Many older homes have ample amounts of distinction and charm--traits that seem to be lacking in many of the newer homes that you see around town today. When looking to move into your dream home, or if you’re in the market to purchase a second property as an investment opportunity, purchasing an older home and renovating it to your liking can be a great option. Jen Mascaro, branch broker of Keller Williams South Valley Realty-Parkway and the Who Moves You Team, visited Good Things Utah Tuesday to share what to look for and what to avoid when selecting an older home to re-do.
“First and foremost, you must thoroughly know the house that you buy and the area that it is in,” says Mascaro. “Before you make your purchase, focus on one particular area and get to know the real estate values extremely well. The more information you have about the market that you have chosen, the better decisions you can make when it comes time to buy.”
Mascaro went on to point out that one should stay focused on homes that mainly have cosmetic problems. “Look for houses that have old, faded or chipping paint,” says Mascaro. “Also consider homes where the outside yard and landscaping need serious attention. These curb appeal problems can be fixed easily and relatively inexpensively while greatly increasing the value of the home. Don't be afraid to purchase homes that smell bad, have holes in the wall or stains on the carpet. These cosmetic blemishes can be remedied easily and quickly making a huge difference in the appeal of the home.”
According to Mascaro, avoiding major structural and remodeling problems is important because these types of repairs are often expensive and fairly difficult. Try to avoid homes with problems involving the foundation and heavy-duty plumbing or electrical issues. Do not to take on repairs that are over your head until you gain more experience in renovation. It is also important to be aware of the rules and regulations associated with renovating homes in historic districts. If you purchase a home to renovate that is located in a historic district, you cannot change anything. The cost can go through the roof when renovating a property while adhering to its original design and structure.
Mascaro also suggests considering if the home in question fits your lifestyle. “Many older homes have features that may not be appealing for a modern lifestyle,” says Mascaro. “It is beneficial to get creative. Don’t eliminate a house just because it has several small rooms. Walls can be removed to allow for a more open living space. And if there are issues that cannot easily or inexpensively be addressed, compromise may be necessary.”
Lastly, Mascaro recommends keeping your credit score high and without blemish in order to attain better financing for your project. “Real estate investment properties can be bought with poor credit, but you'll pay dearly for it in higher fees and interest rates,” says Mascaro. “Strive to maintain a high, clean credit score in order to qualify for the best loan rates and terms possible.”
Keller Williams South Valley Realty-Parkway is located at 1108 West South Jordan Parkway, Suite C in South Jordan. (801) 996-3888
For more information, please visit:
http://www.whomovesyouteam.com.
