For home buyers looking to move into a home with character, buying a new home is out of the question. Many times new homes are found in subdivisions with cookie cutter designs, and even the ones that are standalone infill have very little, if any, negotiation room on price. Buying a resale, however, comes with issues of its own. You are inheriting other people’s problems and the house you purchase may need some level of renovation. As a result, many buyers wanting the character of an existing home without the problems that home may bring opt to buy a home that has already been renovated by a licensed contractor.
Buying a good renovation can be a win-win situation for buyers wanting to purchase in an established neighborhood and still own a unique home without going through the potential headache of a renovation project. There are many advantages of buying an existing home that has already been renovated. The most obvious advantage is not having to undertake a renovation project of your own. Finding and hiring reputable contractors can be intimidating. We have all heard stories of contractors doing poor work or worse yet running away after being paid and not completing the job. Getting a move-in ready home is also a plus. No waiting game while contractors come in and out of your home as they get the work done. In addition, all of the legalities have already been dealt with. Cities and neighborhoods have different regulations concerning renovations. Contractors have dealt with obtaining permits and even dealt with the historic commission, if necessary.
It is always a good idea to be smart when buying an already renovated house. Here are a few suggestions to protect yourself:
- Do your research on the contractor. There are many home flippers that are just in it to turn a dollar and so you want to ensure that the contractor who renovated the home is reputable and licensed.
- Get a home inspection. Hire an independent inspector who will thoroughly check the condition of the home and all the major components to ensure that work was done correctly and no repairs or replacements are necessary.
- Ask the contractor to warranty their work. Many times contractors will provide their own home warranty or purchase one on behalf of the buyer. Either way, make sure that it is in writing and that you understand what covered.
Interested in renovations? Email me for more information
email@example.com or call at 615-440-6327
(Originally published for 12th&Broad: 1/9/15)