When it’s your all-encompassing desire to buy a house, one you can call home and build your life around, you tend to make it your first priority. And so you try everything in the book to be able to afford it and not fall behind on your mortgage payments. So if a house comes up for sale at a pretty good price, one that fits your budget, you’re definitely going to do more than just consider the possibility of a purchase. But if the property comes cheap because it needs a lot of renovation work, you need to think twice before you close the sale, because:
- Subsequent maintenance may be difficult: Some houses are very difficult to maintain, no matter how much effort you put into them. And if you’re stuck with one such building, you may be taking care of a white elephant, one that sucks your money and gives you nothing in return.
- Renovation requires permits: Most areas and locations require you to apply for a permit in order to perform renovations, even if they are badly needed. There are some pretty strict regulations regarding renovation that you would have to conform to, and if you’re not allowed to go ahead with the work that is needed, you could end up with a house that is just not worth it.
- Renovation is expensive: Renovation includes not just building new structures but also destroying some that exist and restoring others. It’s a pretty expensive proposition and if you’re not too sure of a flexible budget, it may not be the best option for you. Some of the original materials may not be available in the present, and without them, you would be forced to compromise on the look of the house. So you may have to pay extra to get what you really need. Besides, when you have to change an existing structure to conform to your needs, there is a whole lot of planning and finance decisions involved.
- Renovation is difficult: It’s sometimes easier to build a new house from scratch than to renovate an existing building. This is because renovations have to be planned carefully so as not to mess with the original design, foundation and structure. There are limits to what you can and cannot do, and you are forced to conform to the initial blueprint even though your idea of a perfect home may be completely different.