When Buying a Home for Remodel Makes More Sense

If you’ve been looking at moving into a new home, you have a few options. First, you can buy a home someone else is selling. This is the route that many if not most homeowners choose throughout their lives. You’ll get a quality home; however, someone will have lived in it before you. The other major option is to build a custom home. Though this is often only done once in a person’s life, this option will result in your getting, almost, exactly what you are looking for. 

However, there is another option that many people don’t choose. If you have a budget that won’t allow the construction of a custom home but don’t want a regular rebought house, look into buying a home that you can remodel. This is often called “flipping” a home.

Those that do this often do it to make money. However, some choose to flip a home that they want to live in. In these situations, you could end up with a house in the perfect neighborhood that has some of the custom features that you’ve been looking for at less cost than the custom home of your dreams.  

When To Build

The best time to build is when you have a larger budget and time. The building will cost more and will always take longer than the other options. However, from that, you get “perfection.” You should also think about the cost of building a home to your relationship with your family. Building a home is said to be more challenging on a relationship than even wedding planning and for a good reason. Things will go wrong, budgets will change, and the unexpected can put a strain on even the closest relationships. However, that doesn’t mean it can’t be done.

When to Buy

If you have a smaller budget or want to buy in one specific area that doesn’t have any open slots, then buying a home is for you. This is the route that most people choose when moving into their first home. In addition, you can buy a new home that isn’t customized. In either case, you will have the world at your fingertips in terms of theme, layout, rooms, and features. If you choose to buy a home below your top budget, you might even be able to make a few upgrades. 

When to Flip

If you buy a home way below your max budget, you have the ability to flip it. This is the ideal situation if you’re looking for a challenge, looking to get a home in a neighborhood above your price range, or looking for a home in an up and coming area. Remember to get a good look at this home with a general contractor as there might be warning signs that you don’t know. In addition, you should always leave some money on the table to cover the unexpected repairs and changes.