BengalNews Reporters
According
to real estate agents, buyers and sellers have been extremely active for the
past few years on the West Side, where some of the oldest houses in Buffalo
reside.
“The
housing on the West Side is so inexpensive that if you bought one of these
places that were in need of renovation and you did that work, I think you’d be
way ahead of the game, instead of going out to the suburbs looking for that
finish product,” said Michael Maywalt, owner and broker of Maywalt RealtyGroup.
However,
not many buyers are willing to put in the time and work associated with these
older homes, most of which were built before the 1940s.
According
to Maywalt, only 20 percent of new home
buyers are looking to renovate. That 20
percent consists of mostly younger people who want a vibrant city life. Then there’s the 80 percent of home buyers who are looking strictly for
move-in-ready housing, most wary of taking that renovation plunge, which is
usually an older, busy and single executive lacking time or wanting
renovations.
“These
old homes often come with quite a bit of baggage,” said Jennifer Yuhnke,
development coordinator of Heart of the City Neighborhoods Inc. “The cost of
rehab can often be unpredictable. Asbestos, lead paint, [and] water damage are
just some of the many challenges we see in homes that we rehab.”
“The
West Side is filled with housing in
terrible need of renovation, and with city streets deteriorating from slum
landlords, disrepair and neglect over time, it seems that homebuyers are
fearful of taking on major renovations that could exceed the budget by
thousands of dollars,” said Maywalt.
“Many
buyers don't mind doing little things to a property, painting or minor repairs,”
said William Abels, real estate agent with Hunt Real Estate. “But, for the most
part if the property needs something major like a foundation repair they will
not even consider it.”
If
homebuyers choose move-in-ready housing to avoid more expenses and loss of time
from renovating themselves, they lose the chance of having a more personalized
home and are left with the taste of the previous owners.
“I
think that [renovating] is the best,” said Abels. “You can design your home the
way you want it and not have to pay top dollar for something someone else has
done.”
For
example, in kitchens, many people like different styles of counter tops, tiles,
and back splashes. A homebuyer may purchase a house that has an updated
kitchen but it’s not at all to their particular sense of taste. The
homebuyer must simply live with it or spend even more money redoing the
previous owners improvements just to meet their own personal needs.
“Don't
be afraid to do a renovation in a property, just make sure you do not over
improve it, said Abels. “Many people go into a house that needs work and spend
way more money than they will ever get back when they try and sell it.”
Homebuyers
should know that even though buying a house between $10,000 to $40,000 with
added improvements can be time consuming and somewhat expensive, it will
ultimately enrich the neighborhood’s appeal and is a far better option than
leaving Buffalo.
“I feel like more people should be
socially responsible,” said Maywalt. “Fix something in the city and make it
viable again.” Edited by Miranda Ruckdeschel
