5 Myths Perpetuated By “Fixer-Upper” Television

The chances are good that you’ve seen “reality shows” featuring BEFORE/AFTER home renovation projects. While these popular home improvement shows have made buyers more interested in fixer-upper properties, they also have the potential to create unrealistic expectations. Consider these five common myths about “fixer-upper” properties.

Myth #1 – It’s Easy To Find A Good Fixer-Upper

This may have been true over a decade ago when home prices were rising. It seemed easy enough to sell a house for a handsome profit after a few easy updates. While there are still good investment opportunities in today’s market, it takes some time and effort to find them. If you want to bargain-hunt, understand that you will be competing with investors who likely have extensive experience and are often able to pay cash.

Myth #2 – I Can Save (Or Make) A Lot of Money

Renovation costs vary widely depending on how much work is needed, who is doing it, and other factors. Professional real estate investors suggest that the budgets quoted on home improvement shows are unrealistically low and the final resale price is overly optimistic.

This could be due to regional cost variations. However, many expenses are completely overlooked, including transaction costs (closing fees and commissions), building permits, dumpsters, insurance and other carrying costs.

It’s also possible that the “real world” cost differences stem from comparing cosmetic updates to more expensive structural issues or requirements to meet stricter building codes.

Myth #3 – Things Will Go According to Plan

Most renovation projects require strong doses of both patience and tenacity due to cost overruns, delays and unexpected repair issues. While the reality shows often include a “bad news” discovery, these “surprises” may be designed to merely inject a little drama into the story. With real life “fixer-upper” homes, things rarely go according to plan.

Myth #4 – It Won’t Take Very Long

Finding, purchasing, and moving into any home is a time-consuming process. Add a major renovation project or the need to find buyers when the project is complete extend timelines even more.

Home improvement shows give the impression that everything  falls into place at lightning speed. Of course, an episode that only featured waiting on inspectors to show up, or a delayed delivery of new windows is about as interesting as watching paint dry.

Myth #5 – It Will Be Easy To Nail The Design Updates

The proliferation of home renovation websites has armed consumers with many excellent design tips. However, good home design still requires both skill and judgment, and there are a number of ways things can go wrong.

In an attempt to impose a particular style on a home, important architectural details might be inadvertently removed, such as solid wood six-panel doors or elaborate moldings. Or, the purchase of any home can go wrong by executing the updates poorly.

When you’re thinking about a home remodel project, or possibly embarking on your own “fixer-upper” investment, give me a call and let’s discuss your ideas!

Source: Real Estate Buyer’s Agent Council, Inc., Newsletter, March 2018

Remodeling? 4 Ways to Stay Zen While Living in a Disaster Zone

Remodeling

Congrats! You finally got that fixer-upper you’ve been eyeing. Now it’s yours, but your budget’s tight, so you’re planning to move in and live there as you are in the process of remodeling. 

Wow, that’s a stressful thought.

Just thinking about it makes you feel exhausted and excited at the same time. Sigh. 

Well, you can let your excitement win that battle with these four strategies to ease the stress of living in the middle of a construction zone:

#1 Designate a Place for Stuff You Need

Homeowners ride an emotional roller coaster during a remodeling project, says Dave Lupberger, veteran remodeler who wrote the book, “Managing the Emotional Homeowner.”

To give your emotions some grounding, come up with an organization plan. it’s a lot easier (less stressful) to renovate when you’ve got the room.

Think about it:

Where are you going to put your pots and pans until your kitchen cabinets are ready?

Set up a storage place that’s reserved for stuff that needs relocating as you move from project to project. Such as:

  • Install an organization system in the basement or garage.
  • Reserve one room (future guest room?) if you can.
  • Rent a pod; you can even keep it at your home.

For items you’ll need to use more frequently throughout remodeling, build shelves in closets or create storage space under a window seat or banquette bench.

#2 Make the Space You’ll Live In a True Retreat

Maybe your master bedroom or kitchen will need a total remodel in a few years, but other rooms of the house need more attention now.

Because you spend the most time in your bedroom and kitchen, take this opportunity to make at least one of them really cozy with a quick makeover before diving into any heavy-duty projects elsewhere.

The fastest way to change a room is with paint and accessories. Use paint to create an accent wall in your bedroom and try your hand at crown molding to make a room seem polished. You can even add new lighting for ambiance.

In the kitchen, paint the cabinets, add new hardware, and – violà! – you have a new kitchen. Install a backsplash over a weekend, and one of your most commonly used rooms will feel peacefully polished – even if there’s chaos right down the hall.

#3 Make a Door One of Your First Projects

Your new home might be a mess inside, but you can feel great about pulling into your driveway.

A new front door, or newly-painted one will remind you how much of an impact your work is making on your home. And give you a reason to smile as you walk through the door.

#4 Create Outdoor Places to Escape to

Have a spring move in?

If you have months of good weather ahead, take advantage of your new yard to create a retreat where you can truly get away from the clamor of the remodeling project. Some simple ideas:

  • On your patio or deck, go ahead and “furnish” it – even if it’s just a few lawn chairs.
  • Create a picnic spot on a nice shaded spot.
  • Hang a swing.
  • Turn a shed into a temporary hideout.

Source: Stacey Freed | houselogic.com