You might not be aware of this, but there are approximately (maybe more) twenty television shows dedicated to real estate renovation and house flips. People love to watch home transformations. There is something about watching as a house goes from a dilapidated, rotting, termite-infested, asbestos-painted, poorly insulated with rusted appliances-home to one that is rescued from the real estate underworld, brought back from the dead, and soon glimmers with new life. All of this achieved through hard labor, clever remodeling and construction, decoration, and interior design. There is something that draws people to this particular venture and it might just be far more ingrained in our nature and our current culture than we think.
There is practically an entire internet genre dedicated to DIY home projects. Yet, it is not just the rewards that keep people coming back to home renovation. As CNBC reported, house flipping is at record highs. In 2017 there were more than 207, 000 house flipped. A house flip is defined as any home bought and sold in any 12 month period. You buy a property, work to renovate it, and sell it for a profit.
Flipping a home will usually involve a certain amount of renovation and many of these shows include flipping as part of the “plot.” In fact, that’s part of the appeal—people love to see something infused with new life and they love to see the profit that comes from it. But what is it that makes us so attracted to home renovation shows? Why have home projects become such a popular pastime for homeowners and weekend warriors everywhere?
There is Inherent Romance in a Beautiful Home
There is simply something romantic in a beautiful home. Older homes especially have this ingrained romantic quality. Houses tell stories and an old home infused with new life tells a great story of rebirth. There is something wholesome about the labor involved in restoring repainting the walls or fixing the roof. At the same time, when people sacrifice so much for their home, the maintenance and restoration of it have more than economic implications; there is sentimental value, there is a personal and emotional reward.
It wasn’t that long ago that the country went through a great recession that presented a lot of challenges to the real estate industry. In many cases, people could not afford to buy new homes or were short on cash to do their home repairs. During this time people had to resort to maintaining their homes on their own and in doing so discovered a whole new world of adventure exciting projects.
You can type in anything from installing bathroom tile to repainting the bedroom and you will find a plethora of DIY videos, blogs, and tips. The advent of the internet provided people with access to amazing resources. Hence the rise of the self-renovation and the DIY craze.
The Drama of Transformation
People love to see progress and overcoming challenges. Every single one of these shows is usually presented with challenges or unforeseen problems along the way to the renovation. In fact, if you’ve ever tried to do anything on a house, you know that you’re likely to run into problems. People relate to this.
There is a Reward at the End
Human beings are hardwired to seek rewards. We also admire people with vision and renovating a house requires technical knowledge and creative vision. The bottom line is that home renovation has become a big cultural topic. People love to fix up their homes and they love to rehab homes and flip for a profit. Why? Because everyone loves a beautiful home. The real estate industry is ripe with opportunities and renovating and flipping homes is just a part of it. With new lending opportunities, the industry is now open to everyone interested in making money off of real estate. As El Paso grows and sees more and more for sale homes and interested buyers, the potential to make money expands too. Working with hard money lenders is just one way to do it. Don’t know what that is? Call Entrust Capital for free information.