We often get phone calls from folks who are have recently purchased an older home and want to make some renovations or upgrades to it. Typical homes in our area – Philadelphia and its surrounds – are 50 to 100 years old. These home buyers usually love the character of their older home. We do, too. After delving deeper into the situation, we often find that the buyers’ real estate agent gave them advice about what certain repairs or renovations for their home would cost, and they purchased it with these cost expectations in mind. Unfortunately, most realtors do not know the true costs for renovations, and they end up giving flawed information, as a result. We don’t fault them, really. It’s not their job to know this information.
As you know, buying a home is one of the most expensive purchases you will make in your lifetime. But you must buy well and plan renovations carefully to make your home a great long-term investment in your family’s wealth.