Seven Reasons Homebuyers Are Redesigning Their Homes
Seven Reasons that Homebuyers are Redesigning their Homes
People who recently bought their homes are more likely to redesign their house than any other homeowner. Although the reasons may vary from homeowner to homeowner, that doesn’t mean that there aren’t any that fall in line with one another. Whether they want to flip the home to resell it at a more considerable amount for profit, or they’re adding on an in-law suite so grandma can move in to help with the kids, each reason falls into one of these categories.
Although flipping homes is a trend that goes in and out of style based on whether the market is a buyers or seller’s market, these buyers make up a large portion of new homeowners who redesign immediately. Most home flippers own the property for only three to six months and then spend a lot of their time working on updating and dressing up the home. They work in almost every room, tearing down wallpaper, renovating kitchens, and turning extra space into another bathroom or bedroom. These buyers have a keen eye for projects they can handle, and work to make diamonds out of lumps of coal.
These homeowners are fast to put properties back on the market, and after they’ve worked on them, there’s little to no chance of the next homeowner doing any renovations for a while.
Becoming a landlord is a lucrative way to help you pay off your mortgage. Renovating a portion of your home to have a private entrance, or refining your basement so that it can function as its apartment, are steps some homeowners take to make their money back. This work is usually a massive undertaking because they’ll immediately have to put that room or floor up for rent and want to make it appealing to hopeful renters.
Some homebuyers who are buying to turn the property into a rental will dedicate an entire property to renters. These are more like house flippers since they’re working on redoing a whole home until it’s ready to be occupied. They know what parts to emphasize to get some renters, but also understand how expensive the significant upgrades are. These are more likely to fix dangerous paint jobs than to replace every window.
Meeting Personal Taste
Sometimes a house isn’t exactly what you want. Maybe you love the outside of it, but can’t stand that all five of the rooms are so tiny. This type of homeowner does renovations to help make their house into their dream home. They work on perfecting a place by tearing down walls between rooms or adding a walk-in closet to a huge master bedroom. Often these homeowners buy houses that are far lower than their budget so that they have money to throw around and perfect the property.
There’s nothing wrong with this type of homebuyer, especially since they’re keeping the bones of the home, but if the style changes and then like it, they’re more likely to want to renovate again within five to ten years.
Wanting To Feel Like They Made A Part of the Home
There’s this dream in the back of many people’s minds that makes them want to build their own homes. Something about wanting to create a place where you live and possibly raise a family appeals deeply to this type of buyer. Unfortunately, building a house is incredibly expensive and time-consuming, on top of that, you also have to buy land and pay property taxes even if you don’t get to live in your home yet.
Instead, many turn to do projects in homes they buy so that they can put some of that feeling into it. You could remake your home custom to yourself, from choosing new windows to even comparing couch brands can be a helpful way to find the best for you.
House Was Unfinished
Whether it’s an unfinished basement, or if there’s an add-on that was never completed, some homes go on the market partially incomplete. Buyers who go for this type of home generally know what they’re getting into since they’ll have to put in some work if they want to use these spaces.
Usually, these homes are sold for cheaper, although it depends on the market and what else the house has to offer. Buyers who purchase these houses may also fall into another category on this list, like flippers or people who want to feel like they made the home their own.
Making More Space
Not every house is as spacious as we need it to be. Instead of having to buy a new home the moment you realize you may outgrow your own, many turn to updating and expanding their own home. If you have the property for it and think you can make it look good with your house, you can make ad-on. The extra space ups your property value while ensuring you have the room to do whatever you want.
Following New Trends
Some new homeowners update their homes because they don’t fit with what they like when looking through magazines or design sites. This choice doesn’t mean there’s anything wrong with their house; it’s just that they want it to fit a specific aesthetic. The most common change made in these homes is opening up walls of kitchens to allow open space and taking away a little bedroom space to make a closet or bathroom larger. It’s about doing what they think looks good, regardless of how else the original home may have looked.
The most important thing about your home is finding a place that makes you comfortable and happy. Almost all of these homeowners have that as their goal and are just looking for a way to reach it.