
Owning a home is pretty great. You build equity over time. You can paint the walls whatever color you want. You can finally get that dog. You can make it your own in ways that renting just doesn't allow.
But... homeownership also comes with a to-do list. And sometimes the items on that list are expensive, or a bit of a logistical hassle.
One thing I encourage buyers to think about when viewing a home is... what are the next major updates you will need to make, or want to make, in this home?
Because... there will always be a "next project"... essentially forever. ;-)
Maybe the roof that's getting up there in years. Maybe it's an HVAC system that's original to the house. Maybe it's a kitchen that was last updated before the iPhone existed. Maybe it's windows, or siding, or a deck that has seen better days.
Whatever that next project will be, we should talk about it before you commit to buying the house.
The cost of some of these updates can vary enormously. A fresh coat of paint and some new light fixtures will likely be manageable for most buyers. A full roof replacement can be quite a bit more financially impactful depending on when it is needed. An HVAC system replacement or kitchen renovation will also tend to be quite costly.
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None of these things should necessarily stop you from buying a home that you love and that will work well for you... but they're worth knowing about and thinking through.
Two angles to consider...
First -- are you comfortable with the cost of that update? Do you have the savings now, or will you when the upgrade is needed?
Second -- are you comfortable with the hassle? Living through some home renovation projects can be trying, especially if you work from home, or have young kids, or pets.
As we're looking at homes together, let's talk through the likely timeline and potential costs of any major updates that the home would need or of any upgrades you would like to make.
Owning a home is wonderful... but the updates and projects are part of the deal. Knowing what's coming -- and being prepared for it -- will make the next few years after a home purchase a lot less stressful.