Let’s Fix Up An Old Home

So you’re searching for a new home and found the perfect spot, one problem, you don’t love the home. Your first thoughts when you walk up to the property is “this is the perfect spot, but the house isn’t what we want.” This is the most common problem when people are looking to move and purchase a new property, as we all know it is very difficult to find the “perfect” place. There is a reason why HGTV shows like “Fixer Upper” have become so popular, people tend to love the idea of finding the perfect spot and making the home exactly what they want. The obvious benefit to this approach is you end up with a home that fits exactly what you are looking for, but there are some other benefits you should consider.

Building Materials

Building material technology has evolved exponentially, and homes have become incredibly efficient. A home built in the 2000’s can literally cost a homeowner just one quarter in monthly utility expenses verses a home that was built in the 1950’s. Insulation, hot water heaters, HVAC, and roofing materials have become so efficient it can be hard for homeowners to realize the conversion to monthly costs.  Now here’s the exciting part, you can buy a home built in the 1950’s and retrofit just about all of these energy efficient materials without the cost of building a brand new home. New custom homes are expensive, you are gaining the benefit of buying an old home “cheap” and adding the benefits of these brand new energy efficient materials. Aside from the aesthetic benefits of a remodel this is the most appealing benefit to fixing up an older home.

A Layout to Your Liking

Over the past 50-60 years we have come to love open floor spaces, vaulted ceilings, and efficient homes. Homes built 50, 60, and even 100 years ago had a much different purpose, families were large and needed rooms, lots of them.  Families are typically not as large anymore, and these open floor plans can transform a smaller 1300 square foot home into a spacious open feeling area, and that is why it has become so sought after. The truth is you have to use vision and some imagination when looking at these smaller homes, but taking the risk can pay dividends. In some cases the dividing walls that are cramping this small space are not load bearing and can be removed very easily and the floor plan can be re-shaped to exactly what you want.

What Should I buy?

There is one thing you have to remember, the true boom in regards to home construction happened decades ago. As mentioned above, updating an older home can be really lucrative due to how cheap you can find older homes.  New homes are not being built in numbers even close to what they were in the 50’s, 60’s, and 70’s. What does this mean for the average home buyer? There are tons of older homes still available for purchase, they just need a little love. Remodeling an older home can be expensive, but if you focus your money into the right areas and purchase the home for the right price you can walk into your new home with instant equity. If you are truly interested in a “fixer upper” you should have a contractor who is willing to work with you and visit the potential purchase with you. Ensuring you have a competent inspector is also key, you need to make sure the skeleton of the house is in good shape, and if it isn’t, you need to know how much more money it will take to bring the house back up to code. The key to making sure you purchase the right home for this approach is having a trusting relationship with the people you are working with, your realtor, inspector, and contractor.

In Conclusion

This can be a very satisfying approach to acquiring your dream home, but it does take time. If there is one downside to a new project home it is the time it will take to remodel, but the benefits typically far out-weight this delay to moving in. A common myth is financing is not available for this route, that is far from the truth, and most banks offer loans which include remodeling costs. At Precision Inspection Solutions we will work with you throughout this entire process, from the inspections to the remodel consultation. Our goal is to make this entire process as comfortable and reassuring to you as possible. If this is the option you want to use to achieve your dream home just give us a call, tell us what you are looking to do, and we will make your dream a reality.

 

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