Buying a home is never an easy decision to make for anyone. Often times this is the biggest investment a family will make in their lifetime. When making a big financial decision, one always has to weigh the risk vs. rewards. Homeowners are often weighed with the decision of purchasing a home that is not up to date, priced at a higher rate than its value or one that has been fully remodeled. There are many factors that can affect this decision such as your purchasing power. But if the remodeled home fits within your budget take into consideration the 5 factors below as to why you should go with the renovated home:
One of the biggest risks of buying a home that has not been renovated is the possibility of structural damage such as foundational issues. Foundation issues can arise simply from natural soil issues due to weather conditions, poor drainage system, or simply roots of trees often times grow underneath a house causing damage to the foundation. Nonetheless this can be a huge expense to the homeowner with the cost being $10,000 on the low end and upwards to $30,000 to have fixed. A new homeowner may not have the awareness to look for signs of foundation issues but a home that has been renovated by a group of professionals should have tackled any foundation issues that may be encountered prior to start of the renovation on the house, and have evidence such as documentation to back that up ensuring a solid structurally sound house for the new homeowners.
When you buy a home you should not have to worry or think of the 100 items that need to be done to the house before you are fully comfortable. The home should be a place when you get home from a long day of work for you to kick your feet up, relax, and spend those quality evenings with your loved ones.
When you walk into your home, you should not feel like your walking through a maze but rather your home should feel like you have an ocean of space available with everything from the kitchen, to the living room, and dining area visible the moment you walk through the doors. The open space concept is definitely the more modern look that provides comfort and ease for your family.
On average it is recommended for families to save about 1-4% per year for basic maintenance on their home. In Southern California with home prices averaging just over $400,000, that is about $4,000 per year on the low end. Of course that number could be significantly higher for a home that is older and hasn’t had any work done to it from the previous homeowner.
After going through the long drawn out process of searching, finding, and qualifying for that perfect home the next phase is to move in all your furniture into your new beautiful home. For a first time homebuyer this can be a stressful time and most investors recognize this and add value in the home they are renovating by having all new kitchen appliances in place. This is an added bonus we add to all of our properties we renovate to save the new owners a couple thousand dollars and minimize the stress level of moving in, knowing they can come right in the minute they get their house keys and start cooking right away.