Is there a remodel in your future? Understanding the cosmetic fixer vs. the total rehab.
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The personal stories of one Realtor’s battles and triumphs in the highly-competitive Bay Area Real Estate Market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
My husband, Cliff and I spent last weekend in Santa Cruz at The Dream Inn, walking the wharf, biking to Natural Bridges State Park, exploring Downtown, and watching the surfers share waves with the sea lions. We woke up to crisp, sunny mornings, threw on our hiking shoes, strolled to the light house and back sipping hot chocolate from the kiosk en route. I was reminded once again, why this unique area holds such a special place in my heart. Only an hour and a half by car, it’s the perfect last-minute getaway. (Happy Valentine’s.)
On one side of the bluff, the steep cliffs give way to the sand and the sea below. The other side of the street hosts old and new homes alike that sit side-by-side sketching a picture of decades past: Victorians, Queen Annes, California Craftsmen, and Spanish Mediterraneans are all represented along this scenic stretch. More recent additions include Contemporary Farmhouses and glass-encased Moderns; each of them looking directly at the horizon, in what, I can only imagine, are awe-inspiring views that frame sherbet-colored sunsets and wind-swept beaches.
“We must have looked at a zillion houses,” Cliff nostalgically said, reminded of the countless number of San Francisco Sunday Opens we visited while in the hunt for our first home; a process we repeated often, moving every few years. As soon as the most recent fixer was renovated, we bought the next. Consequently, we have lived in Edwardians, Cape Cods, and Cottages (just to name a few) and every single one of them needed work. A decade later, we had built enough equity to establish roots in Piedmont where we happily stayed for the next 10 years while the boys attended public school. (That home was renovated too, as was the next.)
And while living through construction meant that we were often subsisting on microwave dinners, showering at my mother-in-law’s, or brushing our teeth with bottled water, we made it work. As with any skill set, we got better at problem-solving and more creative with each new project. Happily, my clients now benefit from my many years of trial and error.
That being said, is there a “dream home” in your future? That depends on you, your tolerance for disruption, your budget, and your ability to make decisions quickly. Many Buyers think they’d be happy to do “some work,” but change their minds quickly when reality sets in. (That’s okay. A “fixer” isn’t everybody’s cup of tea.)
There’s a significant difference between cosmetic fixers and total rehabs.
The first addresses countertops, backsplashes, fixtures, appliances, floors, lighting and paint (finishes that can be addressed fairly quickly and painlessly) while the second involves taking a house down to the studs, and putting in new wiring, plumbing, insulation, drywall, windows and roofs, kitchens, bathrooms, HVAC systems, etc., etc., etc.
These larger projects tend to grow in scope and cost, usually involve architects and engineers (and permits!), and often require the owner to relocate for the duration, but you’ll have exactly what you want when all is said and done.(BTW, the budgets on HGTV don’t begin to equate to what it REALLY costs to undertake such improvements.)
For those who contemplate whether they should move or renovate, it often comes down to location. Do you love your home, your lot, your neighborhood, and your neighbors, and would these components be tough to replicate somewhere else? How long have you lived in the property? How extensive is the renovation, and are you and your partner in agreement? Do you have the funds or are you in a position to borrow? Does the property possess good bones or do you need to start from scratch? Can you quickly pivot when required? And finally, if you do the work, are you still going to hate the street you live on? (In which case, don’t do it.)
No matter the scope, you should anticipate overruns, time delays, and the unexpected. Until the walls are open, you won’t know exactly what lurks behind them, and unfortunately, nearly every surprise adds cost. Moreover, with new tariffs on imported steel and wood, AND with the threat of massive deportations, not to mention high labor demand down south where recent fires decimated entire neighborhoods, I suspect skilled handymen and contractors are going to be rather scarce, which in turn, will drive prices HIGHER still!
So before you move forward, it’s probably worth your time and trouble to look at a few houses that have already undergone transformations to decide whether fixing your current home is worth the investment. OR . . . would it make more sense (and cents) to apply those renovation dollars toward a new home that better meets your evolving needs? Either way, we’re here for the journey (and the duration).
In the meantime, I highly recommend a trip to the Dream Inn. It was magical.
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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