The Philadelphia Real Estate Blog


3 Tips for Buyers: Renovating “This Old House”

Many buyers dream about finding an old house and restoring it. You may be one of those people. If you are then you may enjoy watching the video attached. It is a short tour with us as we show our buyers an amazing fixer-upper they are considering buying. In the video, this old house was built in 1865 and most of the original features remain in very good condition. Yet, though the home has tons of history and many exotic features to ponder, there are many repairs needed both inside and outside.

Perhaps your renovation is smaller or the home you want to buy may not have the magnitude of historic features that this particular home does. The fact is that any DIY home improvement project or renovation requires similar actions and strategies. So, after taking the full tour of this old house, here are the 3 tips we offered our clients for their potential home renovation endeavor.

1) Contractor List

 Make a 3 part list including cost estimate and estimated time to complete
a) Repairs that must be done day 1 -30.
b) Renovations that can be done during the first year.
c) The 5 year repair/renovation schedule.

2) Personal List

Make a personal 3 part list just like the above contractor list
a) Repairs you must do to make the home liveable the first month.
b) Renovations you can do on your own at your leisure throughout the year.
c) Repair and renovation projects that can be peppered over the longer term.

3) General suggestions

Things to do while in the midst of planning, renovating, and repairing
a) Get 3 fixed estimates on everything and get it in writing.
b) Never pay for entire projects in advance. Pay upon completion.
c) Kitchens and baths are still the best dollar for dollar return value followed by master bedroom and main living area.
d) Make a backup list of renovations you are willing to sacrifice should a few of your repair costs exceed your projected numbers.

Chime in with your home renovation tips!

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Comment balloon 5 commentsThe Somers Team • May 31 2012 05:10AM
3 Tips for Buyers: Renovating “This Old House”
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