Allen W. Griffin Owner of Gryphon Builders
We all watch the HGTV & other network shows that showcase a home that is in disrepair or has been neglected for some decades. They pick up the home at a reasonable price, make some improvements and then sell it for a profit.
Doing this as a homeowner for your personal home has some added benefits:
#1 Enjoyment - You get to live in a completely updated home that fits your style and families needs in a desired in town neighborhood.
#2 Cost - For a homeowner, the cost of financing a project is at least 5-10% less than doing it as a business. Plus you save another 8% by not selling the home with realtor and closing cost. These all lead to an instant equity position in the home.
#3 Equity - There is typically instant equity and the longer you own the home the more your equity increases. (one example- a home purchased for $300K - Invested $300K to update & appraised at $650K in 2008, Now worth $970K)
How it works: We are looking for homes that are well below the top of market value for there area, typically a little smaller than the desired home size. A good indicator of the top of the market is what new homes are being sold for in that area, that is also a good gauge of what your completely Renewed home can be worth. But, not every home is a good candidate for this, it takes experience in design, construction and the Houston Real estate market to find these.
I regularly look for homes in the Houston Real estate market that offer Great potential, I see these properties for what they could be, not as they are now. Contact me to discuss my vision and the potential of these properties. If you have one that you have found, Contact me. I can take a look at it online or meet you to walk the property.
Custom Home Plans Remodeling Plans
Inspiration for your Custom Home - A showcase of custom home plans available that we have through a partner design firm and some that we have designed in house.
Inspiration for your Home Remodel - A showcase of home remodeling projects and plans for these older homes.