Sunday, May 13, 2012

Old West Side homes for sale need rehab

By Mackenzie Clarke and Cheri St. Croix
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

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