Should I Buy a Renovated Home or a Pre-Construction Home?
You’ve finally saved up enough money for a down payment on a home, and you’re ready to start shopping. But there’s one big question you need to answer before you start attending open houses: should you buy a renovated home or a pre-construction home?
There are advantages and disadvantages to both options, so it’s important to weigh your options carefully before making a decision. In this blog post, we’ll take a look at the advantages of buying a renovated home.
Pros when buying a renovated home
Here are some advantages when you buy a renovated home:
Real Walkthrough Tour
One of the biggest advantages of buying a renovated home is that you’ll know exactly what you’re getting. Pre-construction homes, especially single homes or townhomes, can be risky because the final product may not match the renderings or your expectations. If you opt for a renovated home, however, you can take a tour of the property before making an offer.
No major problems
Another advantage of buying a renovated home is that the previous owner has already taken care of any major repairs or updates that need to be made. With a pre-construction home, on the other hand, you may end up paying for expensive repairs soon after move-in. Of course, it’s always possible that a renovated home will also require repairs, but they’re likely to be smaller in scope and less expensive than those needed for a new home.
Price is no doubt one of the most considerable factors when it comes to buying a home. A renovated home is often more affordable than buying a pre-construction home. That’s because developers typically mark up the price of new construction homes by 10 to 20 percent. So, if you’re working with a tight budget, buying a renovated home may be your best bet.
Cons of buying a renovated home
On the flip side, there are some disadvantages if you want to buy a renovated home instead of a pre-built home:
One of the potential drawbacks of buying a renovated home is that it may not be up to code. If the previous owner did any work without getting the proper permits, you could be on the hook for expensive repairs down the road. That’s why it’s always a good idea to have a professional inspector look at any renovated home before making an offer.
Another consideration is that you may not be able to personalize a renovated home to your taste. If you’re particular about things like paint colors and fixtures, buying a pre-construction home may be a better option. With new construction homes, you often have the opportunity to select your own finishes before the home is built.
Finally, it’s important to keep in mind that a renovated home may come with hidden costs. For example, the previous owner may have used subpar materials or made shoddy repairs that will need to be fixed in the near future. So, even though a renovated home may appear to be a good deal, it’s always wise to do your due diligence before making an offer.
A great tip: Know the owner/builder
You should get to know your home builder if you are buying a pre-build home, read their testimonials, as the homeowners in their neighborhood will give you a good idea of their style, quality, and attention to detail that went into their home. If the builder has a good reputation, the home will likely hold its value and appreciate over time.
If you buy a renovated home, you should get to know the previous owner, as they will be able to tell you about the quality of the materials and workmanship that went into the home. They can also tell you about any potential problems that you may encounter down the road.
Which type of home should I choose?
If you have some experience with home repairs and you’re not too picky about the finishes, buying a renovated home can be a great option. Just be sure to have the property inspected before making an offer.
On the other hand, if you want a home that’s completely move-in ready and you don’t mind paying a bit extra, buying a pre-construction home may be the way to go.
You can also consider hiring a private home inspector to go with you when you’re touring the homes. This way, you can get an idea of any potential problems that may arise down the road and ensure that the home has a good structural bone.
As you can see, there are several advantages to buying a renovated home instead of a pre-construction home. At the end of the day, there’s no right or wrong answer when it comes to deciding between a renovated home and a pre-construction home. It all comes down to what you’re looking for in a property and what you’re willing to sacrifice.
However, there are also some disadvantages to consider – like the fact that renovated homes may come with hidden problems or outdated features. Weigh all your options carefully before making your final decision!