Prioritize renovations that offer the best Return on Investment. Kitchens and bathrooms typically offer the highest value add, followed by "curb appeal" (painting the exterior and landscaping). 3. The Execution: Smart Project Management
Fix the "guts" before the "glam." Ensure the roof is watertight and the plumbing/electrical systems are sound before installing expensive tile or hardwood floors. how to buy a house and renovate it
Standard mortgages often won’t cover homes in poor condition. Look into FHA 203(k) loans or HomeStyle Renovation loans , which allow you to bundle the purchase price and the cost of repairs into a single mortgage. 2. The Planning Phase: Budget and Permits Prioritize renovations that offer the best Return on
Get at least three bids for any major job. Don't automatically choose the cheapest; choose the one who provides a detailed, line-itemed quote and has verifiable references. The Execution: Smart Project Management Fix the "guts"
This is where you can get specific with your tastes, but keep an eye on the "neighborhood standard." Over-improving a house (adding a $100k kitchen to a $200k neighborhood) will make it difficult to recoup your money later.
Don't skip the city permits. Unpermitted work can lead to fines, "stop-work" orders, and massive headaches when you eventually try to sell the home.