WHAT SHOULD AGENTS DO WHEN REAL ESTATE IS SLOW?

So You Want to Buy a Fixer Upper?

I hear this all the time from my clients - "We're pretty handy so we'd like to get a good deal..." or "We really want a house with equity..."

Fixer uppers are NOT what you see on HGTV. In fact, most homeowners are not equipped to handle adversity in the renovation process and end up contacting a licensed contractor to finish the job. 

A Trulia survey (https://www.trulia.com/research/remodeling-on-the-rise/) from 2019 says:

• 90 percent of homeowners plan to remodel their home at some point, up from 84 percent last year.
• While homeowners with a future sale in mind will often undertake a remodeling project, most remodeling is likely for the homeowners’ enjoyment themselves. More than two thirds of homeowners who plan to sell their home in the next two years (68 percent) also plan to renovate or remodel in that time. But only 17 percent of homeowners planning to remodel within the next two years are also planning on selling in that time.
• Of homeowners planning to remodel, 47 percent are only willing to spend less than $5,000, while 20 percent are willing to spend over $10,000.
• The most popular projects homeowners planning to remodel will take on are in the kitchen (50 percent) and bathroom (45 percent).

Don't get it twisted - I absolutely applaud my fixer upper clients as I am a fixer upper myself! My husband and I have rehabbed our current home room by room and 6 years into ownership, we're still not done! 

Here's friendly advice from my own experience:

• Look for the homes with updated large ticket items like HVAC/Roofing/Plumbing but are just plain ugly. You can handle ugly!
• In my opinion, the average homeowner should be able to paint, replace light fixtures, and even tackle some flooring by watching a few youtube video's. 
• Leave the work you can't handle to the professionals. Don't try to tackle something that could go terribly wrong like plumbing or electrical. This is too risky and costly to gamble on.
• When you find that perfect ugly house - try to keep some of it's charm in the reno. Maybe use some of that hideous old wallpaper for some artwork, or re-use the old kitchen cabinets for storage in the garage or basement.
• Paint can and will work wonders!! Try painting those kitchen cabinets to bring them into this century!
• If it's real wood - keep it!! Even if it's ugly, refinish it. I'll take real wood over laminate bullshit any day of the week.
• Don't under estimate the practical updates like windows, doors, siding etc... These can provide efficiencies that an older home may have been lacking.
• Make a budget and stick to it! Move room by room and don't feel like you need to flip the entire house immediately. You will get overwhelmed and go broke by trying to turn your fixer upper into your dream home overnight.

I look forward to helping you look for the perfect ugly home!!