Saturday, April 23, 2016

Get Your Renovation Price Before You Buy That Home

With the current real estate market in the area being so hot and with so may people looking for homes to buy and so few homes actually on the market for sale people are buying homes that they really do not want.

The need to purchase something in the area is becoming almost a fever pitch, this is making it more difficult to actually purchase a home. With the limited homes that are on the market people and a glutton of buyers looking, homes are being bought that require a large amount of renovations, repairs, updating or in some cases require more square footage leading to the construction of additions.

In this ultra competitive real estate market where property can sell overnight buyers are being asked to make quick decisions if they want to make an offer or not. This can lead people into a problem of buying a home that requires work but not knowing how much the renovations will cost.

You can hire a home inspector to tell you what they think is wrong with the home but that won't tell you how much it will cost to fix and to update. What you need is a renovation contractor that can give you a rough ballpark number on the renovations you require.

The best thing you can do is to retain a renovation contractor that you trust to come in and walk through the home with you. Tell them what you want to update and fix and they will give you a rough budget on what it will cost. This way you will be able to add that to your budget when you are making your offer on the home.

Not all renovation contractors will do this, but the good ones usually will, they will usually do it for a small fee just to cover their time.

The renovation budget that they give you will not be binding in anyone and if you actually purchase the home then they will be able to take their time and give you a proper estimate that reflects your level of finish and the plans that you come up with for the home.

If you are looking for help to figure out the cost of the renovations before you make an offer on that home make sure you have your renovation contractor take a look. A little bit of time and money before the purchase could save you a lot of money and heartache in the future.

Rob Abbott
Village Builders Inc.

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