In my opinion renovations differ from remodels in one significant way: A remodel is a single project usually consisting of one room, there may be several remodels for a client but each remodel has its own budget and schedule. A renovation on the other hand is an update or rebuild of more than 50% of the home. A renovation may also involve the removal of walls and replacement or repair of a structural element like the roof or the foundation.
Some of the reasons someone may want a renovation are:
- To prepare a house that is outdated to go on the market
- To make a house that was purchased as a “fixer” or “handyman’s special” into a home (otherwise known as sell, re-design and renovate) just like on the HGTV show “Property Brothers”
- To update a home to meet the changing needs of a household
- To take advantage of a stalled housing market to pick up a “flip” house or a “buy and hold” property at a steeply discounted price and either sell the home or hold it as a rental until the housing market recovers
At 3dog Properties we undertake renovations for all of those reasons. We are investors and we complete about one “fix and flip” property a year, we also have a licensed Realtor® on staff so we can assist in the purchase of a home and the renovation for one-stop shopping, we are a full service design/build firm so we can help a homeowner re-imagine their current home to make it better meet their needs and we also provide general contracting and project management services to other investors to assist them in making a profit in real estate.