After renovating over 1,000 homes and filming more than 600 episodes of television about their exploits, Drew and Jonathan Scott — also known as the Property Brothers — have seen a lot of changes in real estate.
In their latest HGTV series, “Property Brothers: Under Pressure,” the Scotts guide buyers through the process of purchasing a home and help them navigate all of the decisions that come with it — from renovating to adding other revenue streams like rentals to make payments more affordable.
“We didn’t want anyone with grand budgets that could do anything,” Jonathan told Business Insider of the type of buyer they chose to focus on. “We’re showing relatable stories of every kind you can possibly imagine.”
With record-low inventory and prices still falling slowly, the current real-estate market is tough. The Scotts want to show that the reality of homebuying these days comes with a lot of compromise.
“With these budgets, people have the dream look, or the dream function in their home — they’re not getting that,” Drew told Business Insider. “We’re trying to make the best that we can with what they have, and we don’t want people to feel they’re settling. We want people to still love where they’re going to live.”
Below, the Scotts give homebuyers tips on what to consider when buying a home in a brutal market.
Consider what home features are the most conducive to your lifestyle.
For the Scott brothers, a home isn’t simply a place to rest your head; it should also be a space that complements your lifestyle.
“Take a few minutes to actually sit down and think through your lifestyle,” Drew said. “Where are the friction points within your day? Are you finding that you’re getting tripped up when you’re getting the kids ready for school or organizing their play area? Is it laundry? Is it the kitchen? Think through what would actually make life easier, because your home should work to make your life easier. We always reverse engineer from there.”
It’s not just about being in a neighborhood that’s closer to your work or having a dedicated parking space. What you spend your money on outside of your home should also be a huge deciding factor in if you’re ready to become a homebuyer.
“Do you want to travel with your family, do you need extra money for different things?” Jonathan said. “If that’s the most important thing, maybe renting is better for you at this time. But if we can help people into home ownership, we obviously love to do that.”
Don’t assume you can handle a fixer-upper on your own.
Getting into DIY with a fixer-upper can be an exciting and rewarding project. But the Scotts say it’s best to consult with professionals first, not only to protect yourself in the event of safety concerns, but also financial ones.
“If you don’t renovate houses for a living, you probably shouldn’t do your own renovation,” Jonathan said. “I think a lot of people are trying to save money anywhere they can, but what they try to do is they save money in areas where you need someone to protect you to make sure you’re not overspending. We see that all the time.”
The brothers warned that not everyone who posts a renovation video online is a professional, and social media is littered with inaccurate information about the specifics of home-renovation projects.
“Just be careful what you try and tackle yourself,” Drew said.
“The internet may be good for you finding a date, maybe not so good if you’re trying to redo your electrical — that’s dangerous,” Jonathan added.
Be more realistic with your wishlist.
A common trope of homebuying starts with a wishlist: prime location, under budget, and with plenty of space. But more often than not, you won’t end up in a place that checks every box.
The brothers said they’ve been asked countless times over the course of their careers to make miracles happen, but if you’re serious about buying a home, you need to be more realistic.
“Sometimes people ask for stuff that is crazy and we’re like, ‘There’s just literally no way this is going to be within your budget,'” Jonathan said. “And a lot of times that ends up being location based. They’ll ask for a location that we just know the inventory’s so low, the prices are so high. It’s going to mean you’ll find the place and you’ll have zero money to customize it.”
The tough current market also means buyers may have to revisit some of the things they considered dealbreakers.
“In multiple episodes this season, there was a train right behind the property thundering by multiple times a day,” Jonathan said. “Most people have been like, ‘Absolutely not,’ but for one couple on the show, they couldn’t afford a house that was big enough on a quiet cul-de-sac. People are definitely changing what their must-haves and no-gos are.”
Watch out for shoddy work in quick flips.
While Drew and Jonathan mostly advise against tackling large renovation projects without consulting professionals, some people do it anyway.
Not all home flips include bad work, but some do — and sometimes, you may not notice that until it’s too late.
“We see this in LA all the time. It’s a flip market where people do a really terrible lipstick-on-a-pig kind of a renovation job,” Jonathan said. “To the average homeowner, it looks amazing — new materials, this is awesome. It’s not until they move into it that they realize how completely un-functional it is.”
The Scotts acknowledged shows like theirs may have had the unintended effect of making viewers think they could do their own renovations.
“Networks like this have given some people a false sense of confidence to say, ‘I know what this needs, I know how to do this project,'” Drew said. “I’ve had people walk up to me on the street and say, ‘Hey, I’m a general contractor, and by the way, thanks a lot. You’re making it real tough because now people think they know everything.'”
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