Renovating a home can take a lot of work and isn’t for everyone, but if you’re up for the challenge, you can create your dream home. Before you dive in, there are a few items you need to tackle to plan a successful remodel. Check out these 5 tips for renovating a new home.
Condition
How much time and effort are you willing to put into your home? The condition of the home will determine how much work you will need to put into it. You can tackle the easy fixes yourself, such as patching walls, painting, installing new light fixtures, or replacing doors, but keep in mind that you may need to hire contractors for big fixes which can get expensive.
Renovation Costs
Make sure you have the budget to make renovations to your new home. Do your research ahead of time and contact contractors for quotes. Calculating these costs will be a good indicator of knowing whether buying an outdated home is the right move for you.
Location
Since you’ll be able to customize various parts of the home, the only thing you won’t be able to change is the location so when looking to purchase an outdated home, choose one that’s in a desirable neighborhood.
Inspection
Although home inspections are optional, it’s always recommended to get an inspection prior to completing the purchase of your new home. It’s assumed that you’ll find some issues during the inspection, but make sure these are problems you’re willing to fix to avoid a money pit.
Permits
Some renovations will require you to obtain a permit from the city including electrical, plumbing, mechanical and structural repairs as well as demolition, roof installations, and other fixes.
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*As a member of the AmeriHome family, borrowers are part of the AmeriPurchase+ program and qualify for a $500 off lender fees and up to $500 credit toward out-of-pocket appraisal fees paid for all of your home purchases done with AmeriHome, for any property you own. Credits will be applied only if your loan closes with AmeriHome. This offer can not be combined with any other offers and is not applicable for FHA Streamline, or VA IRRRL Refinance transactions. Other restrictions may apply. Terms and conditions are subject to change. The AmeriPurchase+ program is subject to termination without notice.
