Arguably, buying a house is considerably cheaper than building it from scratch. Whether a renovated house or a house to renovate, both are reasonable buying options; however, as a buyer, there are various things that you need to consider to get the best value for money.
One advantage of buying a renovated house is that you don’t have to undergo the excruciating process of vetting the contractors. Furthermore, you get to move in immediately since the house is in a condition fit for living. However, renovated home buyers often struggle with pricing, which begs the question, how cheap can I get a newly renovated home?
This article carefully examines everything you need to know about buying a newly renovated home, including but not limited to the factors you must consider, expert-proven tips, and, more importantly, if you could get such a property with everything in it new for a bargain price.
Without further ado, let’s get right into it!
First, What Tips Should You Consider When Buying A Renovated House?
1. How Long the Renovation Took
Knowing how long the renovation took will help you to have, to a considerable extent, an idea of the quality of the renovation. Hasty renovations are often problematic because the probability that it was a diligent renovation is low.
2. What Renovations Were Made?
Knowing the exact renovations made will allow you to focus on those renovations and perform a due inspection. For example, a renovated house might look bright and excellent. However, a closer look at the work done would help you notice the little details of the renovations.
You must ensure that the renovations aren’t merely surface-level. Check the plumbing work, the electrical work, the roofing, and all other parts of the house. It is not enough to paint the ceiling without fixing the roof. It is not enough to change the taps without fixing the plumbing problems.
You might need to take a trusted and reliable agent along to give an expert opinion and conduct a better investigation of the renovated house to avoid constant repairs and enjoy your stay in the house.
3. Inspect the Quality of The Materials
The materials used for the renovation are also necessary. Low-quality materials can never produce a perfect job, irrespective of how good the contractors are – in fact, a brilliant contractor can never be a part of using such substandard materials.
Also, check the furniture for wear and tear, the lighting, the walls, and every part of the house. You should inspect a renovated house during the rainy season because you would be sure that the house is not leaking.
4. Test the Workings in The House.
Suppose you have confirmed that the materials used in building the house are of good quality. Then, you need to test the work done in the house before you take the house. It is not enough for the materials to be suitable; you also need to know if they are in good condition.
Test everything in the house, including the lights, the taps, the Cabinets, the wardrobes, etc. Never go for a house inspection in a hurry because you might gloss over important details disturbing your stay in the house.
Can I Buy A Perfectly Renovated Home for A Bargain?
As much as houses are expensive and the price varies depending on the nature of the house, you should know that getting a perfectly renovated home for a bargain is a mirage that you most probably will not get. In plain terms, it is almost impossible to get a perfectly renovated house where everything is new in it at a low price. Otherwise, of course, if you want to fall victim to scams.
Why You Should Stop Chasing Unicorns
1. You Might Lose at Both Ends.
You might choose to search for a house alone instead of going through an agent. This might result in you making wrong choices, all in buying at a bargain price. You might also fall into the scheme of scammers who would take your money without giving you anything. Having a verified agent would help avoid falling into the hands of the wrong agent.
2. The House Might Not Be Up to Standard.
Your decision to get a perfectly renovated house for bargain prices might result in you getting a lesser quality house. For example, if what you desired when searching for a house was a fully furnished 3-bedroom flat, you might end up settling for a self-contain or a two-room apartment with low-quality facilities and appliances.
3. You Limit the Number of Quality Houses You Can Choose.
When you buy a house at a bargain, you limit yourself to the available options before you. It might also cause you to hire a cheaper inspector or agent with lesser qualifications and networks to give you access to quality houses for sale.
Better choices are made when you have more extensive options; however, you slim down your options by bargain hunting.
Understanding Your Expectations Vs. Reality
The fact remains that you can get houses for bargain prices; however, the reality is that you open yourself to the risk of getting homes of lesser quality than you originally intended. Sellers are more enthusiastic about selling their best house to individuals that are ready to pay money for the value than they are to bargain hunters.
They would often rather not sell their renovated house than sell it to a bargain hunter. Therefore, what you can do as a buyer is to make adequate financial preparation for the house purchase or buy a house to renovate, which would be up for sale at a cheaper rate, and you can take your time to renovate when you have the money to do so.
As a home buyer, you should avoid bargain hunting as much as you can–the associated disadvantages surpass the pros. As mentioned earlier in this article, it is almost impossible to get a newly renovated house with everything new for a bargain price – simply put, Unicorn is a façade and doesn’t exist!
Do you have any questions, further thoughts, or anything else you think we’ve missed? Do not hesitate to share them with us via the comment section. We would love to hear from you.