An older home that is located in an exclusive neighborhood and has been completely renovated is a very different proposition from the “handyman’s special” in a marginal part of town.
That handyman’s special can have considerable appeal to buyers for whom financing is going to be tight. But for some buyers the promise of affordability may be outweighed by the prospect of endless evenings and weekends devoted to making a ramshackle structure livable. With my background as a renovator, I’m not one to knock the idea of fixing up an old house. But since I do know how much effort can be involved in even simple- seeming repairs, my advice has to contain a note of caution here.
Try to be coldly realistic about what you can do yourself and what you can live with having done by someone else. If you don’t know which end of a hammer to prop open a window with, or if sawdust makes you sneeze, or if it would seriously bother you to cook for three weeks off a hot plate set up in “what will one day be the dining room,” then you should probably avoid buying a house that requires anything remotely resembling major renovations.
On the other hand, if you’re having trouble finding a house you can afford, if you’re handy and/or confident of your ability to coexist with carpenters, and if you’re more excited by the idea of remaking a house according to your image of it than you are distressed by the idea of actually doing it, then the handyman’s special may be just the ticket for you, and you should tell the broker that.
If you take this step, even if the work you’re contemplating seems minimal, promise yourself to be as clear as you can about what you’re getting into before you get into it. This means knowing what work has to be done and having a sound if general idea of what it’s going to cost you. Unless you yourself are a professional in the construction business, you should hire a few hours’ worth of the services of someone who is a pro to come look at your dream house—to—be and estimate how much time and money will be required to make it a reality. You may also need to verify that any changes or additions you’re considering are allowed under zoning regulations and other local restrictions. The time to discover that you can’t add another story to that two-story house is before you buy it.
Being realistic about living with work in progress is important. So is being prepared to have that work take longer, be messier, and cost more than you’d anticipated. Tales abound of two-week renovation projects that remained far from complete two or three or more months after they were begun. The husband and wife who set out, full of enthusiasm and comradeship, to remake the kitchen and add a bath are sometimes barely speaking to each other by the time the rooms are ready to be photographed for House Beautiful.
Some friends of mine, for example, bought a great old home and decided to modernize and expand it. They knew in advance that the required work would be extensive, but they had no idea that half a year later they’d still be sleeping in a tent, showering at a nearby athletic club, and using the toilet at a local burger joint. So again, be careful when you consider significant renovations.