Selecting Your Potential Dream Home

An article aimed at people who would like to purchase a home at a cheap price and renovate it into their dream home. How can they go about selecting the right house?

It’s the goal of many people to purchase a house at a rock bottom price then renovate it into the home of their dreams. Knowing how to select the right home to remodel and the right steps to take along the way can make all the difference between success and nothing but headaches.

Selecting the Right Home

As a renovator you must be able to see a house with a new vision. This means you need to have a plan and be able to see the end results in your head before purchasing the property. If there are certain aspects of the renovation you’re not sure will work out, you’re taking a chance buying the home. Choose a style you like and are very familiar with. Cape cods are different from colonial homes, and both are different from Georgian style houses. If having a large deck is a necessary aspect of your dream home, then it makes sense to select a home with a fairly large yard. If it’s your dream to have a winding staircase with an elaborate wooden banister, obviously smaller homes without adequate space are going to make this dream difficult if not impossible.
Write down specific things you consider must-haves in your dream home, and go house hunting with these in mind. Before you actually start looking, you need to decide on what neighbourhoods you’re willing to live in. No matter how great the house may be it’s probably not worth it if it’s in a neighbourhood too far from work or family, or you simply don’t like. Finally, an important question to ask when determining if a house is worth purchasing is if you can live in it before the renovations are completed. If the answer is yes, this is a definite plus. This way you won’t feel pressured to rush through the process and it will obviously save on money.Figuring the Finances

When selecting your future dream home, unfortunately, finances must be a prime consideration. To figure out how much you should pay for a home you must first determine what you’ll need to spend to renovate it. Add a little extra on top of that for unforeseen costs. This is the type of venture that between the start and the finish there are almost always unexpected costs. Then subtract that number from the house’s probable market value after it would be renovated. That’s the price you should offer for the house. Set a price and stick to it. 

Have the House Inspected

A pre purchase inspection is crucial to making sure the buyer knows exactly what he’s getting himself into before purchasing the house. During the pre purchase inspection ask about the roof, the foundation, the wiring, and the plumbing. These are some of the core components of a home and some of the most expensive to fix. Unless you’re an expert in these areas, these are probably not things you want to spend your time working on. Before the process begins you’ll need to get a permit. Requirements for permits vary from state to state. House inspections are required to obtain most permits. These house inspections will vary depending upon the type and extent of renovation you’re planning.
This post comes from Sarah, who is on the lookout for a new house in 2014. She will be consulting with Home First Property Inspections to make sure she picks up the right house for her renovation project. She’s particularly looking forward to designing the new bathroom and kitchen.