Setting Realistic Expectations for Your House Renovations
August 28, 2014
When searching for a new home in Miami, it’s easy to get ambitious with renovation ideas. But it may be worth counting the cost before you sign on the dotted line. Before you call your Miami movers, consider these issues when looking into a home that needs some TLC.
Time. We almost always underestimate the amount of time a repair job will take. If you’re considering a home that’s in need of some work, try and get professional opinions on how long the repairs will take before signing the purchase agreement. Then, add in 20% more time for good measure, and you might have a decent estimate of your timeline.
Money. Can you manage the cash flow for the renovations you want to do? Moving is expensive and involves costs we don’t think of. Look at your bank account and decide whether you really have the funds to buy that fixer-upper. One helpful tip: you can always ask for the sellers to pay for anything that comes up in the inspection. So when in doubt, ask for as much as you can without scaring the buyers off. And if you’re purchasing a home that’s in need of some serious repairs, it’s also worth looking into the FHA Repair Escrow rules, to see what can possibly be rolled into your monthly payments.
Mess. Some of us can live with a certain amount of mess in our homes, while others it drives bonkers. Think through how much of a neat-freak you are, and how much chaos you can stand to live in while the renovations are happening.
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