Jim Lord works as a realtor specializing in foreclosures and short sales. In the following article, Jim Lord of Crestwood General Contracting in Arizona discusses renovating and selling short sale properties, their market dynamics, and strategies that can lead to a successful transaction in this specialized niche of real estate.
For aspiring homeowners and those in search of budget-friendly options, short-sale properties can hold immense potential due to their reduced prices. However, these properties are often sold in a condition reflective of the previous owners’ financial struggles. While it may feel like home to them, it might not resonate with potential buyers.
This is where the transformative power of renovation comes into play. Yet, a pertinent question arises: how can homeowners undertake these renovations, especially when the short sale itself hints at financial strain? Let’s unravel the strategic approach to breathing new life into these properties and unlocking their full potential.
Jim Lord Discusses Renovating on a Budget
Embarking on the renovation journey for a short-sale home entails bidding farewell to sentimental items. While it might tug at the heartstrings, remember that the goal is to prepare the house for new families to craft their own cherished memories within its walls. This transformation sets the stage for a fresh chapter of warmth and belonging.
Jim Lord of Crestwood General Contracting in Arizona says that to make a house look inviting – and marketable – try these methods:
Before doing anything to the house, ensure that it’s free of cobwebs and grime. Furthermore, inspect the home for molds that can cause sickness – one example is the black mold (Stachybotrys).
Black mold can cause respiratory problems, especially in children. Usually, black molds lurk in damp areas, so thoroughly check the basement, cabinets, and bathrooms.
Jim Lord of Crestwood General Contracting in Arizona notes that microbiologists recommend cleaning molds using chlorine-based bleach. Moreover, some cleaning experts suggest using hydrogen peroxide, baking soda, or distilled vinegar – see which ones are the most effective.
Once that’s done, it’s time to repaint.
Repainting is perhaps the easiest and most fun renovation process – there are thousands of colors to choose from, and homeowners who can paint artwork may even do so for an accent wall.
Jim Lord of Crestwood General Contracting in Arizona says that these days, there are a few color trends that people currently like the most. For 2023, WGSN declared the color of the year to be Digital Lavender. See if that color would suit the home.
Moreover, it’s possible to paint the house strategically. To make the room look bigger, paint it with lighter colors so that the light bounces around the room, making it more spacious and inviting.
Know what else needs to be inviting? The kitchen.
Changing the Kitchen Backsplash
Kitchen backsplashes are prone to quick wear and tear – the oil splatters, possibly melted paint, and built-up grime can make an outdated kitchen rather unappealing to use.
Therefore, if the budget allows, invest in ceramic or porcelain tiles for easy cleanup and durability. However, for an easier and cheaper alternative, buy peel-and-stick backsplash stickers.
Jim Lord of Crestwood General Contracting in Arizona notes that the kitchen backsplash isn’t the only area prone to quick deterioration.
Upgrade Cabinet Handles and Doorknobs
Ever wondered how often people open and close cabinets? The handles not only harbor bacteria, but the sweat can contribute to corrosion, especially when the cabinet handles and doorknobs are made of brass.
Jim Lord of Crestwood General Contracting in Arizona says that updating handles and doorknobs is easy. They typically just need to be unscrewed for removal, and as for the replacement, consider trendy yet durable ones – such as gold-painted ones or Nordic-style handles and doorknobs.
But even if the short-sale house transforms into a cozy dwelling, how will people learn that it’s for sale?
Marketing Short-Sale Homes
The current housing crisis is leading people to purchase cheaper homes. Fortunately, short-sale homes are in demand because of this dilemma. However, to help people find short-sale homes more easily, try doing the following:
Leveraging Social Media
To better understand how significant social media is in people’s lives, Jim Lord of Crestwood General Contracting in Arizona provides a few key facts:
- 3.80 billion people use social media
- Americans spend a daily average of 2 hours and 7 minutes on social media platforms (Global Web Index 2020)
- The most common social media platforms that users access are Facebook, Snapchat, Instagram, Twitter, and YouTube
With these statistics, advertising the house becomes rather easy – but first, be sure to take nice pictures. Make sure everything is clean and organized, and show features and areas that are freshly painted, newly repaired, and recently updated in the pictures.
There’s no need to pay for fees when advertising on social media. However, many platforms do offer ad services that can significantly help the homeowner target specific audiences – such as those in certain age groups and locations.
Jim Lord of Crestwood General Contracting in Arizona also explains that some ad services offer features that allow homeowners to control the frequency of the ad appearing on people’s accounts.
However, if this seems too time-consuming, other people can help market the house, instead.
Hiring a Realtor
Realtors know how the real estate industry works. Therefore, they can help aspiring homeowners find short-sale properties. That said, current homeowners need not work as hard to market their homes.
To find the best realtor, make sure they:
- Have years of experience
- Have experience and success in selling short-sale homes
- Are accessible and easy to contact
Lastly, Jim Lord of Crestwood General Contracting in Arizona notes that in the realm of real estate, short sale properties offer a unique opportunity for homeowners and investors alike. Renovating these homes can turn them into valuable assets for both the community and the market.
As previously explained, strategic planning, resourcefulness, and a touch of creativity are all it takes to breathe new life into these spaces. The journey of revitalizing a short sale property is not without its challenges, but the rewards are substantial.
By infusing care and thoughtful design into the transformation of a house, we pave the way for brighter futures and stronger communities. So, whether you’re a first-time homeowner or an experienced investor, the world of short sales awaits, ready to be reshaped into something truly remarkable.