Homeownership is a big deal, not only because you can finally say goodbye to renting but also because it presents plenty of opportunities. For a lot of people, this translates to getting their dream home at a reasonable cost. Your game plan is to buy a house with a lot of renovation potential, and you’ll slowly but surely transform it into your ideal space. It sounds like a foolproof vision, and while it does take patience, it’s not enough to dampen your spirit.
Before you get too excited and sign the dotted line, however, it’s best to consider whether the house you’re eyeing does have the renovation potential you’re looking for. Just because there’s a lot of space and you think the patio is workable doesn’t mean it’ll give you the best value for your money. Once you live in it, you might be surprised to discover that the work it entails is more than what you bargained for. To make sure you don’t fall into this trap, here are four ways you can guarantee that you’ll be making the best purchase.
Hire an Inspector
There’s more to a house than what meets the eye. Unless you’re an architect, an engineer, or a professional in similar fields, you might require the help of one to determine whether a house is worth buying. An inspector can tell whether a house has issues with its structural integrity, particularly its walls and foundation. There’s also the matter of the roof, the sidings, and the presence of materials or substances that could be hazardous to your health.
For instance, if you live in Manila and want to relocate to the South, bring an inspector with you to check that house and lot for sale at a low price. These price tags aren’t immediate red flags. A high-quality house can be sold at an affordable price for many reasons. An inspector should be able to give you a sound assessment after one or two visits.
Prioritize function
An inspection will also give you a good idea of the renovations that you have to prioritize. Don’t expect that the top of your list will be full of aesthetic recommendations. The function is your most significant investment at the moment, and if you find that the cost is too much, then it might be more than what you’re capable of working on.
Make a list of the renovations that have to be done to restore the house to top shape. Do you need to update the wiring or the plumbing? Does the roof need to be replaced to improve the house’s insulation? How about the doors and windows? When any of these do not operate as needed, you risk your health and convenience. Draw a line that will define your comfort in terms of time and finances. Anything that crosses that must be removed from your options.
Check the Bills
This is an important step that a lot of buyers tend to neglect. If the property you’re buying has a previous owner, ask to check a year’s worth of utility bills. The costs you’ll see will show whether you’re up to the responsibility and whether something else needs fixing in the house. Any faulty wiring or gaps in operable windows can impact your electricity bill. The same goes for any water leaks or problems in the neighborhood’s overall water management.
Do the Math
Now that you have a good idea of the renovations you need in terms of function, it’s time to add your desired aesthetic renovations. Refrain from counting the cost of just any change that you want to make. Determine which ones are viable for the house and your budget before putting them on the list.
Maybe the kitchen design you want would require additional square footage. Perhaps the ceiling design you prefer isn’t achievable after all due to structural inhibitions.
Once the list is final, add the sum to the cost of the house and lot. Is the final cost worth it? Or can you buy your dream house with that amount? If it’s the latter, then buying that house will be a wasteful investment. You’ll have fewer problems and lesser financial strains if you save up that amount to buy the house you really want.
Choosing Wisely
It’s not a bad idea to buy a house with the right renovation potential. The only challenge is finding this house and making the hard work worth it. Fortunately, by taking the right precautions, you can make your big purchase worthwhile and continually invest in it until it becomes your dream home.