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Homeowners are always on the look-out for a great deal, and the costs of home improvement are no exception. Sure, we want a good deal on a new car or lawn mower, but can we save on the real money attached to our renovations?
The answer is only as far away as the next building supply store we come across. As always, the size of the renovation is the real factor when thinking about costs. The other sometimes lost component can be the age of the house we are planning to upgrade. If the house is new or as new as a few years then we can assume that our renovation requirements should be rather small.
If the house we are dealing with is much older, then there are a lot more issues that come into play. Newer homes need a lot fewer repairs for obvious reasons - they haven't been homes long enough to wear out anything. Newer homes also will come with more modern insulation, heating and many other things that the building codes have improved on other the last few years.
Houses these days come a lot larger and better equipped for the modern age, but with that also comes a bigger price tag. I take my house as an example. It is bigger than most on the block and I also have a large yard and garage. To buy a new house like mine would probably cost about hundred grand more than my house is worth. A fella can do a lot of renovations for that kind of money.
So if you're looking to save a pile of cash when buying a house then by all means look at older homes. The older the house the cheaper you will get them. They can also come with interesting design aspects like high ceilings that would cost a lot to add to a new house. When it comes to my house I can do all the work myself so I can save on all the labour costs involved in renovation.
I can also decide exactly how big rooms will be, the size and shape of my kitchen. I can also shop for just the right entrance doors and windows that we want. Sure, all this costs money but if you save a hundred grand when you buy it and stretch the time table for your home improvements it looks more and more like a great deal.
Not everyone is ready to take on this kind of commitment, but if you are it can pay off big. It's an old idea that is still true today. Buy a fixer-upper and get in cheap. This is also how the house flippers do it. You too can be a house flipper by buying an older house and make all the improvements then sell it. It happens everyday all over the world and people make money at it too - big money.
So there are really two mindsets when buying an older more affordable home. One to make money on it down the road, the other to make it your dream house or close to it, all the time saving big money on the back of your own labour and good planning. Instead of buying a custom home with all the cost up front, you can make your own custom home that truly fits with your idea of what a house should be.
Most often when buying an older home it comes down to how far do you want to go? How much are you willing to bite off? Don't take on a big home improvement project that is over your head. Make sure that the plans you have for this fixer upper can be done. If you want to add on a room or a deck make sure before you buy it that the building codes will allow it. Don't buy a house with the plan of adding a garage if there isn't anywhere to put it.
The real deep down savings when looking at buying an older home is that you can schedule all these big plans over a long period of time, years perhaps. This can also make it more affordable. Bite off small chunks of kitchen or bath at a timetable that fits your wallet and golf schedule. Another important part of buying a house that will definitely need some work is knowing just what work it will need.
I know that home inspections are a large part of buying a house these days but make sure you a get a good home inspection carried out by a qualified inspector. You truly need to know if the old house you're looking at is worth all this effort and planning. Don't buy a pig in a poke.
