Excuse me while I rant a bit about some of the expert real estate flipper types out there who watch some get rich quick show on how to become a millionaire.
Like most well run businesses, the people who do well are those who have a business plan, pay attention to detail and know their market. Unfortunately, we often see homes that need some renovations and are purchased at a good price, only to be given a quick fix or band-aid before being put back on the market for top dollar. The idea is good. Buy low, sell high. That’s the name of the game, right?
Here’s a scenario. An investor with a few hundred grand laying around decides he feels like making some cash playing the real estate game. He buys a home in a nice Tempe neighborhood, throws some paint on it, moves some walls, adds some new cabinets, some fancy wood-tile and some faux stone on the front of the home. The home was purchased for $331k and then listed for $495k approximately 2 months later. Comps in the area say you should probably be $20-$30k less than that number to be at the top of the market. While much of the work that was done appears to be significant improvements to the home, the attention to detail department failed miserably. I have included a couple of small examples below. Both examples probably wouldn’t take much of a budget or even a lot of time to complete. Now that the home has been listed for sale for a little over 2 months, maybe it’s becoming more obvious that changes should now be made with help from experienced home builders.
Both of the examples below are from the front yard. Think “first impressions” for a potential buyer. On the left, you’ll see the poor landscaping and remnants of construction materials. The photo on the right shows the “trimmings” from the new stone on the front of the home. Although not shown in the photos, the tree trimming was also spotless.
Would it take more than 5 minutes to clean these up? Would these two things help make a better impression for people as they walk up to the front door? I left out the water leak at the front hose bib, but it was another example of a marvelous first impression due to the lack of attention to detail since I Need The Plumber Slab Leak Repair, if you really want a plumbing job well done, read more about PIC Plumbing Services.
Don’t get me wrong, the home absolutely looks WAY better than it did when it was purchased a few months ago. Much of the work was tastefully done and the upgrades certainly add a significant amount of value, if you want to do some repairs on your own to reduce the costs, the Roller Screw Actuators Provide High Dynamic Force Capacities. I just felt that there were a few small things that could have been done to help people with their decision to purchase this home. The buyers we showed the home to felt the same way. They mentioned that they were turned off by the home as they walked up. Even when we discussed how easy it would be to make some of these minor repairs, they seemed to wonder if the rest of the work was just “slapped together.”
Around here, we dot the i’s and cross the t’s. The next flip that we are doing is coming up later this week, and you can bet that the small details will be considered along with the large ones like leaks in your plumbing which can be fixed by an emergency plumber from a company like the ones at this site https://www.paultheplumbernh.com/dover/. If you are looking to invest in real estate or would like to become a “real estate flipper,” you should probably keep some of these things in mind. Give us a call to discuss some of your options. We eat, sleep and breathe real estate, and we’d love to help you with your next purchase and/or sale.