RENOVATION : Planning Is Key to Finding That ‘Perfect’ House in an Imperfect World

One of the great truths when it comes to buying a home is that there is no such thing as a perfect house. The house may be too small or too large. Or the rooms were designed for the wrong purpose. Or you need another bathroom or no longer get much use out of the family room after the kids go off to college. Or the house is so old that it’s costly to heat--and perhaps even dangerous to inhabit.

So what produces the perfect house--the house you would have designed and built for yourself the first time around? The answer is a process defined as renovation, remodeling or improvement.

When considering a house for future renovation, there are several factors to keep in mind. When it comes to houses, the importance of location can’t be overemphasized. Even the most magnificently renovated house can’t overcome a lousy location. So when you’ve identified the neighborhood you like, learn it thoroughly: zoning regulations, tax base, incentives for or restrictions on restorations, quality of the school system and public transportation. Get to know your prospective neighbors. Better yet, watch them in action, particularly on a typical Saturday morning. If they are outdoors with paint, hammer and nails, it’s a good sign the neighborhood is on the way up and that you’ll fit right in.

Look for a home that’s structurally sound. You want to renovate a house, not reinvent the wheel. The job can be challenging enough without attempting the impossible. If the house has sagging or rotting floors, large cracks or water stains on walls and ceilings, crumbling cornices, a sagging roof and extensive exterior decay, keep looking. If you’re not experienced in these inspections, hire architects, engineers or home inspectors to check out the house’s basic systems. They’ll soon determine whether there are more problems than meet the eye.

Select a home that can be restored without crippling you financially. Remember that if the basic design and layout cannot be preserved, you are looking at major work, and major costs. The better choice would be to pass by such a house and find another better suited to meet your needs. It’s often a good idea to consider buying a smaller and less expensive house than you had planned; you can always add a wing to the house later on. But if your heart is set on a large old house, consider putting in a rental unit to offset costs with income. However, be realistic about what it means to be a landlord, and always check zoning ordinances. In any case, before deciding to buy, draw up your own renovation plan. Room by room, system by system, assess what has to be done to get things the way you want them. Determine what you can do yourself and what will require a contractor.

Estimate the cost of each step, and by all means, add a cushion for overspending and inflation. This process will help you to understand the expenses that are actually involved and to decide whether you want to make the necessary investment.