Troy Erickson Realtor Receives Certificate of Excellence in Real Estate

7/7/2017

Troy Erickson Receives Certificate of Excellence in Real Estate

I am so honored to have received this 'Certificate of Excellence in Real Estate' award from Broker Agent Advisor. It is great being recognized for my local real estate industry knowledge, dedication to my profession, and service to my clients and community. I am so excited to be selected in the Top 10% of Real Estate professionals nationwide.

Top Chandler Real Estate Agent | Troy Erickson Realtor

Press Release

FOR IMMEDIATE RELEASE

Troy Erickson Receives Certificate of Excellence in Real Estate Award

Broker★Agent™ Advisor Honors New Achievement

Phoenix, Arizona 6/29/2017 — Troy Erickson has been selected for the Broker★Agent™ Advisor "Certificate of Excellence in Real Estate" for his service during the calendar year of 2016.

Each year, Broker★Agent™ Advisor identifies real estate professionals we believe have achieved exceptional success in the field of real estate. These individuals enhance the positive image of real estate professionals at large through exceptional service to their clients and community.

There is no cost or membership fee required in order to be eligible for the 'Certificate of Excellence' award, which makes this honor one of the most genuine in the industry towards identifying those truly worthy of special recognition and distinction.

Various sources of information are gathered through proprietary sources and analyzed to select the winners in local marketing areas throughout the United States and Canada.

Broker★Agent™ Advisor focuses on quality, not quantity, with fewer than 10% of real estate professionals nationwide being eligible to receive this prestigious Award.

The Broker★Agent™ Advisor Certificate of Excellence program serves to recognize those within the real estate community who’ve demonstrated an unyielding and exceptional dedication to their profession and service to their community.

About Broker★Agent™ Advisor
Established in 1996 Broker★Agent™ is a real estate trade publication which provides information, tools, and resources to assist the modern real estate professional in achieving greater success through their real practice.

SOURCE: Broker★Agent™ Advisor

Troy Erickson Realtor has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.

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5 Reasons why buying a fixer-upper may not be the best choice

7/7/2017

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5 Reasons why buying a fixer-upper may not be the best choice

Day in and day out I speak with prospective home buyers who are interested in buying a fixer-upper. They typically feel that they can get a great deal on a home that needs some attention, and then they will be able to remodel the home to their liking. Unfortunately, more often than not, a fixer-upper can be a home buyer’s worst nightmare.

If anyone has ever seen the movie called “The Money Pit” starring Tom Hanks and Shelley Long, then you know what I am talking about. To briefly summarize the story, the couple (Hanks and Long) end up buying a large estate due to its extremely low sales price. However, it becomes apparent rather quickly why the home was so inexpensive when everything starts to fall apart. The couple ends up having to throw all their savings, and then some, into fixing up the property. You know what they say, "If it sounds too good to be true, it probably is."

1. There is a reason why that fixer-upper home is priced so much lower than all the others

More often than not, buyers looking for a fixer-upper are wanting a home where they can come in and replace the flooring, install new counter tops and cabinets in the kitchen, and replace the lighting and appliances. These are what one would call cosmetic changes, and are not really a true definition of a fixer-upper.

Fixer-upper homes have often been neglected for years, causing significant issues that are costly to repair. Unfortunately, many buyers of fixer-upper properties end up spending all their money on more fundamental repairs such as; electrical, plumbing, roofing, structural, or the foundation. Many fixer-upper homes have larger hidden issues that need to be addressed before you can start adding all the eye candy to make the home look pretty.

2. The Cost of renovation is high

Modest home renovations can cost anywhere from $100 to $200 a square foot. According to HomeAdvisor.com, the average cost to remodel a bathroom is $9,461, and the average amount spent to remodel a kitchen is $21,633 (I personally feel that these amounts are low, but it depends on the quality of materials used, the size of the room you are renovating, and where you live). Based on this information, the average cost to remodel a kitchen and one bathroom would run over $31,000, so you can see how quickly things can add up if you have several bathrooms, and additional areas of the home that need remodeling. In addition to the labor and material costs, there can also be architect, engineering, inspection, permit, and licensing fees associated with the renovation.

3. The return on a home renovation is not as high as you think

Buying an East Valley fixer-upper may not be the best idea | Troy Erickson Realtor

According to Remodeling Magazine, you are only likely to recoup 64.8% on a bathroom remodel, and 80.2% on a minor kitchen remodel. So, when it comes time to sell your home, don’t expect to sell it for an extra $31,000 (based on the information above). You will more likely get an extra $23,500 or less, for your renovations.

For 2017, some of the best returns on renovation projects are adding fiberglass attic insulation (107.7% cost recouped), replacing the entry door (90.7%), and adding stone veneer to the bottom third of the front facade of the home (89.4%).

Some of the lowest returns on renovation projects for 2017 are a major kitchen remodel (65.3% cost recouped), adding a backyard patio (54.9%), and adding a full bathroom (53.9%).

4. There are always additional unforeseen expenses

Buying a Chandler fixer-upper | Troy Erickson

Even the best of contractors cannot predict the exact costs of a project. If you have ever seen any of the remodeling shows on HGTV, you know that things always come up once the home owner starts opening walls and tearing things down. There can be structural issues, and things that have to be brought up to code during the renovation. Items can be exposed during a home renovation that will need to be addressed, such as bad wiring, a crumbling foundation, asbestos, water damage (mold), and other unforeseen issues. It is always best to add an additional 10 to 25 percent to your estimated renovation budget for any unanticipated expenses.

5. Renovations takes longer than expected

Things to watch out for when buying a fixer-upper | Troy Erickson Realtor

On TV, home renovations go from an idea to completion in just a few short weeks. However, there is a lot they do not show you, including the months of preparation it takes before even starting the actual work. Things like new cabinets can typically take eight weeks before they are even built, let alone shipped and installed. Certain products may be out of stock and not available to order right away. Building permits also need to be factored into the equation. Plan reviews can easily take up to two weeks or longer, and can add several hundred, up to several thousand dollars of additional cost. One final thing to consider is that contractors may be booked up to several months in advance, so you might not even be able to get started on your project right away.

5 reasons why buying a Chandler or East Valley fixer-upper may not be the best choice

The takeaway in all of this is that in the end, most people end up paying way too much for their fixer-upper. After adding the cost of renovations to the sales price, it is rare that the total expense of purchasing a fixer-upper will be less than buying a comparable move-in ready home in the same area. Plus, after all the time, headache, and expense involved in buying a fixer-upper, you still may not end up with exactly what you wanted in a home.

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Troy Erickson Realtor Receives Certificate of Excellence in Real Estate

Troy Erickson Receives Certificate of Excellence in Real Estate

5 Reasons why buying a fixer-upper may not be the best choice

5 Reasons why buying a fixer-upper may not be the best choice

Chandler and East Valley Blog: Troy Erickson Realtor

Troy Erickson

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Troy Erickson Realtor Receives Certificate of Excellence in Real Estate

Troy Erickson Receives Certificate of Excellence in Real Estate

5 Reasons why buying a fixer-upper may not be the best choice

​5 Reasons why buying a fixer-upper may not be the best choice

Chandler and East Valley Blog: Troy Erickson Realtor

Troy Erickson

Categories

Archives

Contact Me:

5 Reasons why buying a fixer-upper may not be the best choice