Buying Property to Renovate: When Is It Worth It?

Anyone interested in good opportunities in the real estate market must have already considered the idea of ​​buying a property in park view city. With due care and attention to detail, this type of negotiation can be very advantageous, both for those thinking of living and for resale.

The most important thing is that you keep your objective with the property in mind. If the idea is to carry out a superficial renovation to sell the property, the expense is lower.

Now, if the intention is to live in it, the work will probably have a higher cost, but it will certainly offer comfort and personalization for your family.

There are many doubts that surround the mind of those who are thinking of a property to renovate. That’s why we’ve prepared this complete article and we’ll tell you the advantages of buying to renovate and what to pay attention to get a great deal.

room with floor renovation being carried out

 

 

What are the advantages of buying a property to renovate?

If we compare the purchase of a property to renovate with one sold off-plan or new, we can quickly identify a more attractive price, the possibility of customization and the potential for appreciation over time.

To ensure that the purchase is worthwhile, it is necessary to dig a little deeper into the subject and learn to identify the good opportunities. At this point, having the help of a specialist is essential.

The main advantages of buying to renovate are:

  • Lower purchase price
  • Reuse of the structure
  • customization
  • Differentiated and spacious plant
  • Appreciation over time

Lower purchase price

A property that needs renovations is usually more attractively priced than others. In addition, there is the possibility of negotiating better terms with the owner, considering the age of the property and its conditions. At this point, having the evaluation of professionals is essential to identify if there are no structural problems in the property or the need for a very costly renovation.

Reuse of the structure

Older houses and apartments tend to have a sturdier structure and good raw materials. Therefore, analyze how much of the structure can be reused to save some money. The more it can be kept, the better.

Customization

When buying a property to renovate, you open up several possibilities to customize the environments according to your needs. With the help of architects and engineers, you can repurpose rooms, enjoy current items, and even blend your style with old finishes.

Differentiated and spacious plant

When compared to newly built properties, older properties are generally larger and have equally spacious rooms. For those who are looking for a new and large property, maybe buying and renovating is a good alternative.

Appreciation over time

Every good renovation has the potential to add value to a property. With a solid structure, well-planned environments and decor in line with trends, the renovated property has everything to have a higher value at the time of sale.

Some market data say that a well-made renovation values ​​a property around 30%, and in some the valuation can be even higher, depending on the materials used and the services performed.

What to evaluate when buying a home to renovate?

The process of buying a property to renovate is relatively simple. The biggest difference between this type of business and the others is in the series of precautions to make a good choice.

These are the main factors you need to assess when looking for your property with a view to renovating:

Location

Older properties are usually located in central and well-structured areas. Visit the region at different times of the day to understand the flow of people, the neighborhood, security, traffic and forms of access.

Time available to wait

When visiting properties and considering necessary renovations, keep in mind that an important factor is to compare the time needed for construction and your willingness to wait. If you’re in a hurry to move, it might be worth looking for a newer home.

Property status

After looking at the neighborhood, it’s time to assess the condition of the interior and exterior of the property. The main points of attention are in the general structure and the electrical and hydraulic installations. In the case of a renovation of these facilities, the cost is much higher and requires a heavier work.

If it’s the case of painting or changing coatings, the investment is more cost-effective.

Legislation

Before closing the deal, it is necessary to verify if your renovation is allowed by the norms of the City Hall. Therefore, try to know the rules before developing the project for the renovation of your property.

 

Tips for a successful makeover

Now let’s give you some tips for this reform to be carried out without suffering.

  • plan

If you can afford it, make your project with a professional, as he will give you all the necessary guidelines and quantities of materials you will need and with that you will be able to better control the budget.

  • search for prices

Before you even start executing the project, do a survey of the main materials you will use and make an average of how much you will spend.

  • Schedule

It is important to manage the time that the reform will take so that there are no delays that disrupt your routine or any kind of commitment.

  • on schedule

Always pay attention to supplier deadlines so that you don’t have any surprises at the end of your renovation. Take notes and always stay in touch with your suppliers.

  • Avoid too many vendors working together

If you are unable to vacate the property during the renovation, be aware that if you need to hire many suppliers at once, it will be very inconvenient for many people moving from one place to another, and the mess will get bigger. So schedule one supplier at a time.

  • Infrastructure

The infrastructure maintenance part must be done at the beginning of the work, as these are the parts that make the most mess and mess in the work.

In addition to all these steps, the important thing is that you have good financial planning to be able to pay for all the renovations with peace of mind, doing everything the way you always dreamed of. Buying a property to renovate can be a great deal, it just requires some special care. In the end, I’m sure it will be very worthwhile.