The free market – love it or hate it, it’s the best economic system out there. Which is why, even though you might not get that house for the price at which it’s listed because another of the many prospective buyers bid up, you know that another one’s just around the corner. In fact, given that a proper home makeover can increase the value whatever fixer-upper in which you invest, you needn’t fret too much at losing out on the one you initially wanted. Especially because, many times, the homes you see on HGTV makeover shows have already been sold to the buyers; the pretense that they haven’t been is just for dramatic effect. In the following, we’ll review some useful tips to help you navigate the things that home makeover shows tell you.
This basically just means not to make decisions hastily – sleep on it for a couple of days at least. Buying a home is a huge decision; for most people, there isn’t a single thing on which you’ll spend a greater amount of cash. Furthermore, by not rushing into the decision, you give yourself an opportunity to really assess whether some of the things you decided were absolutely necessary in the first place.
Although open-room plans are seemingly a staple of home makeover shows; these are not always practical outside of “TV land.” If you find that construction costs skyrocket after receiving a starting quote on your intentions for a fixer-upper, it’s best to scrap that idea. Tearing through everything, from foundation to the rooftops, isn’t worth it – you’re better off starting from scratch if the former is necessary to convert a home to an open-room abode.
No considerable renovation gets completed in two weeks, it just isn’t possible. Even minor amendments can take a month or more – and that’s with a professional contractor. The average home renovation requires half-a-year! So, even if your contractor tells you she can do it faster than the others, this likely means you’re getting lower quality work that would need to be redone later at great cost. And be aware that you cannot find a reputable contractor that works around-the-clock – it’s generally against the law.
A lot of people think it’s a get-rich-quick-scheme; nothing could be further from the truth. You need a lot of cash out of pocket. Then, you need to have the time to wait and entertain potential investors/buyers. It can definitely be a lucrative business model – but don’t let anyone tell you that you can be a millionaire doing home makeovers on properties and flipping them within half-a-year. Ultimately, home makeover shows are for entertainment; and, although there’s a lot of truth in them, much of it this of secondary importance. Always research each aspect on your own to come out ahead.
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