How To Choose a House For a Renovation
With the real estate market in Orlando hotter than ever, getting in on the action is tempting many people who have never done it before. If renovating a home and making a profit is your dream for this year, there are a few things you should keep in mind as you tour potential properties.
Does the Home Have Good Bones?
You may have heard people on renovation TV shows say that a home has good bones. What this really means is that the structural pieces that hold the home up are in good shape and unlikely to need replacement. When these key pieces are in good shape, you are less likely to have to spend money on repairs, leaving most of your budget intact to use on the improvements you want to make.
Consider the Value of the Area
While your renovations can increase the price of the home, you also have to consider the neighborhood. If you put high end finishes and expensive appliances in an area with mostly starter homes and young families, you may have a hard time getting the price you want. The best thing you can do is inform yourself about the value of homes in the area, look over records of recent sales in the zip code, and visit other local open houses.
No matter how much research you do, there’s always a chance that outside factors can change the local market while you’re renovating. Keeping the renovation period short is the only way to avoid dealing with these unexpected price changes. Some of the outside factors that can influence the price of homes in the area might include:
- Construction of new businesses, highway expansions or exits or medical facilities can cause the value of properties to go up.
- Foreclosures or poorly maintained homes on the block can make property values go down.
- Better policing, reduced crimes, road repairs and other infrastructure improvements can make the area more desirable.
What Does The Expert Say?
No matter how good the home looks to you, its vital to have it examined by a certified home inspector who can verify the structure is in good shape. Not only is this prudent for you, the bank will require it if you are depending on financing to purchase the home. During this process, the inspector will examine the roof, siding or stucco and key parts of the structure to make sure they are sound. He or she will also verify that there is no mold, termites, or other hidden surprises under the wall surface.
Interested in tracking down a fixer-upper? Well, The Core Group is here to help! Use our interactive map search tool to find the right home in the right area for the right price. Or, just use the form below to get connected with one of our highly experienced agents.