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When you’re shopping for a new home, you probably want the property to be
as “move in ready” as possible. That way, you can... well... just move in!
However, there are a lot of fantastic properties on the market that need some
work. For example, you might see a home that has everything you need, but
the kitchen is long overdue for a renovation. Or, you might view a property
that requires a lot of repairs and painting — tasks that, at first glance, seem
overwhelming.
You don’t want to just pass on a property that might be a great buy. On the
other hand, you don’t want to purchase a home, only to end up with more
renovations, repairs and expenses than you anticipated.
What’s the solution? Here’s an idea.
When you view a home that needs work, make a note of exactly what needs
to be done. Stick to the important “must have” improvements and leave “nice
to have” improvements for a later time. Chances are, you’ll identify just one or
two projects — such as “paint all the walls” or “replace the countertops in the
kitchen”.
Once you have that list, you’ll be in a better position to determine how long
the work will likely take and the approximate cost. This will give you some
needed perspective on whether or not to buy the home.
If a home you’re considering needs $15,000 in work that can probably be
completed within two months, that might make the property worth buying. In
fact, it probably would!
So, when you see an otherwise ideal home that needs some work, don’t let
your imagination make that work into more than it is. Take notes and get
estimates.