Taking Advantage of a Buyer’s Market Without Getting Taken Advantage of …

The news is bleak, the statistics grim; yet all the reports seem to offer a ray of hope summarized in the oft repeated phrase, “Buyers Market”. We are inundated with rebates, incentives, price reductions, reward points, and tax credits. Building material costs have dropped in some areas and contractors are hungry for work. Whereas, two years ago you couldn’t find a contractor willing to return your call about renovating your powder room, now there are four contractors on your door step competing for the opportunity just to talk to you. What could better, right?  Wrong.

While it is true that building and construction prices are more competitive, it is also true that many builders and contractors need to make more money off each project because there are fewer of them. Herein lies the problem. The residential building and design market has become flooded with contractors and designers that have been laid off from their commercial jobs and are picking up residential projects to help them get by. On top of this influx of commercial professionals, there has been on overall decrease in the number of actual projects. Anytime you have more sellers and less buyers, the advantage goes to the buyer; however, buyers beware.

The adage, “You get what you pay for” and “You can’t get something for nothing” still applies. So how do you take advantage of the buyer’s market without getting taken advantage of ?

• Reputation and References: Only hire reputable professionals that provide you with current references that you actually call and talk to. Don’t hire your neighbor’s friend from church who works out of his 1985 pick-up truck.

• Residential Experience: Do not hire a commercial professional to do a residential project. The two building types are completely different animals. Would you take your child to a vet or your dog to the pediatrician? I hope not.

• Plan Ahead: Decide what changes you want to make to your house and why. Prioritize between “must haves” and “in an ideal world” issues. Research the higher cost items such as appliances, light fixtures, plumbing fixtures, etc. Price compare online, but buy local. If you have a problem down the road, you want someone close by who can fix it.

• Determine Your Budget: Unless you have more money than sense, it will serve you well to determine how much you can spend and how much you would like to spend on your project. Even if you have no idea how much it will cost, knowing how much you can spend will help your designer guide you on decisions. Lenders are being stingy with their loans and appraisals are coming in low. Get pre-qualified for financing before you begin designing.

• Get Drawings Before You Build: If your contractor tells you he doesn’t need drawings to build from, don’t believe him. That’s like going into surgery without the x-rays or ultrasound. You’ll have no idea what you’re getting into. Contractors know that with quality floor plans, details, and elevations they are required to give you what you expect at the price they quoted you. Without drawings, they can constantly raise the price because they can claim that they didn’t know you wanted doors and windows included in the cost of your new bedroom.

• Don’t Automatically Go With the Low Bid: The lowest bid is rarely the best choice. Get at least three bids and if one bid is significantly lower than the others, then they probably left something out or they don’t know how to estimate. Ask your designer to review the bids and compare them with you.

• Desire Quality not Quantity: Bigger isn’t always better, so don’t sacrifice quality building products or methods for more space. Your renovation done right will add value to your home and life, but poorly built additions and renovations will actually decrease your home’s value and result in headaches and repairs galore. If you don’t know the difference between high quality and poor quality building products and methods, you need to hire a designer that does.

This is great time to take advantage of some lower construction costs, but there are also more people willing to take advantage of you in the process. Don’t be afraid to pursue those renovations and additions you’ve been dreaming about. Just be smart about who you choose to help make them a reality.

Before & After...a 1980's Kitchen gets a makeover

This is what we started with…

The existing kitchen was a typical 1980’s eat-in style. The breakfast table was at one end with the cabinetry and appliances at the opposite end. The refrigerator and pantry closet were located on the wall between the kitchen and den. There was a standard size door opening between the den and kitchen. The appliances included the original wall oven with microwave above, cooktop, hood, dishwasher, and a standard sized side-by-side refrigerator. The countertops were plastic laminate with a standard 4” integrated backsplash. The cabinets were site-built and had been painted white over the original dark stain. The flooring was the original sheet vinyl and the walls and ceiling were painted sheetrock.

Lighting was also original to the house and was very dated with the large wood framed fluorescent and white and brass chandelier.

This was the problem…

The main task was to design a solution that would provide the most improvement for the least amount of money.  The kitchen was currently

closed off from the rest of the house although it served as a main artery by feeding access to the laundry room and garage, back yard deck, den and dining room. Improved flow with the rest of the house and transforming the space into a central gathering area for family friends became a priority. The current design had very little counter space. The sink, cooktop, and wall oven ate up much of the counter leaving less than 5 ½ feet of workspace, so more workspace was a must. Other desires included improved lighting, new appliances, more efficient storage, and updated finishes.

 

This is the solution…

 The renovation transformed not only the kitchen, but almost the entire main living level without much disruption to the home. By opening up the wall between the kitchen and den and replacing the breakfast table with an eat-in island the whole living space was transformed. The kitchen and den now function beautifully together and provide a fantastic space to gather and complete homework or to gather with friends and socialize.

The additional cabinetry and workspace makes the kitchen a joy to work in. Pantry storage is contained in an extremely efficient and easy to use butler’s cabinet, while utility items are neatly stored in the utility cabinet next to the new counter depth refrigerator. The spaces are as beautiful as they are useful. This entire renovation was custom designed with thoughtful consideration and integration of all elements including the structure and framing, electrical and lighting, plumbing fixture selection, appliance selection and placement, cabinetry detailing, new hardwood flooring, new paint, custom tile backsplash and carefully selected granite countertops. All of these changes were made for less than 10% of the value of the home. The renovation was completed within two months and it has significantly improved not only the homes value, but more importantly the family’s quality of life.

If you are considering remodeling, renovating, or adding onto your house; or if you want to know what is possible...contact me and I will give you design solutions you never thought were possible and will leave you wondering how you ever lived without them. For more information on this project or for vendor references please visit my Profile for contact information or simply leave a comment.

Cabinet Maker:  David Drummond, D Square Custom Cabinets  (864)640-3227 cell

Cabinet Finisher:  Joey Dill, Southern Coatings (864)304-7997

Hardwood Flooring Installation:  Ben Quebe, Quebe Flooring (864)303-6347

Appliance Sales & Installation:  Alan White, White's Appliances (864) 859-8208

Countertop Fabricator & Installer:  David Springer, Campbell Tile (864) 288-3371

Granite Supplier:  Robbie Rousey, Classic Granite & Marble, Inc. (864) 292-0784

Plumbing Fixture Supplier:  Carmen Runion, Ferguson Enterprises (864) 288-0281

Light Fixtures:  The Lighting Center (864) 268-4822