Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
On the other hand, I like the fact that they give hope to people who cannot afford to buy a new home. It makes the public aware that there are other ways of turning a house into your dream home.
Those shows do generate a lot of interest, but they give the impression that it is so easy. People jump in and find out too late that they don't know what they are doing. We've seen lots of "failed FLIPS" where the Flipper simply ran out of money, or did such bad work that the home was not habitable.
If you want to invest in rehab homes, find an agent who has lots of experience with that, AND who has a good strong list of contractors you can trust. (Contact me if you need a name.) You might even consider becoming an apprentice to a seasoned Flipper until you understand the process. Build a solid business plan, gather your "crew", understand that time is money, and start small.
The best book I've seen on the subject is FLIP by Rick Villani and Clay Davis. http://www.millionairesystems.com/msys/FLIP.html
Doc Stephens, REALTOR
My thoughts are that the quotes for renovation work on these HGTV shows are definitely misleading. I believe that the contractor's work is gratis and that the home owners only pay for materials. It might be part of the agreement with HGTV so that they have an incentive to have their home and themselves featured on the program. I could be wrong but the price of the work quoted always seems very low when compared to "real life". Clients of mine that also watch the channel feel the same.
Prudential Connecticut Realty
This question is soooo timely.
I just had a seller ask me about HGTV and what they should do.
I explained HGTV is ENTERTAINMENT and they get paid by their sponsors for creating entertainemnt for the viewers.
Selling your home is real life and we must use realistic techniques to sell your home.
Now lets get to work and get your home SOLD!
I found it unrealistic. Maybe $1,000 covers the cost of material, excluding contractor's work. I agree with Linda, it may give hope to people who may think to remodel with min. expenses, but I am realistic, and I don't see it happening unless you do the work yourself.