Should I Buy and Renovate?

Can I buy and renovate?  If I don’t have cash, how would I purchase a home in need of serious improvements?  Can I buy the home “as is” with financing and make the improvements as I go?  These are certainly questions that goes through a home buyer’s mind after seeing many homes that don’t fit there needs in a location, setting, features, upgrades, condition, price points and so on.

After months of searching, you may find yourself in a situation of having to decide if you will need to up your price point to get what you want or should you settle and buy less home to stay within your budget.  Rarely does any buyer consider buying a home that needs that TLC or shall we say the dreaded renovations project.  It could be scary.  There are so many unknowns in this type of property!  This is very true.  Now that we’ve got that out of the way, let’s consider the options.

Have you seen that brand new looking home that has the nice new kitchen and bath with the “oh so modern” looking kitchen, baths, recreation room, stainless steel appliances with the glossy looking backsplash and more?  I’m sure you have.  Those are typically a “Flip” that an investor purchase, renovated and put back on the market to the general public.  They do this because they are likely savvy investors, have deeper pockets and are willing to take higher risk than the average home buyer.  Most important, they know that buyers want a “move in ready” home, some luxuries and that they may make a little money along the way.

With the right team in place to assist you, you can buy homes at similar prices to these investors, make the improvements you want and still end up paying less than those buyers that bought those renovated homes at or close to their asking prices.  To be clear, I’m not saying you should become an investor and start flipping homes for a living.  That’s not what we do here.  We teach buyers how to buy homes that they want.  What I’m saying is to please consider all of your options as a homebuyer.  Please feel free to call me for a free consultation.