Why Renovating an Older Home Can Be Key to Profits Later

  • 10/15/21
 

Historic preservation played a huge part in shaping the United States, and many people today want to continue the tradition of preservation through renovations. Renovating an old or historic home not only helps to preserve a piece of history, but you can also reap substantial profits.

Do you have an older home you plan on listing with a Realtor® in Staten Island, NY? If so, you need to read this article to ensure you get the highest return on your investment possible.

You Buy Older Houses for Less

You can often find older homes on the market for less as they require a little elbow grease to fix them up. These homes are sometimes known as fixer-uppers. Older homes often need remodeling, redesign, or structural repairs to return them to their former glory.

If you can perform the renovations on your own and add a little curb appeal, you can save thousands on labor costs. Even if you can’t do everything yourself, such as plumbing and electrical, there is quite a bit you can handle if you’re willing to put in the work. The more you can do yourself, the more you can save, and the bigger your profit in the end.

There are efficient ways to cut costs on renovations without cutting corners. For instance, you can find used or recycled fixtures that are still in good shape instead of buying new ones. Often, you can find period-appropriate fixtures this way, save money, and get more when you sell the house.

Character Adds Value

Many people actively search for older homes because they love the character and charm. Prospective homebuyers might even be willing to pay more for that historical charm.

The character adds value to a home and preserving those original details results in more bang for your buck. Examples of features to preserve include:

  • Original woodwork
  • Pocket doors
  • Stained glass
  • Hardwood floors
  • Crown molding
  • Hardware
  • Built-ins

You may not be able to preserve everything, but try to restore and preserve what you can. Bring the home up to code but save the unique details that buyers are sure to love.

Purchase Homes in Desirable Neighborhoods

Homebuyers today spend their time doing their research, looking into the market, and finding neighborhoods they love in advance. They research the best Staten Island neighborhoods and work with Realtors® to make their dreams happen.

When you buy an older home and spend the time and money on renovations, you can turn a profit by appealing to these homebuyers. Many will pay more to be in their ideal neighborhood.

Your Trusted Realtor® in Staten Island, NY

Buying a beautiful old home in Staten Island and renovating it can result in big profits down the road. If you do much of the work yourself, spend time looking for deals on fixtures, and put in the hard work, it’ll be well worth your time and effort.

Once you’re ready to sell, you need a reliable and knowledgeable Realtor® in Staten Island, NY. Our team is ready to help you out today, so send us a message or give us a call.

 

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We help you understand the market and where to price your home for a fast sale. Our REALTORS® are familiar with the trends so they can help you appeal to a variety of potential buyers.

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