Even before you purchase your house, you should plan how to maximize its value in both financial and personal terms. It might not be obvious how to plan renovations when buying a new home.
This article looks at some of the best ideas for remodeling a new home and what to look for in a fixer-upper.
A Good View Increases Home Value
If the property has got a good view, it’s very possible your house could increase in value. The thing you have to remember is that not all potential buyers see a view in the same way—some might consider it an expensive indulgence. Even with a nice view, your home’s resale value will ultimately depend on finding the right buyer in the future.
Get an Inspection Before Buying a House
Before making a home purchase, get a professional to inspect it. By hiring a professional, you can find out what needs to be fixed without simply relying on the seller’s word or what you see. A third party who is objective provides a great way to keep relations between the invested parties civil, too.
If you are looking for issues, rotting wood, peeling paint, and water damage are all tip-offs that a house has not been properly maintained. Things like roof defects, bad ventilation, or other hidden problems can be located by professional inspectors. You will very likely save money in the long run if you hire a qualified inspector before making an offer on a house.
Consider Your New Home’s Potential Curb Appeal
Down the road when you want to sell your home, having a home with good curb appeal is crucial to getting potential buyers in the door. When you are looking to buy a new house, some houses will be better situated to look good from the street than others, or may need more investment in exterior renovation than others. People can’t see the inner items, but the outside of the house is easy to see, so an ugly looking exterior will turn people off.
Look for a Home with Space to Add More Rooms
More living space can be a valuable addition to your new home in the future. A playroom for your children or a home office are great choices for additions. Doing this will significantly add comfort to your house by allowing you to spread out. In addition, your newly bought home’s value could skyrocket. Just remember to budget wisely and have the necessary funding in place before you get started with your big renovations.
Before Buying a New House, Estimate Cost of Potential Home Renovations
When buying a house that you might fix up or when planning home expansions for a new house, make sure you really understand the costs of a project. Don’t underestimate it. Although you never know what will happen, do your research so you are as prepared as possible. If you are well-prepared at the outset, you will have no problem navigating surprises along the way.
Watch the Real Estate Market
Ideally, to maximize value when fixing up your new home, you will want to do additions and renovations on your house in the middle of a slump in the real estate market. Because home remodeling contractors are lacking enough work in a bad economy, they often charge less for working on large projects. Home improvements don’t expire. However, renovations made during a dip in the housing market will add much value to your house when the market goes back up.
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Having information on increasing the value of your new house in the future is your buffer between the scary unknown and your bigger vision. It’s worth it to understand the numerous benefits that go with taking on a residential remodeling project yourself, versus the risks and costs that come with hiring a home renovation professional.