3 Things to Consider When Buying a Home That's Been Renovated
Posted on: 30 January 2017
Are you in the market for a renovated home for sale? Here are a few important things to consider during your search:
Are the Renovations Permitted?
One of the most important things to consider when buying a home that has been renovated is whether or not the renovations are permitted. If they are not permitted, the renovations aren't adding any value to the home when it comes to appraising. And if the renovations were done in a way that isn't permittable at all, you won't be able to use the renovations to increase your home's value as time goes on – even if you make improvements to those renovations.
You may find that your insurance rates are negatively affected due to non-permitted renovations as well. So look for a home that features permitted renovations, or at the very least that can be legally permitted at a later time with minimal financial or time commitments.
Who Did All the Work?
It is also a good idea to determine who did the renovation work for any home you consider purchasing. This will allow you to look into the company and their employees to determine whether they're a reputable company that does work you can count on. Make sure the company that did the work is properly licensed and insured, and figure out whether there are any warranties you can take advantage of in the coming years. The more you know about the company and the work that was done, the more you'll understand how to maintain the home's renovations once you move in.
Are Any Receipts Available?
Find out if any receipts for the renovation work are available when comparing homes so you know exactly what was done and how much it all cost. The owners of home you're considering purchasing should also have receipts for any repairs or maintenance that has been done to the renovations. You can use the receipts to determine when maintenance is due and how long it should be before certain repairs will likely be necessary. You can also present the receipts to your contractor and technicians if you have work done to the home in the future.
These are just a few of the considerations you should make when buying a home with renovations made to it. Make your own list of questions and concerns that you want to have addressed when house hunting and keep it with you to ensure that nothing important is overlooked.
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