Everyone has heard the stories of people who have bought a home, fixed it up and sold it again for a huge profit in just a short time span. It’s become a regular part of the American folk lore. But the truth is that it can still be done, even in this existing housing market, right here in York County. Whether you live in Fort Mill, Tega Cay, Rock Hill, Fort Mill, Clover, York, Lake Wylie, or across the border in North Carolina, you can still find a great bargain of a home, fix it up and turn a profit. Is it as easy as it was in the past? Maybe not, but the trick now, as it has always been, is finding the right home at the right price in the first place.
There are lots of ways to find good deals right now. There are short sales. This is when a seller owes more on the home than it is currently worth and requests that the bank take less for the existing note. There are REO properties, bank owned homes that have been foreclosed upon or taken back by the bank for any reason. There are deals on new construction, and of course there are deals on resale homes, at least the ones where the owner is highly motivated to sell.
Regardless of how you find your good deal on a home, the only way to increase your equity on a home by remodeling is by doing nice looking fix ups. This means that the job that you are doing should help the house flow better, feel better and/or look better. Depending upon the age, size and neighborhood of the existing home, will dictate how much money you want to put into the project. I wouldn’t recommend putting a large addition on a home in a subdivision where no other homes are close to the size of the newly enlarged home. However, on that one, I might recommend increasing the curb appeal with some nice exterior landscaping, a coat of paint on the inside or outside, installing upgraded moldings in the home etc…Small items. You may also consider the idea of a kitchen or bath remodel. Now on the other hand if that same home is in a neighborhood where many of the homes have added footage. That addition might be a good decision. The key is to be consistent with the projects that you perform on the home and how they fit for the neighborhood.
As a lifetime contractor, remodeler and property investor, I have always found that improving the kitchen and baths pays off when I have gone to sell the home. These are the main focus areas when people are buying a home and considering whether they could see themselves in the home. Here is a list of other items that I think would pay off for you, in fixing up your home’s resale potential, without killing your budget:
1. Fresh paint. If you are going to do it, take the time to prep all of the surfaces to be painted first and to cut the lines in cleanly while applying the paint. Earthy natural tones are a safer bet than the outrageous colors. Leave most of the colors of the crayon box out to appeal to the highest number of potential buyers. Some color is good, but don’t overdo it. The surface preparation is just as important as putting on the paint. Fill old nail holes. Make sure that the texture on walls and ceiling is consistent and ready for the new. Sand moldings as needed to guarantee a good finish for the newly applied paint. Dust after sanding walls, moldings doors etc…Paint doesn’t apply well or look good on dust or dirt. If you have stains, apply a stain killer prior to painting as part of the prep process.
2. Install taller baseboards, new door and window casings and crown molding. This is something that your professional could do very easily, but you could complete as well. All you have to do is be able to read a tape measure correctly, and make a clean cut with a saw. You can buy a reasonable trim kit saw for cheap in a do it yourself store, although a nice electric compound saw (cuts a bevel and angle simultaneously) is even better if you can afford it. If you are doing crown moldings too, you will definitely want a compound cutting saw. Make sure if you are going with paint grade trim to caulk the joints and the transition from the molding to the wall. It makes the trim and paint job look much cleaner.
3. Change out and upgrade your home’s lighting and plumbing fixtures. It’s always a good idea to hire a licensed professional for these trades. Be consistent on the fixtures. Try to keep a common look/theme throughout the house. Consider adding some can or recessed lighting in areas where there is minimal light. Many homes are missing accent lighting that would really enhance the appearance of a room.
4. Change out old electric receptacles and lighting switches with newer ones. Once again, really a job for a licensed electrician. However, it need not be an expensive one. They can usually do about 15-20 of these in about an hour. Make sure that you replace the cover plates too!
5. Replace old door hardware. This is something that you can do on your own. Levers are really nice. If you decide on levers, make sure that you buy the correct handing for the door and the way it swings. Old painted hinges are fairly easy to change out as well. Some have rounded corners and others have pointed corners. Check with what is installed in your home prior to purchasing new hinges to ensure that they will fit correctly.
6. Re-grout the tile on countertops, floors, tubs and showers. This job isn’t fun, but it will really make the space look better when completed. Unfortunately, if the tile is damaged and just way too out of date, you may have to replace it too. When you are ready to install the grout, make sure that you have a couple of buckets for clean water and one to mix your grout. You will also want some hydraulic sponges for cleaning up and a grout float to install the material.
7. Upgrade your flooring. Hardwoods are a great way to go. Make sure that you understand about the underlayment needed for the product that you have chosen and that you let the material acclimate in your home for several days before installing. Another good option is to install porcelain tile in the kitchen, baths and laundry rooms. It is more durable than ceramic tile and less apt to break. Replace old ratty looking carpet with new carpeting. Don’t skimp on the padding material, even though it’s cheaper. Your better off installing cheap carpet over a good pad then good carpet over a cheap pad. Make sure that if you are replacing carpet that it’s the same color throughout the house. Remember consistency in color schemes for your feel/flow of the home.
8. Remove the old acoustic (popcorn) ceilings. When you see this stuff, it’s a sure sign of a home that is older and needs updating. While the acoustic ceiling material does help for sound absorption, it does not help for aesthetics, and you can always dispel sound in other ways. Note: This project is messy and you will have to perform some drywall work afterwards and then paint. I recommend bagging the entire walls and room in plastic if you are going to do this job or at a minimum remove all of the furniture and cover the floors. There are two types of acoustic. Drywall acoustic is easily scraped, but plaster acoustic is a pain to remove. If you have that type you may want to reconsider how the job may be performed. I have skinned ceilings with new drywall and skim coated the plaster ceilings on jobs in the past as alternatives to scraping.
9. Fresh flowers and landscaping. Good curb appeal is a crucial element of getting a good buyer into your home. If it doesn’t look good from the street, they might not even want to come into the home. Talk with your local nursery and plant seasonal flowers that will bloom during different times of the year to maintain some color during all seasons.
Larger projects include kitchen and bathroom remodeling, additions, decks and concrete work. For these larger projects, I recommend consultation and the hiring of a good local professional. I will write another article on the interviewing, selection and hiring of a contractor for another time.
Good luck and God bless you in your efforts to improve your home. If you want any more information about any of these processes or any construction process, I would be happy to assist you. Feel free to contact me anytime via phone or email. I answer when you call. If I’m not able, I am a prompt call returner.
Ross Harkness, SC Realtor®/Lic. Builder, NC Broker
Palmetto Property Pros
Wilkinson and Associates Real Estate
