If HGTV is any indication, people love the idea of renovating a home. Shows like Fixer Upper and Property Brothers are wildly popular, audiences tuning in every week to see neglected homes turn into dream homes. There's something about an underdog that people love to root for--homes included.
These shows are inspiring. They make fixing up a home seem easy! You drive past an old house and say, "some exposed brick would do that property wonders," or, "it's got great bones - imagine what a fresh coat of paint could do!" Don't let the edited smiles of Chip and Joanna Gaines fool you; renovating a home is hard work. It can be incredibly rewarding and profitable, but you should know these things before making an offer on that shack down the street:
1). Watching HGTV is a great start, and you can certainly learn a lot, but it does not make you an expert. If you are planning to renovate fixer-uppers for a living, we suggest you go get an official education on how to do so successfully or that you hire a professional. Do yourself a favor and make sure you have an expert weigh in on every decision you make.
2). Great bones does not make a great project. Many homes with great bones have to have so much work done to them in the process of renovating that all that is left of those bones is a single support beam. If you can afford to, essentially, build an entirely new home, wonderful! Just make sure you have an inspector look into the property to see what work it needs before you purchase it.
3). Keep your homeowner in mind. If you are renovating your home for yourself, do whatever you want! If you are planning to flip the home and find a different buyer, do your research. Find out what home features sell, what upgrades are worth it, what paint colours and appliances are popular this season, etc. Just because you like the idea of a giant water feature in the backyard does not mean your potential buyers will be, and you could end up wasting a lot of money.
This is just the start. Do some research and find out if a 'handyman special' is right for you. They are challenging, but fun and rewarding for the right kind of owner. If you're ready to be the next HGTV star, check out our listings. We have a couple of homes that need some TLC, but could be great properties.
Call us today at 403-630-6363 for more information!
Your Real Estate Professional,