How ATX Techies are Taking on the Real Estate Market
It’s no secret that Austin has become a popular hub for both new startups and mature tech companies. The vibrant culture and youthful population has companies flooding into ATX. But besides working tech jobs and attending SXSW, Austinites are also getting involved in the booming real estate market.
According to the Austin Business Journal, the metropolitan population grew about 151 people each day in 2017. Whether these transplants are here to work in the tech industry or not, resourceful residents are sure of one thing—these people are in the market for premium real estate. With hundreds of fixer upper properties on the Austin market, it’s an obvious opportunity for real estate junkies and techies trying to make an extra buck on the city’s rapid growth.
Fixer uppers have taken Texas by storm with the introduction of the popular HGTV show of the same name based in Waco, Texas. The show follows the Gaines family as they guide Texans through the process of buying a fixer property, and as they remodel it to create the buyer’s dream home. Many young Austinites are taking inspiration from this concept and taking remodel matters into their own hands. We’re taking a look at how Austin is adopting this trend and how you can make your fixer upper dreams a reality.
If you’re ready to jump into demo day with reckless abandon, you might want to take a look your financing options first. If you are working in the startup industry, chances are you may need a little loan assistance before you take on a new real estate venture.
Hard money loans are a common way for property flippers to get quick funding on their investment and ideally get a high profit on the property sale to help repay the loan. When looking for hard money lenders, it’s important to deal locally. This means if you’re looking to invest in Austin real estate, you’ll want to look for an Austin hard money lender. Alternatively, if you want to invest in Houston property, you should look for Houston hard money lenders. Once you’ve secured financing for your investment property, you can start hunting for your next project.
Have a Vision
You’ve found the perfect Austin craftsman with loads of potential, and you’re ready to make some serious progress. But before you pick up the sledgehammer, you’ve got to nail down your vision. Taking down walls and repainting hallways without a plan could end up costing you your investment if potential buyers aren’t on the same page with your design updates.
Try out an interior design app like SketchUp to help you bring your vision to life. This way, you’ll be able to test how paint colors, textiles, and furniture fits into your space before taking any irreversible action.
Get Your Hands Dirty
While HGTV may have inspired the fixer upper revolution, the reality is that it’s far less glamorous than the show portrays. If you’re serious about committing to the trend, know that you have some long days ahead of you. For those who don’t consider handywork part of their primary skill set, there are some workarounds. By using an app like Thumbtack, you can find local contractors to help you with specific tasks to help you get the work done while balancing your personal life and busy career.
Save on Remodel Costs
One of the most important elements of selling real estate is staging the property perfectly for potential buyers. When you’re remodeling, remember to set your personal taste aside and opt for more neutral styles that would appeal to the general buyer’s market. When you’re trying to make money on a piece of property, the last thing investors really want to do is chip in more than they already have. Try maximizing your budget by shopping for used furniture on apps like OfferUp. This can help you save money on expensive furnishings while still making the space look great for showings.
If you’re ready to get to work and think you can make it past “demo day,” you may want to consider real estate flipping while Austin is still in this growth stage. Using these ATX property investment tips, you can turn your side-hustle into a worthwhile profit. The property is still there, so don’t miss out on the opportunity to cash-in while you can.