If you still use Facebook, you know that there is a group for everything, from different breeds of dogs and cats to silly games that lead to data mining of your information for business or nefarious purposes, to groups that offer advice on certain medical issues, to everything real estate.

One of the Facebook groups in which I participate allows users to share do-it-yourself home improvement tips. It’s a bit like HGTV or the DIY network, with a dose of reality thrown in.

Simple topics might include improving curb appeal, selecting paint colors, installing flooring, replacing an electrical fixture, or changing a toilet. 

Sometimes contractors weigh in on more complicated work and even give an idea of how long a project might take and how much it might cost in a particular area of the country. 

It constantly surprises me how little people know about how their home works. I fault the seller’s market over the past years, where inspections are either short or non-existent, for much of that.

It used to be that an inspector would spend several hours with a buyer, going through the condition and operation of a home’s systems and fixtures, providing a written report, and even including a binder that outlined how to fix simple items or when to conduct general maintenance. 

The advent of the “walk and talk” inspection, conducted prior to making an offer, shortened that process. A buyer would have to take his own notes while the inspector was talking and pointing things out. Often, the buyer would go home with information in cryptic shorthand that made no sense a few weeks down the road.

Some people still fancy themselves as house flippers, intent on making a massive profit by making a few choice renovations and reselling a home. My Facebook group often brings out those who have the desire but lack the skills or funding. 

One person recently posted photographs of a house he was interested in renovating for profit. His first question was whether he could remove all the mold himself or whether he should hire a professional mold remediation company.

I looked at the photos and immediately thought of Tyvec suits, respirators, and those movies where CDC warns of a toxic environment that must be contained and the toxins eradicated — not my idea of a DIY project.

Another unrealistic aspect of this renovation was his cost estimate — $100,000 to cover mold remediation, a new roof, central air conditioning and heating and, of course, new electrical, plumbing, drywall, fixtures, cabinets, and appliances. Even with a price of $175,000 for the house and a potential value of $400,000 after renovations, the professional flippers told him he was living in La-La-Land.

Amateur flippers in the DMV have seen their options dry up in the past five years, as even distressed properties left in disrepair can sell for half a million dollars or more. Even the professionals are knocking on doors, sending postcards in desired neighborhoods, and calling or texting owners and real estate agents, looking for properties to fix and flip.

Still, if you are inclined to try rehabbing, even for your own home, here are my top five things to consider before diving in.

• Get to know what permits you will need and the process and timeline for obtaining them, or else you may face the dreaded orange Stop Work Order slapped on the home’s window.

• Find an architect and/or engineer to help with planning the layout. Remember, not every wall can come down to make an open concept floorplan without shoring it up in another approved manner.

• Learn about “hard money.” Unlike traditional home loans that are based on income, assets, and credit, these high-interest, short-term loans rely on the difference between what you pay for the house (“as is” value) and what the “as renovated” value is estimated to be upon resale.

• Consult with a real estate agent about popular features and finishes to help you sell the house quickly and get the highest price. Purchase those items locally to avoid supply chain delays.

• Budget for unexpected cost overruns of 10-15%. Even with an interest-only loan with no payments due until resale, you will still owe taxes and insurance and make periodic payments for materials and labor. Don’t forget to add commissions and closing fees on the purchase and sale.

Your first project may not result in the profit you anticipated, but it will give you a sense of whether it’s worth trying again or leaving renovations to the professionals.

Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate / @properties. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs. 

There are several sayings that I keep in my “Realtor tool kit,” aside from those catty, snarky comments, I hold two true and use them on a daily basis: “Date the rate – marry the home” and “You’re paying a 100% interest rate when you rent.”

It’s pretty simple. As we have seen rates fluctuate as much as some of our waistlines — mine included. Let’s look at the housing market in terms that we all know and understand: DATING! 

It’s important to realize that we are NOT marrying the interest rate we purchase our home with, instead we are merely dating — for however long or short it may be. Here in D.C. it’s often short; can I get an amen? But in all seriousness, we see rates come and go up and down. We were spoiled with the unsustainably low rates for the past several years below 4% and now that rates are, frankly, where they should be, we are claiming the victim role. Today is still a great time to buy. The rates we are seeing today are still historically low when you think about it. We are lucky to live in an area such as the D.C. metro where demand is always strong and a change in party means more than a recession in regards to the housing market. Rates have continued to drop in the past few weeks. 

Aside from the current rate that you are paying, it’s important to realize that you are marrying the house and just simply dating the rate. You can refinance your interest rate whenever you want. Trade that baby in for a new model with a lower rate. You are, however, married to the home that you decide to purchase. If you are currently in the market and see a home that you absolutely love — or in my case is like 80% okay because we all know that you are the arm candy here and hold up the relationship — or I mean the house has a dishwasher and central AC, then buy it. You can always refinance later to a lower rate.

Looking at the second saying in my bedazzled sparkling Realtor tool kit we have the saying “You’re paying a 100% interest rate when you rent,” which is for sure factual. You are paying someone else’s mortgage and as such that interest rate is 100%. Don’t get me wrong, when I first moved to D.C. from quaint Bethany Beach, Del., I rented as I was unsure of what neighborhood I wanted to call home. But once I got my bearings I stopped paying 100% interest and helping pad the landlord’s pockets and started living for myself, my future, and married the house. I would encourage everyone that is reading this and who is currently in a rental to speak to a mortgage broker – see what you can afford and if it makes sense for you to buy — I bet it will. In most cases, it is less expensive to buy than it is to rent in cities, including in D.C. Not only is it less expensive, but there are several grant and down payment assistance programs available to district residents to help with making homeownership a reality for you.

Start living for yourself, not your landlord, and always remember to date the rate and marry the home.

Justin Noble is a Realtor with Sotheby’s International Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware Beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin is a well-versed agent, highly regarded, and provides white glove service at every price point. Reach him at 202-503-4243, [email protected] or BurnsandNoble.com.

Should you buy a house despite higher interest rates? Well, that depends on where you want to put your money. 

If you are paying rent, let’s say even $2,000 a month, that comes out to be about $24,000 for an entire year. If you live in that apartment for three years and the rent doesn’t go up each year, that is $72,000. If there is a $350,000 condo for sale that you have your eye on, but the interest rate is higher, like 6%, yes, your monthly payment will be higher than it was had you locked in a 2.9% interest rate like some people did last year or the year before. But at the end of the day, do you ever get that rent check back?  

No, you don’t. Even with a higher interest rate, if you live somewhere for three or four years and then sell it, you are going to get some of that money you are paying toward your mortgage back. It’s what we call “equity.” Yes, most of your payment at first goes toward interest, but you can also get tax deductions from your mortgage payment. I have a client right now who is closing on a condo this week because he was tired of paying high rent and having nothing to show for it at the end of the day.  

If you go back to research interest rates, you will see that rates have been even higher than they are now in the past 20-30 years. Sometimes at 10%, or 12% or even higher. Rent prices seem like they are increasing too. I have helped several people find houses to rent recently and they have had to compete to get the unit and have had to sign multi-year leases to “win” the competition.  

If you have questions about home ownership, mortgages, or how to write winning offers please don’t hesitate to reach out and ask.  

Joseph Hudson is a Realtor with The Rutstein Group of Compass. Reach him at [email protected] or 703-587-0597.