When should you save a home?

Image Credit: www.bloomberg.com

Real estate represents a considerable investment for homeowners. For many people, it may be the biggest investment of their lives. Hence, many homeowners who find their properties in a state of disrepair (or find a bargain in a distressed home) often ask if the house itself is worth renovating. This question gets asked often, particularly if the home is historically important or holds some sort of significance to the homeowners.

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Sentiment aside, the main factor determining whether a home should be saved is cost. A house can be deemed not worth refurbishing if it is in a state of disrepair far too advanced for the costs of renovation to be justified. In some cases, demolishing the home and rebuilding it can ultimately be cheaper than remodeling the existing distressed structure.

However, there are homes which show signs of extensive distress that is reparable. They may still be refurbished for a reasonable price, which can be justified in the value it adds to the property. While in most cases it would be the resident who pays for the structure, at times a person keen on investing in real estate would choose to buy a distressed property, renovate it, and then sell it for a considerable markup.

Homes (or portions of them, usually their facades) in advanced states of disrepair can sometimes be restored for other purposes, such as for historical reasons in the case of period architecture. In fact, a number of non-profit organizations are willing to save these homes when even their owners cannot find it economical to rebuild them.

Mariyan Khosravizadeh, a real estate agent, is the top choice of clients looking for homes in the Los Angeles area. Visit this site for more details on real estate opportunities in Los Angeles County.

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One Response to When should you save a home?

  1. curt says:

    Very good post. Speaking from experience from a renovation perspective, you can never tell the exact condition of a property – even with a thorough inspection. Foundations and support structures are the hardest to assess and the most expensive to repair – and can add thousands to the cost of a renovation.

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