Is a Renovated Home a Good Buy?



Buyers often dream of finding a delightful older home that has been remodeled inside and out. This dream home will have all the benefits of a mature, established neighborhood with all the advantages of a new home. Is this dream actually possible? Can a buyer find such a treasure?

Opportunities like this do exist, but they can be very difficult to locate. An individual or company who purchases an older home and renovates it for resale has to make enough to pay for the labor involved. Much will depend on the quality of the workmanship, and the quality of the materials used.

If you are considering purchasing a renovated older home, hire a competent inspector to do a comprehensive inspection. This will give you the opportunity to determine the nature of the work done, and the quality of any system upgrades.

In the case of a renovation, it would be wise to request at least a one-year warranty of the work done and the systems installed. If the work was done by subcontractors, the investor may not be willing to warranty the property. This would be all the more reason to pay for a competent inspection. At the time of closing, you will want to have any existing warranties of appliances, windows, or systems transferred to you.