All across America, the tiny house trend is taking the world by storm. But here in Rochester, one investor is taking the real state trend and homing in on it with a unique spin.
Brendan Bascom has been buying smaller homes at foreclosure sales. Then, he renovates and restores them with modern designs and turns them for a profit.
“Everyone wants something that’s done,” Bascom said in an interview with the Democrat and Chronicle.
Some homeowners look to cost-saving measures, like installing new attic insulation to save 10 to 50% on their heating and cooling bills. Others, however, are part of the tiny house movement and choose homes like the one in Irondequoit.
This stands in contrast to the newer homes being built in the Rochester area and nationwide.
Empty nesters, especially, are driving the home buying market in Rochester, but some tend to go for larger spaces, often between about 1,850 and 2,700 square feet, with low-maintenance yards. One 2,000-square-foot “smart home” in Pittsford recently went up for sale with a price tag of $450,000, according to TWC News.
With Bascom’s tiny fully renovated tiny homes, however, potential buyers get the best of all worlds, purchasing fully restored homes that are not only stylish but also offer financial freedom down the road.
In April, Bascom and his agent, Amy Petrone of ReMax Realty Group, sold a home that he flipped. The home, located in Irondequoit, is a ranch-style house that features two bedrooms and one bathroom. The home is 888 square feet and has the intimate, cozy feel of an apartment.
Bascom bought the home in January and flipped it, turning the tired foreclosed home into a comfortable and modern space. It was listed at $89,900 and sold almost instantaneously.
“People like to enjoy life without a lot of debt,” Petrone said.
And indeed, small living spaces are certainly in vogue. Consider that many HGTV shows are pushing the trends, both on flipping homes and small homes.
And while the homes are getting smaller, Bascom and Petrone know that skimping on amenities is not the way to go.
“They want the granite counters and stainless steel kitchens,” she said.
While Bascom also flips larger homes, he finds that small homes are easier to sell. And when he seeks out a home to renovate, he typically looks for homes that are structurally sound yet cosmetically challenged.
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