Time for a Home Rehab

According the NWMLS, King County had more than a month’s supply of homes in May 2018. That’s the first time that this has happened since September 2017! Overall, there was 1.44 months of supply available in May, but a healthy market has four months or more of housing supply. 

The Seattle real estate market is very competitive right now, and we’re seeing a lot of people opting to buy a less expensive older home rather than compete on the same homes that everyone else is bidding for. These fixer uppers can require everything from a light remodel to a complete rehab. Found at a lower price point, these homes will take some elbow grease, but they have a large potential for resale profit! 

Taking on a renovation can be very exciting, but also anxiety-inducing with plenty of potential for problems. Here are some of my favorite home renovation tips: 

Budget

Before you get started, it’s important to have a firm budget in mind. There are renovation budgeting calculators available online, and this Realtor article has a great breakdown of your return on investment. You’ll also want to take a look at the homes around you. If many have lower-end finishes, it may not be worth it to install the very best materials in your home. For the best return on investment, you’ll want to stick with the neighborhood standard. 

It’s important to overestimate the cost and time of the renovation, as well as set aside a large contingency budget. The cost of your renovation will vary according to your location, the size of the remodel, and what materials you will be choosing.

Schedule

Choosing the correct contractor is an incredible asset in a renovation. You want to find someone that you trust, has good communication skills, and comes recommended from friends or family. Good contractors have a wealth of experience on what to do, what NOT to do, and they can anticipate the time and pacing of your renovation. 

Many renovators are surprised to find that the largest cost in the home renovation process isn’t materials, it’s almost always labor. You contractor can make sure that you are making the best use of your time and efficiently getting each step done.

A little goes a long way

The first step is starting with a blank slate. Once you pull away those old drapes, remove all the outdated décor, and give the house a good scrub, you’ll start to really see the potential of the home. Making smaller changes is sometimes all that is necessary, like painting a door, updating light fixtures, or adding a beautiful rug. 

You’d be amazed to see just how much of a difference a fresh coat of paint can make! You’ll want to pick your favorite color, but your local hardware store can help you find what type of paint to choose. This is more important that many people realize! 

Purchasing a home is a big decision and adding a renovation to the homebuying process can seem overwhelming. It’s important to do your homework, work with professionals that you trust, and make smart decisions that stick to your budget. By renovating an older, out-of-date property, you are returning a beautiful home to the market and adding to a tight housing inventory! 

For more information…

Visit the NWMLS website: http://www.northwestmls.com/index.cfm?/News--Information