As the saying goes, “You get what you pay for.” In other words, you have to be careful to dig your heels in and not get sucked into buying anything less than exactly what you want.
However, that also means that you have to watch out for properties that need renovations, which can easily run up the cost of buying a house.
Whether renovations are required or you just want to do a little DIY work to make the place look the way you want, here are some considerations to keep in mind:
First, be clear on what “needs” means.
Sometimes, a builder will add a bathroom or bedroom to a home without the proper permits, which leaves you responsible for bringing the necessary permits to City Hall and applying for a building permit.
Sometimes, additional structural work is required.
Sometimes, building code changes force builders to add new rooms.
Sometimes, builders add things like insulation and drywall without asking for permission first.
These kinds of things can bump up the cost of homeownership and, in some cases, require major structural work.
However, it’s not uncommon for things to be “just fine” and only need minor repairs.
Make sure to thoroughly inspect a property before you buy it.
Don’t be afraid to ask for a professional home inspector. It’s worth the cost, especially if you know you’re going to be doing a lot of renovation work.
Lastly, don’t assume that renovations will be cheap because the property needs them.
Most realtors will charge you a fee for searching, showing, and negotiating a property.
However, many realtors won’t include the cost of renovations in the sale price.
But, if you’re buying the property with the intention of renovating it, then it may make sense to ask for the renovations to be included as part of the sale price.
Keep in mind that every property is different.
Renovate Your Home
