real estate

Take care when buying house to renovate it

This old house needs renovating
Previous
1 of 6
Next

This old house needs renovating

Love a home's location but not the floor plan? Buy a house to renovate it. But be careful.

"Buyers will say, 'This is the best house in the location I really want,' but they know they will need to do some improvements to make the home what they want," says Bud Dietrich, an architect in New Port Richey, Florida.

Older homes are outdated

With U.S. government statistics showing the median age of an owner-occupied home was 37 years in 2011, up from 23 years old in 1985, lots of homes are outdated, with kitchens walled away from the family room, or small closets, says David Andreozzi, an architect in Barrington, Rhode Island.

A homebuyer who wants to remodel must tread carefully: Are the desired changes structurally possible? How much will it cost? Can the remodeling expense be financed?

Here, experts weigh in with answers.

Previous
1 of 6
Next

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Holden Lewis

Why not have loan inspectors?

I have an idea: Let's set up a network of mortgage inspectors.  ... Read more

advertisement
Partner Center
advertisement

Connect with us