According to a recent CNN report, the United States State Department estimated that approximately 9 million American citizens reside abroad. This data emphasizes the prevalence of international relocations within the nation.
Notably, a significant portion of these migrations originates from states such as Florida, encompassing cities like Fort Lauderdale, where the cost of living is notably high – 22% higher than the national average. Most individuals consider relocating to foreign countries if the affordability of their current place of residence proves challenging.
Indeed, irrespective of the rationale behind the relocation, the prospect of moving to a new residence carries excitement. However, ensuring that the new home aligns with one’s specific needs and requirements is paramount.
It’s not uncommon for newly purchased homes to lack certain essential elements, prompting the consideration of renovations to meet these deficiencies adequately. Below, we’ll share several compelling reasons why opting to renovate one’s new residence before moving in can be beneficial.
1. Personalized Home for The Same Price
Acquiring an ideal property that precisely meets preferences, location criteria, and financial constraints is rare. However, considering the purchase of a house requiring renovation, the array of options available in one’s desired location expands significantly. This approach not only presents enhanced potential for homeownership but also allows for the realization of personalized specifications within the same budget allocated to purchasing an immaculate property as-is.
Indeed, securing the services of competent professionals becomes imperative when undertaking property renovations, mainly if the relocation involves moving to a different country and acquiring a house therein. The involvement of a reputable remodeling contractor within the destination country is paramount to ensure that the renovations align with the envisioned specifications. Simultaneously, engaging the expertise of a proficient international moving company becomes equally crucial, considering the unique requirements of relocating to a house undergoing renovation in a foreign country.
For individuals departing from Fort Lauderdale and embarking on an international move, seeking a Fort Lauderdale international moving company that caters specifically to such moves is crucial. Conducting an online search for Fort Lauderdale international moving company near me allows individuals to find a reliable mover having global moving experience. By employing the right professionals, individuals can ensure a smooth transition to their renovated home in the international destination of choice.
2. Prices Are Low
Lower price tags typically accompany the acquisition of properties requiring renovation. Indeed, such homes often command significantly reduced costs compared to their counterparts in the same vicinity. Getting a dilapidated property that necessitates renovations short of a complete overhaul or reconstruction can result in substantial cost savings.
However, it is advisable to exercise caution when encountering remarkably attractive prices. Should a fixer-upper in a highly desirable neighborhood exhibit a price significantly below the prevailing market rates, it might signal the need for extensive and costly repairs. Depending on one’s financial capacity, this situation may or may not be deemed acceptable.
3. Exceptional Location Prospects
You find yourself enamored with a particular neighborhood yet encounter a significant hurdle: there is a shortage of available homes for purchase, or those available exceed your budgetary limits.
In such instances, properties requiring renovation present themselves as a more affordable alternative, providing a unique opportunity to secure a place in the neighborhood of your aspirations. Though the process may entail investing time and financial resources to restore the property to its full potential, the benefits of residing in an esteemed location are manifold.
As seasoned investors understand, the area holds paramount importance in real estate, and living in a highly sought-after neighborhood inherently bestows added value upon one’s residence.
4. Enhance the Value of the Property
The potential to significantly enhance the value of a property is widely acknowledged within investment circles. Focusing on strategic areas of the home, such as kitchens, bathrooms, and underutilized spaces like lofts and basements, can yield substantial returns.
As an illustration, allocating $10,000 toward a new kitchen has been estimated to generate an increase of $20,000 to $30,000 in the eventual value of the property. Likewise, undertaking a loft extension, though requiring an investment of approximately $35,000, can elevate the property’s value by up to $100,000, contingent upon adding an extra bedroom and bathroom and considering the property’s location.
These stats can vary depending on your location and the specific project you undertake. Nonetheless, home improvement projects yield returns on investment, whether minor or significant.
5. Smaller Renovation Projects Can Also Be Profitable
Smaller home renovation projects can present viable and profitable opportunities, as substantial ones are not always a financially-wise idea. Typical minor renovation repairs encompass tasks such as repainting and decorating, resealing wet areas, retiling, replacing worn flooring, addressing broken windows, and remedying cracks in walls.
Though these renovation endeavors may appear modest individually, their cumulative effect can be notable. As such, it is essential to meticulously assess all necessary work and accurately estimate the overall cost. A comprehensive understanding of the renovation requirements will enable informed decision-making and pave the way for a prudent investment.
6. Assume the Role of a Designer
The acquisition of a fixer-upper evokes a sense of enjoyment, primarily owing to its latitude in shaping the property according to personal preferences. From selecting paint colors and carpeting to choosing appliances and cabinetry, virtually all design aspects become subject to your control. This way, you’re free to instill your style and personality into your living spaces.
Although it may appear as a minor consideration, updating the property contributes to the second point of discussion: profitability. Renovations, particularly in heavily-used rooms like the bathroom or kitchen, invariably enhance the home’s value. In essence, this process yields instant equity, which could potentially prove advantageous in future endeavors.
Exploring property renovations and fixer-upper opportunities unveils a range of compelling advantages, including the potential for personalized homes, increased profitability, and cost-effective improvements. By carrying out renovations, individuals can transform their newly acquired houses into homes that reflect their unique vision and lifestyle while potentially reaping long-term financial rewards. However, enlisting the assistance of professional remodelers is advised to avoid incurring costly mistakes.