After spending eight television seasons, more than 150 episodes and the past eight years turning client projects into TV shows week after week, I decided the viewers and I needed a new challenge. Instead of showcasing my approach to other peoples' needs and wants, I figured viewers might be interested to see how a designer would navigate the challenges and inevitable pitfalls of renovation if it were her own dime on the line.
Turns out I wasn't the only one who thought it might be fodder for some high-drama entertainment, and before I knew it I had a call in to my real estate agent and a camera and crew following me as I tried to find the perfect house to work my magic on.
I've bought, renovated and sold houses in the past, and despite the fact that my husband and I love our current home and don't plan on moving any time soon (or ever), I compulsively read the real estate section every chance I get. I can't resist the tempting allure of "renovator's dream," "handyman special" or "just waiting for your personal touch."
But there's more to coming out on top in the real estate market than just buying a dump of a house and sinking your life savings (and future earnings) into it. So here's some practical advice that helped me find my diamond in the rough.
Know the market
Spend some time doing your homework and investigating what's available on MLS.ca, shortlist the neighbourhoods you are interested in and understand the geographic boundaries of where you'd be prepared to live so you don't waste time traipsing through houses that you'd never consider living in.
My search took me from Riverdale to Roncesvalles, and from Eglinton to Queen (this may sound like a pretty small piece of turf to some, but I like the charm and character of the older neighbourhoods in the heart of Toronto).
After reviewing more than 100 listings, I narrowed my options down to four that I felt were worth visiting. After all, you can change everything but location when you are renovating, and location is everything!
Be realistic about A budget
There's nothing more depressing than indulging your desire to "just look at" a house you can't afford, only to realize that no other option will ever be nearly as good, and you'll never be able to afford the one you want. Live within your means and embrace the challenge of creating something that is both terrific and affordable for you.
I believe wholeheartedly in consistency when it comes to renovating and decorating. I prefer a smaller home with great finishes and furnishings over a big home with cheap details and empty rooms. Whether your budget is beer, chardonnay or champagne I prefer to see it turned out to the same level from top to bottom, front to back.
If you are looking to renovate, don't buy someone else's reno.
A house with an okay-but-not-fabulous kitchen and bathrooms may seem more appealing than avocado green appliances and doors that are falling off hinges, but it's not worth the money. Try to find the best house in the best neighbourhood that's in the most original condition.
Think before you compete
The bidding war has become common practice for transactions in buoyant markets, but this style of house purchase is not for the impulsive or faint of heart.
If you are planning to invest heavily in a renovation every penny counts in terms of purchase price (a higher purchase price generally means less money left in the kitty for renovations and decorating). I knew I wanted to be able to gut a house from top to tail so I was only interested in properties that would not attract a multitude of offers.
Don't overlook listings
Not everyone starts out of the gate looking pretty and ready to go.
In this market, if a house doesn't attract the perfect buyer in the first week, it can be a tough sell as everyone automatically assumes there's something wrong with it.
Instead of jumping to the conclusion that any property listed for more than a few days is a dud, I'd view it as opportunity knocking. If the house has been listed for some time and there are no other purchasers lurking in the shadows waiting to scoop up a deal, you might have some serious bargaining power.
Instead of offering 110 per cent of the asking price to start, you might be able to make a first offer somewhere in the 90-per-cent range. Who doesn't like a good deal?
See beyond the obvious
If you are prepared to renovate and re-imagine, you need to be prepared for some ugliness. You can't make the most of your housing dollars if you are automatically turned off a house by ugly bathrooms, outdated kitchens and less than inspired decor choices. Keep in mind that the goal is to create a show house from a diamond in the rough.
It's a huge waste of money to buy a property that looks "okay" if your goal is to renovate it to suit your personal style. When it comes to getting a good deal, the uglier the better.
Sarah Richardson is host and co-producer of Sarah's House and Design Inc. on HGTV and Principal of Sarah Richardson Design ( ).
Tips on renovating
If you jump on the renovating bandwagon you need to remember a few things:
No one forced you to renovate - it is your choice and you should try to be a good sport amid the chaos and the dust. A huge investment of human time and effort is required to complete a total home renovation, and you need to remember that every trade who shows up on your site is trying to make your home a better place to live.
We haven't yet figured out how to use robots to turn your place from disaster to dream home, so you can expect that not everything will proceed according to plan. People show up late and delays happen.
You are lucky - not everyone can afford to customize their home and execute dramatic change. If you start feeling frustrated with the process I suggest taking a step back and thinking about all the people in this country who can only dream about having the resources available to renovate. Stop feeling sorry for yourself and start taking charge.
Have fun - your home is the only space you really have control over. Its your personal oasis and the nest for your family. Make it a true reflection of your individual style and fill it with the things and people which make you happy.
Don't get too caught up in the trends and focus instead on longevity, quality and enduring appeal.
Embrace the opportunity to create positive change and don't take it all too seriously.