Have you considered adding homes to your search list, that could be remodeled and adapted to fit your needs?
There are many benefits to shifting your focus from move-in ready home – to a home with great bones, in a great location, that needs new life. This article will provide you with considerations, to determine if it makes sense for your next home search!
What are a few strong benefits to buying a home that you intend to remodel?
Price points may be lower than move-in-ready homes
A home that has never been updated and that is no longer ‘ideal’ for the how we are living life today, is often overlooked by other buyers. Think kitchens that were meant to be tucked away vs. made for entertaining, or formal spaces that are no longer utilized.
The opportunity to make the home fit your needs, while reflecting your style
You will be able to rethink the layout that makes the most sense for your needs and flow through the home, while selecting finishes and materials that speak to you. You would be surprised how many times I meet homeowners that believe they need to expand the homes footprint, but instead we are able to work within the exterior envelope to achieve their goals.
Neighborhoods with history may be more accessible
Oftentimes, homes that are in need of new life are tucked away in neighborhoods that have history and amenities that are hard to find in suburban life. Maybe in your area of the country, that looks like larger lot sizes, established trees and neighborhood bistros. Yes, these neighborhoods could also have many homes that have been remodeled already, but there are often overlooked gems to consider.
The hunt: buying a home to remodel with good bones
When looking for a home, a prepared buyer always has a needs and wants list. However, when looking for a home that is worthy of remodeling, that list may look a little different.
To keep remodeling costs down, consider homes where the ceiling height already works, and where the rooms that are expensive to move — kitchens, bathrooms, anything tied to plumbing — are already in sensible locations. Also consider framing construction and the materials that are original. Are they good quality? Does the lumber look solid and is the foundation free from major cracks? Older construction can sometimes feature more care and quality materials of the time, than new construction today.
Sometimes a home that’s been owned by the same family for decades hasn’t been cosmetically updated, but the mechanicals have been meticulously maintained — furnace records, roof replacement dates, care that isn’t visible on a walkthrough but matters just as much as what you can see.
How is your walk through different, with an Interior Designer that is well versed in remodeling?
When remodeling is the end goal, we talk about your day-to-day needs for your family and how they could be worked into the bones of the existing home. We also talk about considerations – are the spaces in need of a remodel easily accessible, do walls need to move, changes to exterior and windows, etc.
I’ve overheard other agents quoting numbers for home updates, that don’t seem to align with where our market is today. We want to make sure that we talk about realistic budgeting for the remodel, so that you can talk with your lender about how much you will be putting down on the home in comparison to setting aside for a remodel. Or, use this as an opportunity to discuss any creative lending options for updating the home.
Another consideration, is a realistic discussion on timing for a remodel. When planning appropriately, the design phase as well as the estimating phase will take some time. We want to explore new space plan options, finalize details and get out to bid for solid numbers. Consider if you’ll be living in the home for a period of time, while going through the phases needed on the front end of a remodel. This can also be a great time to continue saving for the remodel, if needed. Living in the home for a while, can also allow you the experience of being in the space in different lighting, and noticing different patterns that you like or dislike about the flow of the home.
What happens after we close?
As your agent, my priority through the search and the offer is the same as any good buyer’s agent — finding the right home at the right terms, with your interests ahead of my own. Where the process differs is what comes next.
Once you’ve closed, we shift from house-hunting into planning. That might mean sitting down right away to talk through space plans and a project timeline, or it might mean waiting — living in the home for a season or a year first, so you can get a feel for the light, the flow, and what you actually want to change before we finalize a direction. Either way, I’m already familiar with the home’s bones, so we’re not starting from zero.
From there, the process moves the same way it would for any remodel: floor plans and space planning, selections that fit your style and budget, and sourcing contractors to bid and complete the work. You’re not handed off to someone new who has to learn the house — I already know it.
If you’re considering this approach for your next home search — one that keeps remodeling potential in mind from the very first showing — I would love to talk with you!
Image by Unsplash
