As Wyoming continues to grapple with a tight housing market, a growing number of contractors, homeowners, and real estate professionals are turning their attention to an unlikely source of opportunity—aging homes in need of updates, Wyoming Tribune Eagle reports.
With land prices high, limited room for expansion in towns like Sheridan, and the cost of new construction climbing, rehabbing older homes has become an increasingly viable and attractive solution.
Brandon Finney, a general contractor and owner of Letrac Development in Sheridan, sees potential in homes that many might overlook.
“Take an older home with good bones but one that has depreciated,” Finney said. “I like the challenge. You walk into a house that hasn’t been touched in 35 years and envision what it could look like in 2025.”
The appeal of these homes often lies in their structure and location. While features like green laminate countertops, shag carpeting, and outdated HVAC systems may be unappealing, Finney sees an opportunity for what he calls “forced appreciation”—increasing a home’s value through targeted renovations, particularly in kitchens and bathrooms.
However, location remains a key factor in determining whether a remodel pays off.
“If you take a Powderhorn home and stick it in the Downer Addition, you may not get the comps to bring up that value,” Finney said, referring to the importance of neighborhood real estate values.
While some call this type of work “flipping,” Finney views it more as a way to bring life back into the community by updating underused homes and making them viable options for families once again.
“It’s a cool process,” he said. “When you can sell that home to a family who might live there another 20 or 25 years—that’s rewarding.”
Homeowners are getting involved as well, opting to remodel instead of relocating. Tim Bork, manager of Knecht Home Center in Sheridan, said his store has seen an increase in demand for everything from decks to kitchen cabinets.
“There’s a lot of remodeling in general going on,” Bork said. “I’m personally adding a new bedroom and bathroom to my house.”
The trend is statewide, according to Annie Wedgewood, president of Wyoming Realtors. She noted that many buyers are now actively seeking out older or “distressed” properties with the goal of renovating them. For some, this path is made possible by rehabilitation loans, which allow buyers to finance renovations as part of their home purchase.
Wedgewood emphasized the importance of working with professionals who understand the process.
“Use a knowledgeable Realtor, and make sure to do inspections,” she said, noting that older Wyoming homes may have hidden issues, such as being built over historical coal mines, especially in towns like Rock Springs.
At the federal level, efforts are also underway to make home repairs more accessible. In January, Senators Cynthia Lummis (R-Wyo.) and John Fetterman (D-Pa.) reintroduced the bipartisan Whole-Home Repairs Act. The bill proposes a five-year pilot program to offer grants and forgivable loans to homeowners and small landlords, with the goal of revitalizing aging housing stock and improving affordability.
Despite these efforts, challenges remain. Sheridan County’s median estimated home value stands at $395,170, with some older homes listed at prices that don’t reflect the substantial repairs they may require.
“There are homes priced as if they’re already renovated,” Finney noted. “A home listed at $400,000 might still need $150,000 worth of work.”
Still, the payoff can be substantial.
“When there’s a vision, and people see what an older home can become, it is awesome,” Wedgewood said.
