Posts Tagged ‘sweat equity’
Finished vs. Unfinished Basement
I just can’t help but brag about the amazing transformation going on at Colebrook Road. Take a look at how the unfinished basement looked before we started:
And take a look at this progress photo of our finished basement!
Even the darkest, dingiest spaces have potential if you know how to look at things!
Beware Renovation Cause and Effect
As I have written in the past, the lure of buying a junker bank-owned property and fixing it up yourself to save money can be both exhilarating and crushing–sometimes all at the same time!
Here is an example of how easy it is to entangle yourself in all the many elements of a renovation. These are all changes we’ve made to one of our current properties. No doubt the future buyer will be ecstatic about all of the lovely changes and updates we’ve made…but before you buy a fixer upper, ask yourself whether this is something you can handle on your own. If so, more power to ya! If not, why don’t you give us a call to see what already-renovated properties we might have available.
Buying Foreclosures – Factor in Some Equity For Your Trouble
It is interesting to me how agents make things sound so “easy” in their desire to make a commission. Recently, I had an experience with an agent who was working with a couple looking to buy a foreclosure property. This couple, being in their early 50s, already had the experience of buying and selling a few homes. These empty nesters were looking to get closer to work and simplify their lives by reducing their long daily commute.
While the couple and I were talking about the renovations that would be needed to bring the property up to the neighborhood standards and regain value, the agent chimed in that it “wasn’t a big deal.” She said that if the owners–who were planning to live in the property during most of the renovation–couldn’t do the work themselves, they could “just hire someone.”
Yes, that’s true. If you can’t do the work yourself, hire someone else. But it is not that simple or easy. Do not discount the fact that your life will be in turmoil if you are living in the home during major renovation work. You have got to pay for this work and keep a close eye on the finances. If you know this and are still willing to take on that situation, you should factor in some equity for your trouble.
