You've probably seen the whole house flipping routine on TV. It was all the rage a few years ago when the market was hot. People were buying up ugly houses, giving them a quick (and usually cheap) makeover and then turning them for a quick, yet very significant profit. It was too easy.
We all know that times have changed. However, what you may not know is that there are some people still out there giving new life to the neighborhood eye sores. The profits aren't as glamorous as they once were. The risks are much higher. And yet, they continue on, unfazed by the negativity surrounding the housing market.
The main difference between the house flippers of old and this new breed of craftsman lies in their motives. While the first group was primarily driven by greed and quick profits, this new group is motivated by a passion to build a better community for future generations and preserve the quality of life for current residents. Their margins are slim, but they are confident that what they are doing will have a lasting impact on the neighborhoods they work in.
Part of their confidence is derived from the high level of craftsmanship and quality materials they put in their homes. They know their homes are going to look more appealing to potential buyers than most of their competition. They've thoroughly inspected the homes to make sure their remodel is not just putting a new wrapper on a rotten product. In most cases, the updating includes much more than just new paint and carpet. Often new roofs, new electrical panels, and structural repair are required before they can even think about creating a visually appealing finished product.
Perhaps most importantly, these homes are being refurbished and resold in a price range that is very attractive for first time home buyers. It is a great alternative for those who like the fresh feeling of a new home but hate the idea that you have to sacrifice all sense of privacy and live on a postage stamp. Many of these homes are in established neighborhoods with mature trees, larger lots, and a sense of community that is yet to exist in most new home developments.
If you think a remodeled home in an established neighborhood sounds like a good fit (or you are just addicted to looking at real estate) here are a couple of homes for you to check out:
And here are some Before and After photos of one recently finished home in the Tanglewilde neighborhood: