From Rent to Remodel

Renting a home is often a money-saving effort for young people who aspire to own a home. Many young couples start off in an apartment or rental home, with the intention of either buying or building a home within a few years. In fact, a recent study by Houzz shows that 48 percent of renters who responded that they see improvements in the housing market plan to purchase a home within the next two years. Nearly 21 percent of those plan to build a custom home.

Renters waiting for that dream home have clear ideas of what they want. Whether it’s a spacious kitchen with all the modern appliances or a master bathroom with a soaking tub, finding the “perfect” home in your price range often seems impossible. Keeping an open mind and being able to envision your final outcome is the best way to achieve that dream home. Instead of stretching your mortgage to get a home that seems to have all features you want, look at homes that have great remodeling potential or that need some TLC.

Before buying, bring in a custom remodeler who can provide a reality check. Get an estimate on what you plan to do, so that you know just how much you can spend on the home itself. Often, the custom remodeler will have ideas for the renovation that can be cost-effective. Or, he may advise against remodeling that specific home due to structural constraints or costs. By reviewing all of the possibilities before buying, you’ll be in a better position to pursue your dream home.

Another way to get your dream home is to find a home with the option of renting to own. Because you will already live in the home, you’ll get to know its pitfalls and the things you want to change. Your monthly rent money is going toward a goal, and once you go from renter to owner, you can make the necessary remodeling changes without the hassle of moving.

Tags: ,