Real Estate of Mind: Buying with Plans to Remodel

HONOLULU (HawaiiNewsNow) - Buying a house with plans to remodel can be a smart move IF you keep a few things in mind. Nancy Metcalf, a Realtor with Coldwell Banker Pacific Properties shared her expertise on Sunrise. Check out the video.. and take a look at some Nancy's suggestions below.

  1. What is the price range in the neighborhood?  Considering the purchase price and planned remodeling costs, you will want the total cost to be within neighborhood values. Make sure that your real estate agent is sharing good comparable home prices to help you make that determination.
  2. Understand what remodeling projects will add value to the home. Typically, kitchens and baths are the first rooms to tackle. If you plan to live in the home yourself for a good period of time, use materials that you will enjoy instead of getting too carried away with potential re-sale. You want to enjoy it too. If you know you will be reselling in a shorter amount of time, then stick to neutral colors and an "average cost" for remodeling.
  3. View other homes in the neighborhood to understand what styles and quality levels are consistent with nearby homes.  This will help your home compare effectively in the future if you sell.
  4. Location is the most important feature to consider. You can change almost anything about a home except for its location.

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