The questions starts back when you’re a new interested buyer and wanting an “OLD VINTAGE” style home, so 1. pick an area that’s worthy of the renovation 2. Have a budget in mind ( not one but 3) A. Purchase budget B. Renovation budget C. Emergency fund in case extra money is needed. Buyers tend to have this vision of an old home all fixed and in perfect condition for years to come and the expectations in the beginning are askew.
- Find the home within your budget
- Bid on the home
- Review comps with your local Realtor
- Get the winning bid! Yeah…
- Open escrow
- DO YOUR DO DILIGENCE (INSPECTIONS)
Discuss all inspection details from the home inspection written report, get bids on repairs (unless your deciding to do all the work) Always keep in mind your budget and break down the repairs from A. Health & Safety B. Major concerns C. Minor repairs that will enhance the property D. Upgrades to the home will add “VALUE” . what is your ideas on buying or selling an older home ?