Why not Renovate?
The market has presented a true challenge for buyers, inventory is low. In my research, most of the listings that are for sale need updating. New construction is going up everywhere, but it isn't cheap. So what do you do? One answer to that question is consider all options.
One option is to renovate. There are some key items that make renovating a option for any who are waiting for the perfect house. Lets go over why entertaing a renovation is a good idea.
- The essentials are in place: With building from the ground up, it gets costly when suppling a new lot with all the essentials. Power, water, grading, and the list goes on. When you remodel all those components are there. That's a savings right from the start
- Make it your own: You are able to design the space for you and your family. This way you are not settling. This makes sure the home hits all your hot buttons.
- Not a great house, but good bones: Most of the homes for sale, in today's market, aren't total rehabs. Majority of the ones for sale were built in the early 90's, meaning they just need cosmetic updates. The days of running in to asbestos, lead, and mold are passing away. There are some homes that has those issues, and dealing with those problems are easy fixes.
- Building materials are cheap: There is always a deal! Living in an metropolitan area there are many suppliers and manufactures. This means they have to compete, and that means savings for you. Finding a deal on the look you want is not hard to do.
These are a few items that make renovating a option to consider. What makes it even easier is having an agent that can look at a home from a contractor perspective. This is a benefit to you, because they can view the listing with a critical eye. Also, a construction based agent can manage your remodel. Having an agent with that type of arsenal can mean big savings and satisfaction to you as a buyer.
To sum it up, take a look at the house that no one else is looking at. If you have a healthy budget, don't sell yourself short. There are a lot of shoddy builders out there, and they ask for a premium. Make your money work for you, and shape your new home to your liking.