Prime Edmonton Real Estate - I often have home buyers asking ask me 'How hard is it to completely renovate a home?'. Many people have seen how quickly things get done on TV (look! They flipped and entire house in only 30minutes!)and they want to learn more about the process. It has been about 9 months since I started out on my latest home renovation project, and so I thought it might be helpful to embark on a series of blog posts detailing how my latest (and biggest) renovation has gone.
Now, I will start will a very quick disclaimer - the process time completely depends on three things: 1)how much money you have at your disposal, 2) how much experience/expertise you have in the various systems of a home (plumbing, electrical, etc.), and 3) how much time you have to commit to a project of this size. And believe me, it is a huge project!
A little background on my home reno experience. I have now owned 4 properties, and have renovated at least 50% of the each property - starting with my very 1st townhouse. I have learned a lot from those previous experiences, and have also developed a very keen understanding of what I can and can't do - but more about that later. I have also been through probably 10000 homes in my career as a Realtor®, looking for issues and learning about different tips and tricks. I also grew up in a house where my dad developed the basements for both the homes I grew up in - so I was often 'volun-told' to be his assistant whenever needed.
It was with all of these experiences at my disposal that my wife and I decided to pull the trigger on our latest adventure. Here are 3 keys to how were able to come to that decision:
- We did our research of the area - we had started considering the option of moving a few years ago and chose to stay in the neighborhood we were in, just in a bigger property. After looking at quite a few available properties since that decision, we decided that we wanted to buy something that we could fix substantially.
- We were patient - This is harder than it sounds. Sometimes we wanted a home to be a good fit simply because we wanted the process to get going, rather than waiting for the right place for us. We always sat on a decision after viewing, because if it was a good idea today, then it would be a good idea tomorrow.
- We understood and planned for all of the risks - We knew that this could be an incredible way to personalize the way that we lived as well as being a great way to build up equity in the property. We also understood the risks - the worst case scenario. Because we were looking at home built in the 1940s and 1950s, we understood that there may be things discovered that could cost us tens of thousands of dollars. And we had a contingency plan to spread out development to account for any unforeseen costs.
So, with all of these things in mind, we started the process of getting our newest home assessed, purchased, and renovated. Please check back often to see the entire step by step process of how we bought and completely renovated a home - hopefully it will be a help in your decision to buy a home to renovate!