Buying a home that is in less than pristine condition and then doing a dramatic overhaul to increase its value and appeal is a worthy activity that tests your skills and can help you turn quite a profit. It is also good exercise for the body as well as an exercise in frugality. People often buy distressed properties and then renovate them until they are attractive to potential homeowners, and then flip them, or sell them for an often sizeable profit.
Fans of the HGTV network show Property Brothers enjoy watching twin brothers Jonathan and Drew Scott help couples locate, purchase and renovate homes. Residents of Austin were thrilled when the Property Brothers came to their town to work their renovation magic and teach people about the fine art of home improvement.
Working with a Low Budget
With the Property Brothers in Austin where Zillow provides data on the value of homes, couples who are eager to buy their own home often have to adjust their expectations of home ownership to reflect the reality of their relatively small budgets.
Young couples often have lower cash reserves, especially if they have only recently entered the professional working class. They want to buy a home where they can begin raising a family, but conventional homes are often out of their reach. A good alternative for prudent buyers is to work with a much smaller budget. They learn to accept that properties will be available to them only if they are willing to overlook major cosmetic problems and other factors that make the property less desirable.
Learning to Fix Up Homes
Property Brothers got Austin Zillow data reports to help them know where the expensive homes are located and where they might find houses that require a major overhaul. Fans of the TV show find themselves entranced watching the brothers evaluate a home and figure out good ways to improve it as inexpensively as possible.
Learning to fix up homes can take a significant amount of time. You need to be aware of safety issues, which may include such simple tactics as wearing a hard hat when working on repairs to the roof and walls, and buying steel-toed boots that will protect the feet from falling debris, heavy tools and other potentially dangerous items.
The Property Brothers take advantage of computer-generated graphics to help couples get an idea of what a distressed property can turn into if they follow their instructions and advice for improving it.
Broker Associate, Realtor®, BPOR, GREEN