Lots of buyers in our real estate market area of Naples and Bonita Springs want to purchase a property that is already done and move right in to start enjoying their own “Piece of Paradise.” However, the available listings for sale have been steadily shrinking as demand has increased so, people have to consider their options. Do you wait longer and pay more or do you choose the right location and renovate yourself? You cannot change a property location or the view, but you can change everything about the inside of a home or condo.
The benefit to buying a place that is already done and ready to go is that you start enjoying immediately. Perhaps the property is being sold “Turn Key” and you just bring your toothbrush. There is something to be said for that – instantaneous gratification can be a good thing. However, you are paying a premium for that pleasure. Many times you are still making some trade-offs because the finish selections or treatments might not be exactly what you would have chosen on your own…….nice and you can live with it but not what you would have done. If you own the property long enough, perhaps you can justify certain things because you would undo someone else’s choices and make it your own over the course of time.
One thing that you cannot change is location and view. If those two things are important to you and are high on the priority list, then perhaps you should consider your options.
The benefit to renovating yourself is that you make the home your very own and bring things up to today’s standards of taste. The downside, of course, is that you have to wait for the finished product. From an investment point of view, you are generally in a better position to have bought a place at a price that reflects the condition and improve it on your own dime. Sweat equity is even better if you are so inclined and skilled. We have worked very successfully with several local remodeling contractors, vendors and tradesmen in every line of work – we’re happy to make recommendations that fit your needs, budget and timeline. Some of the things to consider if you go this route are:
- What are the neighborhood property values when you are done with your renovation? Do the closed sales in the community or condominium support your investment?
- Where do you find reliable contractors that don’t need babysitting if you are not in town?
- How do you structure the purchase contract? Should you use an “As-Is” addendum? What about inspections?
- Can I delay the closing to “get my ducks in a row”?
- How long is the life expectancy for the major systems and roof?
- What are the big ticket items that need attention now?
- If a property needs more than just some TLC and updating, will it appraise? How does that affect the loan process if you are obtaining a mortgage?
- Every condominium has restrictions regarding the time of year that renovations are allowed. Typically, major work is not permitted during the busy season of mid-December through Easter. So, summer is a great time to negotiate your purchase and get going on the remodel in preparation to enjoy the property yourself in the winter months.
We have access to every property listing in the MLS system and then some. Currently, there are opportunities at both end of the spectrum – brand new construction, totally renovated properties as well as “projects.” Share with us your own vision of perfection and we will find it for you. Call or email today.
As full-time real estate professionals, we represent both buyers and sellers in the Naples. If you are a seller, we market your home to local, national and international buyers for the best results. If you are a buyer, we listen well and will find your own “Piece of Paradise” at the best negotiated price and terms.
Tim Cranch at 239-272-4848 or Ellie Penaranda at 239-776-4848