KXAN (AUSTIN) — The Austin housing market continues to remain hot, with people moving to the area everyday.
But Austin developers say if you are looking to invest, you might want to think about renovating instead of tearing an old home down and starting over.
Avenue B Development tells KXAN there are more people looking for a renovated vintage home, and are willing to pay top dollar. Developers say sales prices of older, renovated homes have consistently been higher than that of newly built homes in the same zip codes. However, they add the number of single-family demolition permits issued has increased each of the past two years.
While the City of Austin has a strict process for evaluating permits for homes older than 50, it shouldn’t put an investor or buyer off renovating.
For more information, check out the Austin chapter of the National Association of the Remodeling Industry.