A newly-renovated home can be a great option to consider for buyers looking for a move-in-ready property, with not a lot of maintenance or repair work to be done. Buying a renovated home is only a good option, if the renovation was done well and corners weren’t cut throughout the process.
Here are a list of five important tips to remember when buying a renovated home:
Learn about the history of the home, the seller, and the renovation work done: Work with your real estate agent to learn more about the history of the home you are looking to buy. Find out how many times the house has been sold before. It is also recommended to look into the history of the seller. If a seller has renovated multiple homes, then they have a track record, which you can learn more about. You can also find insights on the quality of your renovation by speaking to neighbors of the property who have seen the renovation from start to finish.
Find out who did the work and research the contractors: Ask the seller for a list of the renovation work or a detailed report of all the work that has been done on the property. Check with the seller to see if they will share a list of the contractors and businesses that were employed to flip the home. Once you have these details, you can begin your research to see if these are reputable contractors.
Check permits: If the house you are looking to buy has had substantial work done to it, we recommend checking to make sure that permits and licenses were pulled and closed out properly, with inspections done at completion. Most sellers are willing to share their permit details with potential buyers. Permits and inspection history can often be found online as well.
Get an expert opinion: A home inspection is important any time you purchase a home, and especially when you are in the market for a renovated home, making sure the investor didn’t cut corners while prepping the home for sale. The inspection will give you an idea of the changes that have been made to the property, helps you understand if there will be any more investments you need to make and will also be able to point out things that have been done properly or incorrectly. An expert opinion from a home inspector will help you find any fixes or problems. If you are planning on buying the home and you find areas that need fixing during the home buying process, it will allow you to negotiate with the seller.
Work with an experienced agent: When picking a real estate agent to represent you, find one who has experience handling renovated home deals. The benefit of having an experienced agent who has closed on renovated homes before will help make the home buying process, an easy one for you. Contact us today to schedule an appointment with one of our experienced agents who can guide you through the process.
Buying a renovated home can be a hassle free journey if you work with an experienced agent. As one of the top real estate teams in the country, we are happy to share our expert advice on a wide range of real estate topics.
Contact us today to set up a free consultation and learn about opportunities to find a renovated home.