Posted on
March 4, 2024
by
Leanne Drolet
Posted in
#RealEstate, #Sellyourhome #Renovate, Central Coquitlam, Coquitlam Real Estate, Port Moody, Port Coquitlam, Pitt Meadows, Westwood Plateau, Renovation, Coquitlam, Port Coquitlam, Port Moody, Westwood Plateau, Canyon Springs, River Springs, Scott Creek, New Horizons
Should You Buy a Property that May Need Expensive Repairs or Upgrades?
Imagine you’re shopping for a new home and come across a listing that seems ideal. It’s in a great neighbourhood. It has all the characteristics on your “musthave” list. You can see yourself living there. However, there are a couple of serious maintenance issues that are likely to need attention within the next year or two.
For example, the roof shingles need replacing or the wiring needs to be updated. Those fixes are going to be expensive. Does that mean you should take a pass on making an offer? Not necessarily!
While it’s nice to buy a home that is move-in ready (or close to it), it can be advantageous to purchase a property that needs some repairs and upgrades!
Depending on market conditions, a home with such issues may be priced lower than comparable properties. So the money you save can be put towards the work. In addition, other buyers are seeing the same issues and, as a result, may not make an offer. That means fewer buyers and less competition! On the other hand, you need to weigh those advantages with the estimated cost of the required repairs and upgrades. Will you have room in your budget to get the work done when the time comes? How much will that work likely cost? Do you need to do all the repairs immediately? Chances are, you can get a rough estimate of the cost of the repairs and upgrades required before you make an offer and possibly some of the repairs can be completed over time!
The bottom line is, you need to get all the information you can and then make a strategic decision. Often, it is worth purchasing the property. Have questions? Give me a call!
Posted on
February 6, 2020
by
Leanne Drolet
Posted in
#Coquitlamrealestate #WestwoodPlateauRealEstate #Prepareyourhometosell, #DIY, #RealEstate, #Sellyourhome #Renovate, Renovation, Coquitlam, Port Coquitlam, Port Moody, Westwood Plateau, Canyon Springs, River Springs, Scott Creek, New Horizons
Two of the biggest stressors for DIYers (Do it your selfers) are projects that cost too much or take too long.
Unfortunately, there’s no sure way to guarantee that one or the other (or both) won’t happen. But there is a lot you can do to minimize the probability.
When budgeting, a big mistake DIYers make is not considering the little things. For example, you might budget for drywall panels but neglect to include the cost of nails, tape and plaster or the insulation behind the drywall! It's easy to overlook these small items thinking they won't add up to much of an expense. But often they do. In fact, for many renovation projects, the little things account for up to 20% of the cost!
Another expense that is often overlooked is taxes. When you find a bathtub you like for $399, be sure to budget for what you'll actually pay out-of-pocket. Also, don't forget possible delivery expenses. A budgeting tip many experts recommend is to price everything you need and then add 10%. That gives you a buffer.
Regarding scheduling, consider whether or not you've done this type of project before. If you're laying hardwood floors for the first time, there's a learning curve. You'll likely take two or three times longer than you would if you were more experienced. Even if you have experience with the type of project you’re undertaking, it's human nature to underestimate how long it will take. So, if you feel confident you can install that sink in an hour, give yourself two. A lot of this, of course, is common sense. But if you take a common sense — rather than an optimistic — approach to budgeting and scheduling, you'll stand a much better chance of your DIY project going smoothly and costing what you planned it would cost (or closer to it!).
If you're thinking of doing a renovation, and are wondering what would be the best return on investment, contact me!
Posted on
February 8, 2019
by
Leanne Drolet
Posted in
#PortMoodyrealestate, Central Coquitlam, Coquitlam Real Estate, Port Moody, Port Coquitlam, Pitt Meadows, Westwood Plateau, Coquitlam, Evergreen Line, Guildford, Pinetree Way, Douglas College, Coquitlam Centre, Renovation, Coquitlam, Port Coquitlam, Port Moody, Westwood Plateau, Canyon Springs, River Springs, Scott Creek, New Horizons
If you're thinking ahead to your next dream home, the road you need to take to get there may seem confusing.
Do you search for listings online? Drop by Open Houses on the weekends? Call the number on For Sale signs?
Let's me break it down! Here are the specific steps you need to take to ensure you find a home that fits your wants, needs and budget.
1. Find out how much your current property will likely sell for on today’s market.
2. Arrange for financing, so you know what you can afford.
3. Select neighbourhoods you'd love to live in. (That may involve some fun exploring!)
4. Decide on the type of home you want to buy. (For example: detached, three-bedroom, close to schools, transit etc.)
5. Prioritize the property features you want most, so you can be flexible if a feature is missing from a home listed on the market that is otherwise ideal. Your must haves vs your wants...
6. View properties on the market that closely fit your criteria, particularly new listings that may not yet be posted online. (Tip: Arrange to be immediately notified of new listings that are a good fit for you.)
7. When you find a home you want, work with a realtor to make a competitive offer designed to get the property — without overpaying.
8. Negotiate until you secure the deal. You should expect that this may involve counter-offers.
9. If the negotiation is skillfully done and all goes well, the home will be yours.
As you can see, there isn't a lot of mystery in finding your next dream home. You just need to take the steps and get the professional help you need along the way.
Looking for a real estate agent that can get you to the finish line? Call me - Leanne Drolet, Royal LePage Sterling Realty! I'd love the opportunity to help you!
Posted on
May 5, 2015
by
Leanne Drolet
Do you have a renovation project in mind – and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:
Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices. Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.
Another high-payback project is the garage door. This once again demonstrates the importance of a home’s “curb appeal.” If you’re tackling a big project, such as a basement renovation, you’ll be glad to know that, according to the study, a project like this adds a lot of value.
Finally, minor improvements to bathrooms and kitchens – such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home. Of course, these figures are averages and can vary widely depending on location, type of property, and other factors.
Need help determining how a particular home improvement might impact the selling price.
I have many contacts that can help with many of the ideas here so if you have a home renovation that you are thinking of doing, please give me a call and I can put you in touch with some great contacts!
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