As a Realtor, I truly enjoy so many of those Real Estate shows that are out there. The one thing I find is their is a lot of misconceptions from what is seen on TV.
Unlike what you may see on TV it is not see 3 houses and make a decision. Some clients see a lot of homes before finding the right one. I have always believed it is about find the right one; not just anyone.
Another misconception I see all the time, building permits. So many shows where they are renovation involved just start using a sledge hammer and demolishing things then rebuild. Certain things need building permits and these things take time to get it is not something you generally get overnight. Especially in our area where we have septic systems if you start adding bathrooms and extras do you need a bigger septic system?
House Flipping on TV makes it look so easy. Very few shows, actually show you the costs involved. They say we bought it for this much, sold it for this much so here is what our profit is. What about the expenses and holding costs? There are commissions, legal fees, land transfer when purchasing and potential Capital Gains when selling, all of these things eat into a profit. Then there is the stress of what if it does not sell. How will you make those payments?
I enjoy these shows as much as anyone and I know it is “made for TV” and they leave out a lot that does not make for good tv.
Often when I am showing first time Buyers I will tell them don’t worry we can see more then 3 houses before you make a decision. These shows do make for great entertainment but they should not be taken as gospel. I do find that they are great for trends as to what buyers are looking for, is it open concept, is it certain designs, kitchens and baths are always a top priority, but also what else is on trend! I do find these shows are great for those things!
If you have questions about Real Estate feel free to reach out and we can talk about the Realities of Real Estate.