I’ll admit it. I’m a big fan of the TV show Fixer Upper. Jo is a brilliant decorator and Chip is hilarious. Except when he ate the cockroach. That was simply horrifying.
We don’t just watch the show. My husband and I are actual house “flippers.” We enjoy the hunt for just the right property in our community. We love coming up with the most creative way to approach renovation challenges within a tight budget. Transforming a neglected house into a warm and inviting home can be very fulfilling.
When searching for a distressed property, you need to look past the cosmetic things that can be changed and determine if the house has “good bones.” This means avoiding three potential mistakes.
Location matters
In general, homes are not easily transported from one location to another. The location and the elements around it will significantly impact future home value. If there are train tracks or a water tower directly behind the property, you may have a hard time selling it again.
Over renovating
If you are moving into the home and you really want that special upgrade, then maybe it’s worth it. If you are renovating to sell either immediately or after a few years, just know you probably won’t see a return on expensive extras. Make sure your renovation makes sense for the home.
Know your budget before you buy
Before you leap into a house project, take the time to put together a solid renovation estimate. Things can add up quickly and it’s important to make an educated decision on whether the property is going to be a good investment or a money pit. Many standard renovations can be estimated before you even find a house to buy.
If you are wondering what a home renovation might do for your resale value, then give me a call for a free before and after market analysis. If you are looking for a “flip” property, let’s discuss some strategies that will help you be successful. Whether buying or selling, the right real estate professional can make all the difference!
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