As someone obsessed with houses, I turn on HGTV all the time. And many of my clients spend time watching various shows as well. It doesn’t take long after stepping into a kitchen – whether with a buyer or a seller -- for the conversation to turn to renovations. And for the misinformation to take over.
Don’t get me wrong – I like HGTV. But many of those shows depict home buying and renovation in a completely inaccurate way. For me, these are the five biggest offenders:
1. Renovation Costs Are Too Low – Believe me, I would love for a kitchen renovation to cost what’s quoted on Love It or List It. But the truth is, an older kitchen, gutted and being brought up to code, is almost always more expensive than my clients have been led to believe by the television show. Usually, by a lot.
2. The Value-Add Is Too High – I have clients who are convinced that if they spend $85,000 on a bathroom renovation, it will increase the value of their home by $115K. In my experience, the opposite is true. Unless you are a contractor or can do most of the work yourself, you will not recoup the money you invest on finishing a basement or renovating a kitchen. Of course, you should do the renovation to improve your home for you. But don’t expect it to be a money-maker.
However, there are two projects that are always worth investing in: fresh paint and refinished floors. Even if they cost more than HGTV may suggest, newly done walls and floors make a house feel clean, fresh and inviting.
3. Project Duration (and Inconvenience) Is Underplayed – Through the magic of television, clients are lulled into believing that a renovation can be done in six weeks. Six months is more accurate, and even that is often optimistic. Again, this is not to say you shouldn’t create your dream kitchen. Just know that projects often take much longer IRL than characterized on TV.
4. Selection Process is Oversimplified – In House Hunters, a buyer is shown three houses and asked to pick one. The host never says, “I’m sorry, you’ve been outbid. Again.” In fact, there are no bidding wars at all – one of many TV omissions that make home buying appear more straightforward than it typically is.
5. Agents Are Depicted as Simple-Minded – Although I try not to take it personally, there are way too many instances where real estate agents are depicted merely as the person who has a key to the front door. I would say about 20% of an agent’s job is showing houses. Most of the job entails working out problems related to easements, oil tank remediations, title issues, and closing logistics.
Finally, HGTV – as delightful as it is – doesn’t spend anywhere near the amount of time talking about the quality of life benefits you may want to look for once you walk out your new front door. For example, how living in a walkable suburb contributes to a person's good health and fosters a sense of community. I think I could host a show like that!
But in the meantime, I’m happy to just talk about it with my clients. If you’d like an amazing and realistic sense of what Montclair, Maplewood, Glen Ridge, South Orange, West Orange, Verona, Cedar Grove and Bloomfield have to offer, please reach out: 973-809-5277