Anyone deciding on renovating a home to create the perfect dream house is faced with substantial challenges. Finding the right balance of cost versus functionality, adding on rooms, or installing additional living spaces can test the patience of every homeowner. Of course, deciding to purchase a dream house on the open market is equally challenging thanks to the never ending search for the perfect combination of location, cost, and amenities. There is a certain amount of guidelines before deciding to renovate or purchase a luxury home, and while not every buyer falls into the same category, there are many concepts that need to be considered.
Craftsmanship goes a long way in the renovation or purchase process. The quality of construction or upgrades is only as good as the contractor performing the work. Therefore, buyers should check the references for anyone that completed work on the property and renovators should double check portfolio results of contractors before signing an agreement.
History of Ownership
Age of the Property
The age of a property has a lot to do with the anticipated renovation effort. It is easy to lose track of a fabulous home that looks great for forty years old, but a property with four decades of life already under its belt is going to require expenses and investments that a five or six-year-old home simply with not have.
Balance of Function
When purchasing a dream house it is very easy for a great looking swimming pool or additional amenity to sweep potential buyers off their feet. Unfortunately, the upkeep and usability of the amenity might not quite be up to par. Therefore, buyers should double check the functionality of a particular feature before making the purchase. In addition, renovators should be sure the investment is going to pay off in the long run.
Upkeep of a property could be the easy part of a dream home equation; however, those finely manicured landscapes are also going to require substantial care. Every type of homeowner should evaluate the needs of the plants and trees on the property before making a commitment they are not aware exists.
Not Too Trendy
All too often homeowners get caught up in the latest trends. While there is nothing wrong with embracing a favorite movement, homes that are too trendy can result in corrections via future renovations to take on the next fad. Basically, homes that are on the edge of being too trendy need to be approached with a fair amount of caution.
Different lifestyles have different needs. While the whole point of a dream house is to live a certain way, those needs change along with the age and life experiences of the owner. The property needs to able to be fitted to those changing needs through renovations or upgrades. The home should able to accommodate the changing needs of the owner and all the residents.
Fitting the Budget
The deal breaker for most dream homes is the budget. While the purchase price or renovation costs are one thing, the upkeep and maintenance of the property also need to be planned for. Sometimes costs, like simply window cleaning, can sneak up on even the most cautious of homeowners. The key is to carefully analyze potential expenses to be sure the budget does not stray too far from what is expected.
Homes are assets. Like any asset, the value of a dream house should increase over time. While justifying the cost of that dream house might not be an exercise of dollars and sense, home buyers or renovators should always keep future value in the back of their minds. After all, pouring money into an asset that loses value is not necessarily the best path forward. However, luxury properties can sometimes skirt the average and grow in value at higher rates simply because of demand.
In the end, a dream home can be the perfect combination of lifestyle and luxury. Owners should go into the transaction with the confidence that the property offers a sustainable and real investment. Anyone looking to transform a structure into their dream house should also be keenly aware of what exactly it is going to take to bring the dreams to life. In either situation, having an eye on the fine details and potential hidden costs of ownership are just two concepts that bring the dream to a reality. Lifestyle adjustments are bound to happen, and trends are likely to change. In short, a luxury home should answer all of the questions that any potential homeowner has and make the dream a realization.
Sources: Peter Cadoux Architects.
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