There are times when it becomes difficult to take any decision especially when it comes to real estate affairs. Deciding whether to buy remodeled house, or a new one is definitely a time-consuming and challenging task for a first-time buyer as both have their pros and cons. Since buying a real estate property is a long-term commitment; you shouldn’t take it lightly and gain apt information regarding the laws, finance, and practical aspects before proceeding.
While we comprehend the appeal of investing in a new property, buying a renovated house might just be the wise decision you’ll make. To make your real estate journey a hassle-free experience, here’s an important question you need to ask yourself.
Does Remodeled House in NY Make Sense for Your Needs?
If we keep aside the real estate technicalities, one major issue that might arise during the decision-making process is budget: Is it convenient to buy a remodeled house as a first-time buyer? The answer to this question will depend on your financial planning and family’s needs. At first, you need to contact an experienced real estate agent and discuss all your concerns in details. The real estate agent will show you the renovated house for sale according to your needs and if you feel satisfied with the features of the remodeled home; you can go one step ahead and do an analysis of the remodeled house price with respect to its current condition and location. To find out remodeling house estimated costs, consider visiting the neighbors. You can inquire regarding the newly remodeled houses for rent as well as sale in the locality. It will give you a rough idea in reference to the house prices in that area. In addition to that, just speak to your real estate expert about the additional hidden costs and precise tax rate which you will need to pay for buying remodeled home. This step-by-step procedure will definitely help you overcome the decision-making dilemma.
Advantages of Having Remodeled House
It’s always good to take calculated risks while investing in real estate. We are sharing the top benefits of investing in a move-in-ready property to help you take a crystal clear decision.
The prices of real estate properties in NY are on an unswerving high. However, remodeled houses are considerably cheaper than the newly built ones. According to our recent survey, the investment in new real-estate property could cost you 20% to 30% more in comparison with a remodeled home in NY. So, as a first-time buyer buying a remodeled home can be a smart financial move.
Existing homes are generally near to downtown areas, more often in a centralized location, unlike new homes which are mostly build in exurbia. So, you won’t have to face any problem with commuting and have easy access to local markets, hospitals, banks, educational institutions, and your workplace. Another advantage that you get with a remodeled home is an established neighborhood. Having a decent neighborhood is imperative as moving to a house is a long-term commitment. Apart from that, it is necessary from the point of view of safety and security too. So, that’s a huge advantage which shouldn’t be overlooked.
Upgrade to Larger Space
Remodeled homes are much spacious than the houses that we see in metropolitan cities today. In addition to that, you can also add a second story to increase the house per square footage. However, the rationale for a remodeled property in NY may vary from locality to locality. Be sure to research regarding the codes and laws in the locality where you intend to buy a remodeled house. Choosing an experienced real estate salesperson could play a vital role in such cases. They can help you with the most authentic information about your neighborhood. Once you are aware of the local zoning laws, it becomes easier for you to take a decision.
Less Paperwork and Legalities
Legal paperwork and documentation is a crucial part of selling and buying a real estate property. In the case of a remodeled house, you won’t have to re-do the entire documentation work. You’ll just need to change the personal details on original documents and pay the required transfer and re-registration fees. Furthermore, mortgage frauds are much evident in New York City nowadays. Many unscrupulous house owners who’ve had purchased a new property but failed to pay the mortgage loan may sell you their foreclosed or distressed property. However, when you buy a remodeled house, such risk won’t be there. But as a first-time buyer, you should scrutinize the documents properly to avoid such scams.
Retain Repairing Costs
Renovated homes can easily stand the litmus test of time aesthetically as well as structurally for a long period. Even if something needs to be fixed, you don’t have to worry about the repair credit. It would entirely fall in the realm of responsibility of seller for a substantial amount of time. It could be between 10 to 20 years. Just make sure to discuss the ‘home warranty’ clause with the seller prior to signing the home agreement. However, the renovation process consumes a noticeable amount of time, and the probability of getting a remodeled house in NYC as per your convenience isn’t always facile. There might be several elements which you would like to implement in the remodeled home before stepping in. For example, the old stone foundations, sinks, or chimneys might require tuck pointing, and for that, you will have to keep patience until the home which you aim to buy gets completely ready. On an average, the renovation process might take several weeks or even months. You can hire ‘we buy houses for cash’ company in NY to avoid such complications and have a hassle-free transition. In addition to that, they can also help if you have an unused property which you want to renovate and sell fast.
As per our current data & statistics, nearly 60% to 70% remodeled homes in NY are yet to be sold. To reap a rewarding experience, you can take guidance from a reputed ‘we buy houses for cash’ company in NY. You can visit their website and check the property listing of available remodeled homes along with a detailed description and images. Once you like a property, you can contact the company’s representative for a detailed quotation. Don’t hesitate to negotiate the price and choose the best one which meets your need.
All the above-mentioned advantages give a leading edge to the renovated house in the new-versus-renovated home battle. We suggest you settle upon a trust-worthy real estate company and do a realistic assessment of the renovated home for sale and if the scenario is that the remodeled house is available in the much lesser price range, you can buy remodeled home in NY straight away.