Uncategorized September 30, 2017

Is Sweat Equity a Consideration for Buyers?

When my hot hubby and I were looking for our first house, we didn’t have a lot of money so we were willing to take on a house that had some work to be done on it.  That first house in Kenmore, WA (at the time known as Bothell) needed new windows, a foundation straightening, paint (to cover Barney purple) and it didn’t have a garage.  There was also an empty space connected to the master that we turned into a master bathroom and I, personally, tiled the shower myself!

At the end of our three-year stint there, our home was beautiful and we felt proud of the sweat equity we put into it.  The next home also was remodeled similarly by our own two hands, although, the Pergo we put into it to save money from hardwoods was probably a mistake.

Currently, I have listed the coolest house that I truly would love to buy myself, and I am so surprised it hasn’t sold right away.  It has been remodeled beautifully but there are some areas that probably could be addressed if you really wanted it to be perfect; it could be lived in for years as-is.  The fact that it has a pool can be daunting for some, but the Sellers have put $25k into upgrades for it, so much of the maintenance on that is easy.  The feedback we are getting is not that it is over-priced, in fact, other brokers can’t understand why it hasn’t sold at this price.  People are gushing over the uniqueness and all the extra living areas for out-of-town guests.  They love the privacy and the large yard.

What is the main reason people are passing on it?  Too much work.  Huh.  I didn’t see that coming.  Is it the yard? Does it need upgrades? No idea.  People are not specifying so my mind wonders if buyers these days just want a house that is perfect. Are people too busy to put sweat equity into a home?  Working long hours, raising kids and their activities, walking the dogs all fill up a schedule with no time to work on a house on the weekends.

I find that unfortunate because when you put your time into your home, you not only learn to do a handy skill, I find you enjoy the home more than if someone did it for you.  And the bragging rights (as long as it ended up nicely) are fun to dole out.

Did you know that jobs like tile setters, sheet rock installers, plumbers, electricians, etc. are in short demand?  If you do well with your remodel, maybe you will have found a new career!

If you are a buyer, please consider a home that you may feel needs a lot of work.  In that situation, you can put your own style in the home, save some money, and be proud of your home!