Passionate home renovators get a little kick out of a successful fixer-upper.

But it is not just talent and passion that makes your home renovation project a success. You have to get it right from the very beginning; that is when you purchase your home.

Buying the right kind of house for your home renovations not only helps you attain your home renovation goals but you can go about your home remodeling without shooting over the budget.

When buying property for renovations, carry out a quick assessment in order to determine if the home will be suitable for renovation. The property should be salvageable and it should be one that fits nicely within your home renovation goals.

If it has gone deeper over edge in terms of dilapidation, it could be a potential money pit that will leave you broke and frustrated. So you’ve got to be realistic when buying a property for future renovations. Here is a look at some of the other factors that you must keep in mind when buying to renovate:

The Location Factor: Good vs. Bad Street

Neighborhood-1 What to Look for When Buying a House to Renovate

Location will be a key consideration when you are purchasing property for a fixer upper. Often, you have to balance between buying a terrible property in a good street or buying a good piece of real estate in a bad street or if you are lucky, you can get the best of both worlds.

You will be better off if you can find a bad property in a good street because you will be able to flip it easily once you have done some basic or comprehensive renovations such as retiling the property, polishing the flooring, remodeling the bathroom and the kitchen and repainting the property. Choose a good location but pick a piece of property that you can work with.

Go Beyond the First Impressions

First impressions matter a lot in the real estate market but when you are buying to renovate, we advise that you tuck in your impressionable eye and give the property a more critical look. You need an inner vision to look past the ugliness or the cosmetic outside and pick the real gems in the property market.

A piece of property might appear dilapidated but it could be restored for cheap and resold for good margins. What appears dilapidated might not be as bad as it seems and might require just a few tens of thousands of dollars to renovate and bring back to its former glory.

Factor in Your Budget

OEU-ChaO-Architects7 What to Look for When Buying a House to Renovate

Home renovations can be as cheap as you want them to be or as costly as you want them to be. When buying to renovate, you must factor in your budget for the home purchase and renovations. Don’t purchase a home that you will not be able to afford to restore.

When it comes to restoration, ensure you hire a home renovations expert who will work within your budget and bring out the desired outcomes. DIY fixer upper might sound appealing but if you don’t have the skills and experience in pulling home renovations off, the outcome could be really horrendous.

Take time to hire contractors that will offer you the best value for money; that is , affordable, on time and on-budget. If possible, talk to an expert for a budget estimate on the home renovations before you commit your money into buying a piece of property.

How are you going to add value to the property?

Before you purchase a piece of property for renovations, think of how you are going to add value to the property piece. What does it have and where could you make some improvements?

When buying to renovate, it is always good to put your investor hat on and think of the potential resale value of the property.

Knowing how much you are likely to resell the property for can guide you on the kinds of home renovations to proceed with. Always think ahead even if you are not planning to sell the house soon after the renovation.

Cover your base, legally

Before you buy a piece of property for renovations, look at the contracts and other planning issues that the building might have.

You should particularly watch out on the older buildings as these tend to have lots of limitations in terms of what you can do with the property.

Look at the building drainage plan. The last thing you want to grapple with is purchasing a property that is built over a sewer line.

The contracts should also offer clarifications on the easements as these might limit your ability to extend the building. Try to cover your base as much as possible by ascertaining that the property does not have any restrictions.

At the end of the day, buying to renovate is not a walk in the park. For the initiated, it is easy to lose a fortune trying to execute the perfect fixer-upper. These tips might help you minimize risks when buying homes to renovate.