Drew and Jonathan Scott are well-known from their hit series “The Property Brothers,” in which they help clients create sanctuaries from neglected pieces of real estate. Here are five tips the brothers shared with us for new homeowners in 2017 and beyond.
1. Be realistic about your finances
“Sit down and really examine your present and future financial situation,” cautions Drew. “If you know that you’re about to have a baby in nine months, you should also know that life is going to get a lot more expensive. Plan accordingly.”
When looking for your new home, Jonathan warns consumers to avoid being distracted by bells and whistles. “It’s easy to say, ‘Well, I love this walk-in closet so much that I can ignore that it’s backed on a nuclear power plant,’” he jokes. “Approach it like a business. Buying a home is likely the biggest investment that you’ll ever make.”
2. Don’t charge it
One of the biggest surprises first-time homeowners face is learning that you need more money up front than the down payment. From closing costs to utility adjustments, it takes a lot of green to acquire the keys to the front door. Shoppers with excellent credit may be able to purchase a house on plastic — but that doesn’t mean that they should. “If you are looking to put your entire down payment or a major home renovation on a credit card, you should not be dealing in real estate,” Jonathan states. “It’s a terrible idea. People get these low-interest up front offers, and it’s always a terrible idea.”
3. Be bold with design
Most aspects of buying a new home come with a hefty price tag, which is why Jonathan suggests taking advantage of free resources whenever possible. “Create an inspiration board. Spend several hours on Pinterest or Google Images and look at thousands of images,” he recommends. “Pull out what speaks to you, whether it be crown molding or a color palette. Anyone can be good at design — you just have to look at the right places for your influence.”
When helping clients create their dream spaces, the brothers urge homeowners to step outside of their comfort zones. “Some people think they know what they want, but most people only know what they’ve been exposed to,” Jonathan explains. “Drew and I have been in real estate for over twenty years. We’re constantly doing research to see what’s trending in design and what’s coming down the pipeline. You have to make sure that you’re not being stubborn.”
What’s trending in design this year? “Color is back in a big way,” Drew states. “We like to enrich a room with rustic flair or character pieces. Mixed metals are very popular again, as well.”
4. Know (and trust) your lender
Whether applying for a mortgage on a new home or tapping into a home equity line of credit to fund home improvement projects, a lender can help keep you and your family on track. “A lot of people are afraid to talk to lenders, because they think that they’re out there to trick them, but that’s not the case,” Drew explains. “If you’re organized and have your tax returns, your list of assets and debts, and a letter of employment, it’s very easy and efficient to work with a lender.”
The Property Brothers recently partnered with Chase, the second-largest originator of U.S. mortgages, to help consumers with their home financing needs. “We partnered with Chase because they have the same values we have about helping people learn more about home ownership,” says Jonathan Scott. “There are clear synergies between our two brands as we look to help people find, buy and fix up their dream home.”
5. Trust the professionals
Tackling a home renovation on your own may seem like a great idea, but it’s not always realistic. “There is value in spending money on professionals — the quality of a professional’s work and the value of your time,” Jonathan states. “Bring in a professional that knows what they’re doing.” Drew continues, explaining: “People watch shows like ours on HGTV and then think that they know everything it takes to do a renovation. Understanding all that’s involved isn’t as easy as you’d see in a 45 minute TV show.”
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