Hi everyone! Thank you for joining me on the blog today. My goal is to prepare future home buyers for what to expect before they are knee deep in the middle of it.
Have you ever binge watched home renovation shows on HGTV and thought to yourself “I could do that!” I want to know who has seriously considered buying a home to renovate because if you’re even considering making a real estate investment like this, whether flipping a home for a quick profit or renovating a home to live in for a few years, you’ll want to keep listening to make sure you know the most important thing to consider.
If you’re the King or Queen of DIY, have an eye for hidden potential and want to invest your hard earned money into real estate so you can turn it into even more money, buying a home to renovate could be a really great option for you.
But first let’s talk about the #1 thing you need to consider before making your move!
LOCATION LOCATION LOCATION
It probably doesn’t come as any surprise that location is what you should consider when buying a home to renovate because isn’t that the case with any house? It’s all about the location. But let me tell you why in particular it’s important to pay attention to this.
You don’t want to over-renovate for the area you’re buying in.
You could buy a home that needs some TLC and make it absolutely beautiful BUT if all of the other homes in the neighborhood are valued at a price significantly less than what you’re thinking, it’ll be really tough to sell for the amount you want.
HOW DO YOU KNOW WHAT TO LOOK FOR TO FIND THE RIGHT LOCATION?
You’ll want to look in areas where homes aren’t super cookie cutter. Think neighborhoods with a wider range of styles, sizes and price points. Then study the area and what types of finishes the other homes have. You might want to rethink installing high end hardwood flooring throughout the entire house if most of the neighboring homes have laminate and carpet. Same goes for any higher end features.
Start with the basics and make sure the home you buy to renovate makes sense for the renovations you want to complete.
It’s also important to keep overall location in mind as well. If you buy a home at a great price and flip the inside so it looks like it’s straight out of a page of a Crate & Barrel catalog BUT it’s on a really busy road and barely has a yard, you’ll be hard pressed to get the money back that you put into renovations with this as well.
If you’re thinking of looking for a home to renovate, do your homework. For even more peace of mind that you’re making a smart investment, make sure you find a real estate agent to work with who can walk you through everything you should watch out for from red flags to home inspection negotiations. You won’t want to buy an investment property alone.
If you have specific questions you can always ask me. I am an open book when it comes to real estate and I love to share! You can easily find me on Instagram to send me a message.
Until Next Time!
-Niki Luther
Palm Coast Real Estate Company
Broker Associate 386.589.3871
Nluther@PalmCoastRealEstate.com
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