renovations are notorious for always costing more than you initially planned.  Staying within your financial boundaries increases your chances of taking on a successful renovation.

superhero giving tips on finding the right home to renovate

Property Size

The size of the property is another critical factor to consider. Think about the space that you have now. Is it enough? What else would you need to ensure your home is functional? It is also important to consider how your family will change over the years? Are you about to have children? Or, are your children almost out of the house? All of these are important aspects to weigh to decide what size and type of property is best suited for your family.

cabinet install

Assessing the Scope

Not all renovations are created equal, and some houses may need more TLC than others. If you do not have experience with renovations, it may be helpful to start talking to a contractor, or consider working with a realtor that has specialized knowledge in renovations. This will help you identify any hidden issues and assess the scope of renovations needed. It is important to ensure you have all of the necessary information before making a decision on a property.

DIY or Hire Professionals?

Now that you have a better understanding of the renovation scope, it’s time to decide whether you’ll be taking on work yourself or hiring professionals to handle the renovations. It would be a good idea to look at your skill level and see what types of projects you would feel comfortable handling yourself and then consider outsourcing the rest.

Inspection: Uncovering Hidden Gems

For years now, the market has been on a wild ride and inspections are not happening at the rate they used to (and should be still.) There are some instances where a sale will not go through unless the buyer is willing to waive inspection, and given the times, this is unfortunately understandable. However, if there is any way you can work the deal to include an inspection, you will be better for it. If nothing else, you hopefully will have a bit more of an education on the property and an idea of what to look for in the future.

Can You Deal With the House as is?

Renovations take time, and often only happen one room or floor level at a time. It’s usually a good idea to live in the house “as is” for the time being to see what project needs to be started first and work from there. That being said, outside of the rooms being renovated, can you enjoy living in the home in the state it is in now? Will you be rushing to change everything right away? This is an incredibly important detail to consider. One that often gets missed. 

Create a Renovation Plan

Once you’ve successfully navigated the seas of negotiation, it’s time to create a solid renovation plan. Map out the changes you want to make, set priorities, and establish a timeline. Having a clear detailed plan will ensure you stay on track throughout the renovation process.  

Permits and Regulations

Before you start swinging hammers or picking out paint colors, familiarize yourself with local permits and regulations. Depending on the scope of your renovations, you may need to obtain various permits and ensure compliance with building codes. If you are not familiar with the codes and permits, working with a general contractor is hugely beneficial as they will help guide you through the process

Stay Positive and Patient

House hunting for the best home to renovate is an adventure that requires a lot of patience and can be incredibly frustrating. Challenges may arise along the way, but don’t be discouraged. Keep your end goal in mind and remember that your efforts will result in a beautiful and personalized home that you can cherish for years to come.

You are now well-equipped with the knowledge you need to find the right home for your family to renovate. With some patience and planning, you can be well on your way to find your best home. 

Are you in this process now? We’d love to hear your thoughts. Let us know in the comments below. 

cliff notes on buying the right home to renovate

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