How Much Renovation is Too Much Renovation?

There is certainly some truth in the idea of buying a home which is in need of some renovations. This can lower the price of your new home at the buying stage, and you can put in the work to really make it your own. This adds up to a dream property, which you designed yourself.

Win, Win?

Not always.

Many buyers, most likely first time buyers, fall in love with a property and begin to see everything through rose-tinted spectacles. They see things in the future, e.g. how it’s going to look, what it could be, and of what it is really is. This can mean buying a home in need of serious changes, and not understanding the truth overall cost in the end.

The major downsides of buying a home in need of renovation include underestimating the entire cost, not taking into account that things will probably go wrong and need extra money to rectify them, and also expecting things to actually run according to schedule. The majority of the time, things do not run to schedule, and that means extra time added on to how quickly you can move in. In this case, you might even find yourself living in a hotel for some of the time, which adds to the costs even more.

This Begs the Question, How Much Renovation is Too Much Renovation?

The only way to really answer that question is by doing your research.

• What is the price of the home which is in need of renovation?
• What renovations do you want to make?
• How much will these renovations cost you, with extra budget factored in for unforeseen items?
• When added together, does this seem like a sensible purchase?

It sounds simple, but it can often come down to head versus heart. The property is realistically going to cost too much, with too much uncertainty thrown in, but you see its potential, and you love it.

You see a home and you picture it all done up, ready to move into, and you can’t make a sensible decision because of that image in your head.

It’s vital to be sensible and clear headed whenever you make a huge investment such as this, and if you can’t separate the two, it’s often better to walk away. If this property has huge faults, and it’s going to cost you more than you can seriously afford, there will always be another property, one which is much more suitable, and won’t push you to breaking point.

Really, it comes down to this point – a new home shouldn’t be something which you’re tied to financially for x number of years, and which restricts your quality of life so much that you wish you hadn’t signed on the dotted line. Resentment will flow. There is a lot to be said for going with your gut, but if it is wrestling with your heart, then let your legs do the walking, and look elsewhere.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Buyers, Kamloops, Real Estate, Sellers, Sellers

This post was written by kamloopshomesearchcom