Me and my wife want to buy a home and renovate the entire house. How would we start this process?

Best way to start is to have a timeline planned out. Remodeling can be stressful, and you'll need to know how much work you want to do, and whether you'll want to live in the house while you are doing the remodeling.

Personally if I were to look for another house, I would do exactly that. You save tons of money if you buy the right house at the right price and finish it the way you want it.

Chris
832-859-8698
ChrisRealEstatePro.com

Hi Marcus,

All the answers provided so far are spot on. However, it’s hard for any Realtor to give you the right advice without knowing more details- where are you looking to buy, how much are the homes you’re looking at, how much are you able to invest in renovating, how much will the renovation raise the value of the home and whether your new house will still remain well priced within the market.
The best way you can get a good solid answer is to speak to a Realtor. He or she can run a report on a specific sub-market that you’re interested in, determine how are property values growing over time and how the price of a specific house you chose compares to those in that area.
That’s on a financial side.
On logistics side- I’d say speak with a Realtor as well. Realtors have a network of “tried and true” contractors that they can refer you to for any work that needs to be done on the house. With the proper planning and preparation, a complete renovation can be done (I’ve done it myself on one of my homes and was very pleased with the result).
Just be sure to work with a professional and don’t go into it alone. If you work with the right professional, this process won’t be as daunting and can even be fun. Best of luck to you and enjoy the house hunt.

Yvonne Chauvin: 281-686-0143

As a roofing professional with more then 20 years of experience you should also check the state of your roof, it is always cheaper to simply repair it but sometimes the condition your roof is way more serious. Look for clear signs like denting in your roof structure and loose support beams. In most cases a promptly done roof replacement could be cheaper than a roof repair.

I would first make sure you are investing in an area that has many other homes that have also done major improvements to their properties. You never want to be the most expensive home in a community as it will have no comparables for an appraiser. Secondly, you will want to make sure you allow enough time for the renovation and plan on living somewhere else until the kitchen, bathrooms and structural modifications are finished. Third, pick a good general contractor to oversee the process, since they will be invaluable to make suggestions and will be the one to take any losses incurred by the trades if things don't go as planned.
I know from experience that taking on a whole house project is very stressful and takes longer than you think, and usually costs 15- 25% more than what your initial assessment is. Some people prefer to build a new home instead of renovating the entire house.

You need to start by determining how you you will finance the acquisition and upgrades, if you can front all the upgrades work, it is easier to get financing.
I have bought many such homes for investors and I have manage the whole process. As a homeowner, you have an advantage as you do not need as much margin as an investor since you will leave in the house and not need to sell it which would imply more closing costs.
Let's discuss privatelly to assess your specific needs.

Hi Marcus,

Many people do what you are saying. However, they are usually investors who plan on reselling the home after it's renovated or they keep it and rent the home out. Are you wanting to purchase the home as your primary residence? Will you need to live in the home while renovations are happening? Do you plan on financing the purchase of the home or will you be paying cash? If you'd like to chat, feel free to contact me.

Kevin Tran
Realm Real Estate Professionals
832.359.2828