Do you think I`m doing this wrong, or do I need to do a better job of getting my contractor to see the property in some way, again with videos, images, whatever. The 3 most important aspects are scheduling and budget planning, as well as choosing good contractors. Among 1st time home buyers, I often see problems with the 3 aspects, much more than with 2nd time buyers (Often second time buyers have learned from their previous mistakes). Since this is the first time most new buyers go through this process, they underestimate the cost of things and underestimate the time it takes to get things done (as well as the ideal order of renovations. It is important to determine the scope of work and the budget. In most cases, many first-time buyers want to do much more than they can afford right away. You tend to want to make the house perfect, and once you start looking at one aspect, you realize all the other things you want to do too. And in most cases, renovations cost more than people think and more than they have on hand. Sometimes it`s because buyers have unrealistic expectations when it comes to cost. At other times, it`s because the scale of the work and unforeseen problems are present (things a contractor knows will come up, but an owner doesn`t because it`s not their area of expertise. Once you have the green light to start your renovation, your next steps will be to find a contractor and prepare a quote. In general, buying a home is a lifetime purchase for most homeowners and for most of the biggest investments they`ll ever make, so a few extra dollars a homeowner invests in hiring a professional contractor to have a little wit, and even when it comes to getting a second opinion, are peanuts compared to a few hundred thousand dollars they`ll spend on their home. Hi BP, I`d like to have your opinion on something.
I find it very difficult to schedule a visit for my contractor to review the property before making my announcements. Does anyone have a good idea of how to show the property to your contractor without him being there? I thought of things like recording or photographing the whole walking tour, or even a live Skype session or something like that. I know this may sound silly, but here`s why. In the last week and a half, I`ve lost two potential reversals. I had to terminate my purchase agreement for property 1, and property 2 was purchased literally 2 days just before my contractor could see it. Hanley Wood`s Cost vs Value report, to which Sophie refers, is the best type of swag available without paying a quote. We look at homes with potential buyers, but we don`t make estimates. We use the cost-to-value ratio and previous experience to talk to the potential internal buyer about the playground areas. The potential cost of renovation always far exceeds what a buyer thinks. As an architect, clients often ask me to review a property before buying and provide a rough estimate of the project costs at no cost – but don`t go down this route unless you intend to hire an architect if the project progresses. Making an accurate estimate for a small project is quick and free.
I hear crazy (free) estimates all the time, but you may find that the value is equal to the price paid (0). A quote for a complete renovation can take an entire week if you want accurate prices and need someone with relevant experience. You need to recharge. DO NOT start designing until you are at least already under contract and the deposit has not changed hands. Anything can happen between an accepted offer and a signed contract; You don`t want to spend money on design just to derail the purchase. The safest game is to wait for completion before hiring an architect or design professional, but if you can`t wait, a signed contract will give you at least a reasonable expectation that you will own the property. Many jobs are MUCH EASIER and more cost-effective if done before moving in. The post-treatment of your wooden floors is a perfect example. Here`s why. I just made a written estimate to fix the sink strengthening rod for a woman who is divorcing. His lawyer wanted it, probably to show it to his future ex, so that he would be willing to pay for it before they sold the house. Thank you Casey.
Yes, I have a lot of homeowners who also clean carpets before moving in. Many prefer to change or remove them in the rooms before moving in, but sometimes it depends on the budget. Your lawyer should look at everything that can go wrong: debts or liens against the seller, judgments or mortgages against the house, damage to the house that occurs between the signing and closing of the contract (a water leak, damage to the floor or wall, equipment problems, etc.), and if you buy a condominium or co-op, any tax issues in a building`s financial reports that could scare the lender. Hopefully, none of these issues will completely derail the degree, but you won`t be able to start working until all the signatures are received. I think it would be nice if you hire an architect and start creating the plans before graduation, but I wouldn`t submit the plans before closing. In the worst case, if the transaction is not completed, you will spend a few thousand dollars on architect fees. Also, I think you may need to be the rightful owner of the property to sign the DOB registration documents (but you may want to confirm this with your architect), so you may not be able to start filing the work (unless you have an agreement from the seller that they will sign the documents). Also make sure that your lawyer includes in the contract that you and your agents should have access to the property to take measurements, get estimates, etc. We were actually part of our contract that the seller of the house signs the construction plans before closing. It wasn`t a big deal (ask your lawyer). Then the names were updated when we finally closed.
This saved us time and allowed us to make offers etc. You have to remember that every minute you own a house with a mortgage that you don`t fully occupy, you`re sending money down the drain. Of course, you should make sure to close, but in New York, if you don`t close, you`ll lose your deposit anyway, so you`re pretty sure to close.. .