Hi, I’m Sophia Sanchez, Tampa Real Estate Broker. Today I wanted to discuss your risk tolerance and whether you prefer a move-in ready or full-renovation property.
I have a renovation book I put together for the property I live in, which I ended up taking down to the studs. Not many people want to embark on that project because it is like having a full-time job.
When they say move-in ready, some people want it completely turnkey, ready to go, put your toothbrush in, and call it a day. And a lot of properties are not like that. Unless you are looking to buy a new construction home or something that has been completely renovated, there will be some stuff you’ll have to do to the house.
So when we take on a buyer, we ask and try to figure out your risk tolerance. Is it new paint and maybe a couple of fixtures? Or are you willing to take something on that needs all new piping, roof, kitchen, bathrooms, or flooring? We have to weigh that out if you’re going to take on a complete renovation.
The idea of a general contractor is to have that person manage it for you. Still, it would be best if you managed the general contractor. If you embark on renovations, make sure you have ample time set aside to be able to monitor and govern your general contractor. Also, ensure you get enough estimates and bids on the onset to save time, energy, and resources.
Creating a renovation book or binder is an excellent idea if you plan on selling the home down the line. In my book, I’ve saved everything: all my contractors’ contacts, business cards, final receipts, and warranties. I even went so far as to save paint samples. Personally, I wouldn’t say I like to keep old paint. As a real estate agent, it’s one of those things at closing where many buyers are just like, why did the seller leave me rusted old paint cans that are ten years old? I don’t want it, and I can’t use it. So drop us a message, and I can tell you exactly where to go to dispose of old paint properly, but do keep the paint samples. Keep an extra one in your book, in your binder, and keep samples of any finishes or trim. If you’ve got additional flooring samples that you can save, do so. Take note of the numbers of what was installed; that will be super helpful, and then cohesively organize your book. Nothing is better than handing something like this right over to the new homeowner. It elevates the property and the project you’ve done so that if there are any repairs or improvements the new owners want, they can do them and know who to call.
So I hope that that helped give you some insight on renovation versus turnkey. If you have any questions, drop me a message, and I’ll get back in touch as quickly as possible. Thanks.