Ben Anton, Residential Real Estate Brokerage » fixeruppers

The Neighborhood Networker

benanton — Sun, 26 Sep 2010 17:22:46 +0000

I shy away from networking events. They seem fake and forced. The ability to show up, drink average beer, and pass out cards is not an indicator of excellence in any industry I am familiar with. That being said I love making connections. If you know me well you have probably heard me say “I know a guy.” When Isthmus reporter David Medaris asked around his office about where to start an article about neighborhood handy-people, someone said, “I know a guy.”. That guy was me. Have a read of this Isthmus Abode feature story.

thedailypage.com/isthmus/article.php?article=30560

Unlike my last few brushes with media fame, David did ask and include in the piece what I do for a living. Good job David.

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The List Price

benanton — Thu, 01 Apr 2010 18:03:47 +0000

Yesterday I showed a home on the Isthmus with a list price of 141k. It sold just a few years back and had seen some recent updates but was priced below what the current owner paid and was languishing on the market. The home also had a list, as in the eastern edge of the home was probably 6 inches lower than the western edge. Other than the obvious difficulty of frying a decent egg on a stove that was not level, it was a fine house. Keep in mind that in hot markets or even in areas perceived as hot, you may feel forced to accept less than the ideal. Make sure that whatever you buy will be acceptable to the next buyer in a potentially less attractive market and you’re covered.

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Fixer Uppers

benanton — Tue, 02 Feb 2010 18:38:57 +0000

So you’re interested in a fixer-upper but you have not owned a house before. Consider these points as you begin your search:

1) Buy in the best neighborhood you can – This point sounds obvious but buying right will be the single most important item in determining whether you are financially successful or not. Location is so important. Take your time to find the right house.

2) Make sure the house has the basics 3 bedrooms, 2 bathrooms and a minimum amount of square feet (determined by neighborhood norms). Also, consider things like lot size, lot location and whether there is a garage. If these are things that are norms for the neighborhood, your house should have those as well.

3)Find the home with good mechanical systems – Find a dated house that has good systems. The furnace, A/C, water heater, electrical, plumbing, basement/foundation and roof. These are things that every buyer wants to be acceptable at a minimum level. You won’t get a whole lot extra when you sell for redoing these components, but you might spend a lot extra if you have to improve them. These components are also the ones that you will more than likely have to hire out for. If you go into a house that has systems that are ancient, look closer at the rest of the house and definitely take into account what it will take to get these systems up to an acceptable level.

4) Look for the potential – When I look at a house, the first thing that I look for are unfinished spaces that can be finished inexpensively that will directly add value to the house. These are usually unfinished attics and basements. When you finish an attic or basement, you directly add value to your house for a minimum price. It could also propel the house into a new price category, if for example, you can make a 2 bedroom house a 3 bedroom house.

5) Strongly consider the kitchens and bathrooms – Kitchens and bathrooms sell houses. If you have a house that has a floor plan where the kitchen may always be small or dysfunctional, you might want to reconsider the whole house. With bathrooms, try to get a least 1-½ bath. If you buy a house with just one, you need to figure out how to get that second bath in. Many people will not even consider a house with only one bathroom.

6) Be realistic with your budget – Most of the time, fixer-uppers always have a few surprises in store for you. So when you are looking for that right fixer-upper, plan that it will take more than your budgeted amount and will take more time to finish as well.Even the this old house people take an itemized budget and add about 20% more to it.

7) Work with the right buyer’s agent – Buying a fixer-upper is different than buying a regular house. Having an agent that knows what is involved in projects and remodels is one step better. The seller may be the last person to know (or admit) the house is a fixer-upper and thinks it is just as nice as the nice house that sold down the block. Even when you settle on a price, you are not done. The inspections will be more difficult, there could be defects and you’ll might even have to get reputable bids quickly to get seller concessions. A transaction like this is where a buyer’s agent really earns his/her money.

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Like when you buy Mums, that’s it.

benanton — Sat, 31 Oct 2009 22:27:01 +0000

When I help buyers find a home they will often hear me refer to a home as being “maximized.” For the most part this means that every opportunity to make additional living space, a better kitchen, updated baths, and cutesy finishes has been taken. What sometimes surprises them is that I think this is a bad thing.

You see, if you buy a home and hold it, your home will simply appreciate at the rate that property appreciates in that market. If you buy a home that has already been maximized, that is what you will do. If you buy a home that has some simple needs, ugly wallpaper, needs a little sprucing up in the kitchen or bath, and you do that work, then your property will appreciate not only as much as the others around it but also exponentially based on the sprucing up and improvements.

Think about buying Mums. You want to pick a plant that looks healthy, has a nice pot, a nice color but has not fully bloomed. You want to get the most out of that plant.

Now, not all investments in a home return exponentially, or more than they cost originally, but most simple updates requiring more sweat than equity do.

So as you shop for a new home, and you walk into one that has been maximized, have a look around and get some ideas. They did all the things you should do to the “Grandma House” that I will hope we uncover in our search.

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