EP 290 Adding Value: What Mistakes You Should Avoid
Jul 29, 2022Whether you’re wanting to sell or just looking for an upgrade, there are so many ways you can do to increase the value of your property. But before going overboard and over budget with renovations, how can you make sure that you’re going to get the best ROI?
In this episode, Liz and Andresa welcome Liz Young. Coming from the commercial real estate tech industry, she believes in using the power of data to help homeowners make smarter home investments. She shares her expert insights on the dos and don’ts of home improvement projects, why it’s critical to understand zoning, and how you can build productive relationships with contractors.
Liz Young is a former real estate investor turned entrepreneur. In 2019, she founded Realm with the goal of giving homeowners the data-driven tools they need to be house rich, not house poor. Realm, a venture-backed startup, has raised nearly $20M to date and has helped over 50,000 homeowners get more value out of their houses.
Quotes
• “Primary residences are the best way for people to ease into the world of real estate investing and get comfortable in a way that feels low risk because you're still living in the house.” (7:40-7:50)
“If you are taking the mindset of a real estate investor, you need to really start to think about not only what will I enjoy or what will make my life better, but also what will I recoup at the end of this?” (8:20-8:21)
• “Adding space, square feet, is, besides location, the biggest driver of home value throughout the US. (13:07-13:13)
• “Zoning is the world of exception handling. If you're able to identify those exception pockets, then you're able, even in a complex zoning municipality or town to still build the home you want.” (17:09-17:21)
• “If you're talking about your first investment, whether it's going to be your primary residence or your first multifamily, what is your advantage? Why are you going to be better at this than someone else?” (24:45-24:53)
• “You're going to learn the most from having a good relationship with professionals that will collaborate with you out of the gate.” (25:34-25:40)
Connect with Liz:
Download the Realm app here: https://realmhome.com/
Instagram: @lizpaigeyoung
LinkedIn: https://www.linkedin.com/in/elizabethpaigeyoung/
Twitter: @LizPYoung
Resource mentioned:
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