Yesterday I wrote about some of the ideas and concepts we’re keeping in mind as we work on current projects and select new ones. It’s helpful to take the pulse of the world outside our own little bubble every so often. Sometimes the trends confirm our observations, and some surprise us.
What Do Buyers Want?
So, once we have the money and the people, and have a house ready to renovate, we need to think about what buyers are looking for, right? Well, a recent report from the Urban Land Institute gave us some intriguing information (the link takes you straight to the report). One of the trends it notes is that perhaps our drive to make houses perfect and “move in ready” may not always get us the sales we want. Like those of us who renovate for a living, many home buyers today would prefer to buy a house that needs some work and fix it up to their own tastes. (It’s shocking but true: not every buyer wants a blinding white kitchen and some even like carpet.)
Apparently, many are choosing to engage in very long-term renovations, which sound good, but may be hard on both homeowners and contractors.
What does that tell us? Champion Title says:
For realtors, advertising and emphasizing a property’s potential can prove to be a lucrative strategy. Buyers are increasingly showing that they pay attention to what a home may offer, instead of what it currently does. For developers and contractors, the shift towards larger-scale renovations means that price quotes should always include overage considerations in addition to any project-based flat fee — especially for time-consuming jobs like historic restorations or high-price residential remodels.
It might be worth considering making a house clean and livable, but not making any high-end upgrades that may or may not be to the liking of buyers. They feel much more comfortable taking down basic components and upgrading them. I know it hurts ME to get rid of a bathroom renovation I know cost a lot of money but I just can’t live with.