Housing Inventory in our area (Upstate of South Carolina) is limited and disappears quick.
Homes sell almost as soon as they hit the market, sometimes within hours of being listed. People are moving here in droves and they’re coming from all over the country! Finding and buying a home in this area requires quick decision making. Finding that “perfect” home is not likely in these market conditions. Fortunately, you can renovate almost any home into a space you’ll love. Although there are a few basic questions to answer before purchasing a home you’re planning to immediately renovate.
1. Will renovation work price me out of the neighborhood? Just about every home can be renovated (some should be torn down and built from scratch), but just because you can renovate doesn’t mean you always should. Investing too much in a home might be a really bad financial decision. For example, purchasing a $350K home and then spending $300K in renovation work is bad idea when homes in the neighborhood are valued under $400K. Recouping that difference is highly unlikely. Especially if you plan to make another move within 5 years. However, we realize more than financial factors go into a decision to renovate.
2. Will the home’s basic layout stay intact? Moving a kitchen to another part of the home is far more expensive than renovating a kitchen in its current location. Walls can be moved, and rooms enhanced, but completely scraping the general layout (especially as it pertains to plumbing) will drive up cost. Far better to purchase a home where changing the basic layout isn’t necessary.
3. How old is the home? Older homes may be built to stand the test of time, but eventually the 2ndLaw of Thermodynamics and new building codes catch up. Figure out what type of toll time has taken on a home before purchasing it. Home inspectors can help you pinpoint what repair work is need, and sometimes a homeowner may correct before closing.
4. Who was the builder? Every builder has a reputation, and usually with good reason. It’s hard to hide poor quality, at least for long. Knowing who built the home is a good point of reference when trying to anticipate issues that might arise.
5. Are you considering an addition? You may want to add on to a home your purchasing, but to automatically assume you can would be a mistake. You’ll need a plat to determine setbacks and whether adding on is even possible. Plus, septic system codes impact whether an addition is feasible.
6. Is the electrical system in good condition? It’s a major expense if it isn’t, and wiring is hidden so this expense doesn’t address any aesthetic concerns you have. Qualified electricians are a great resource!
7. Is ceiling height a pain point? Changing a ceiling height isn’t easy or cheap. Transforming an 8 foot ceiling to a 12 foot ceiling is doable (again, almost everything is doable when renovating a home) but not necessarily advisable. Maintaining the current ceiling height will allow you to stretch your renovation budget further. So, you can turn your focus to renovating other aspects of the home.
To summarize, buying home is a big decision and even bigger when you plan to renovate as soon as you purchase. Answering the questions above will ensure your vision for renovating is on the right track. Even an unlimited budget requires wise decision making. Your home is an important place, but wastefulness just leads to regret. Our Project Guides will figure out how to fulfill your renovation expectations within your scope, budget, and timeline. Or, we’ll acknowledge we can’t. Are you purchasing a home and want to explore renovation ideas with our team? Contact us at 864.506.5546 or visit us at Danielbuilders.com to tell us about the direction you want to go with your home.