Jake Tidmore from Lenihan Sotheby’s International Real Estate in Louisville, KY joins this week’s podcast to talk about home renovation in today’s market. Since the recession, today’s buyer is looking for value and opportunity more than ever. Rehab homes run the full gamut from needing light cosmetic changes to complete overhauls and full customization.
What to look for in property you’d like to remodel
“Across the board, the most important thing is finding the right location,” says Tidmore. From there, the second-most-important consideration is the right price point. Thirdly, they want a project that won’t be over their heads. Seasoned investors may be able to handle a bit more, but Tidmore works hard to ensure first-timers tackle manageable remodels – things like kitchen cabinets, counter tops, deep cleaning for rugs and floors – nothing that changes the structure of the house.
The role of a Realtor in home remodeling projects
As a trusted advisor, a Realtor’s role in these MLS transactions are multitudinous.
Financing: Realtors have experience with financing deals and tap their network to help clients secure a fair loan.
Oversight: Realtors also act as liaisons with the subcontractors to ensure their clients are getting value for their money. “I will go to the property one, two times a week to check on subcontractors,” says Tidmore, “to make sure the finishes are right, the layouts are right, to make sure my clients are going to get top dollar resell.”
Expertise: Who should you get to put your counters in? Where should you buy your materials? What finishes are trending and enabling quicker sells? Which contractors truly stand behind their work and are known for timely remodels? Ultimately, a Realtor’s job is to build relationships and develop specific expertise, such as knowing who the best property inspectors in town are, or who to turn to get pet stains and odors cleaned from oriental carpets and area rugs.
Area Knowledge: When people are looking for direction in their remodel work, Tidmore may point them to other properties in the area that have been purchased low and sold at a profit. His clients can look at the types of finishes used and the type of money that went into these projects.