iowahomeloans

Be Realistic When You Plan Renovations

Posted on: July 3, 2014

One of the best pieces of advice for potential homeowners is that you don’t have to have everything when you buy a home. Look for a home in a good location that has the potential to be what you want – and plan renovations to address any shortfall in what the home actually is versus what you want it to be. It’s becoming increasingly more common for buyers to buy a home with the expectation of doing some improvements. When you’re shopping for potential homes, though, be realistic when you’re making those renovation plans.

Be Aware of Challenges with Older Homes

In 1985, the median age of an owner-occupied home was 23 years old. In 2001, the median age was 37 years old. Older homes are becoming more and more outdated based on what today’s homeowners want, with kitchens that are walled away from the family room, or small closets that don’t provide the storage that today’s homeowners desire.

When you’re buying an older home, be aware of potential challenges. Ask a professional whether the changes you want are even structurally possible. The next step is to determine how much it will cost. You may find that some older homes simply can’t be renovated to your needs within a realistic price range – so you may want to move on to another option.

Plan, Plan, Plan
Don’t just dream – take your renovation one step further and actually plan it out. Outline the specifics of the complexity, cost and feasibility of renovations – before you make an offer on a home. You don’t want to buy a home with the intent to renovate, only to find that you simply can’t turn the home into what you want it to be, or that you can’t finance the renovations. Don’t wait until later – plan your renovations before you buy, so you can decide whether the cost, time and frustration are worthwhile before you’re locked into a home you don’t want.

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