As you look at what is on the real estate market, you will find both move-in ready homes that have been fully updated and those that feature outdated trends you will want to renovate.
Are you wondering which is the right path for you? Asking yourself these questions can help direct your decision-making process so that you can confidently move forward with your purchase and make efficient decisions as you look at highly desirable properties that are moving fast.
In the meantime, consider these questions to guide your house-hunting process.
Do I have a particular style in mind?
Some buyers find that no matter how recently a home was updated, they will want to make changes. If you have a strong sense of personal style or a particularly unique taste, you will likely find that any home you choose is one you will want to renovate.
If this sounds like you, pay more attention to the location of the home, the property it is on, the views, and the overall size and layout of the home rather than the aesthetics or the finishes. If you love the property, you can put your unique stamp on the house itself and end up with a dream home.
On the other hand, if you are more open-minded about the style of a home, you may find that a move-in ready home will be ideal. Even if the finishes are not exactly what you would have picked, you may just feel happy to not have to make the decisions or go through the renovation process.
How much capacity do I have for a renovation?
Even with the best team of contractors and designers, a renovation can be a lengthy and stressful process. We can recommend professionals we have connected with in the past to limit unnecessary stressors in the renovation process, but you should take into account the resources that will be required in the renovation process.
Not only will a home renovation require financial resources, but it also takes a significant amount of time, creativity, and social and emotional energy. Consider the season you are in, how things are going in your career and how busy your household is, before deciding to take on a renovation.
How flexible is my timeline?
When you plan a renovation, your timeline should always be tentative in your mind. No matter how reputable and experienced your contractors, there are likely to be delays or schedule changes that are beyond your control, related to things like supply chain delays, inconvenient weather, and labor shortages.
If you opt to buy a home that needs to be renovated, you should be comfortable with a flexible timeline. Some scenarios that might make it difficult to be flexible with the end date might include:
- Welcoming a baby
- Planning a major event in the home, like a wedding or product launch
- Financial deadlines
Do I need to be able to live in the home during the renovation?
Consider whether you will need to live in the new home right away. If you do, be realistic with yourself about your willingness to live in the home during the renovation. Some people find this is simply a slight nuisance and worth the end result, while others find it totally overwhelming. Talk with your partner about whether this is a stressor you mind taking on.