New Year New Home New You 3 Tips for updating your home for you!

I was talking to my client who was considering moving to renovate his home and make the features and function what him and his wife wanted or to purchase a new home instead. I asked them “is this your dream home, the one you would stay in for the next 20 to 30 years?”

Here were the 3 top questions and answers we discussed as the year was coming to a close and they wanted a fresh start with either a project or a new property

This is a crucial question when during a downturn economy, knowing what is best for the return on investment. This client lives a ¾ million home purchased 15 years ago in a prestigious neighbourhood in Calgary. A great idea was to check with my partnered real estate agent to review the properties life cycle since this owner and the surrounding homes in the neighbourhood that have recently been renovated and have just sold. There is no harm in getting a full home renovation budget as this is the first step of the process prior to agreeing on the remodel and booking all trades to confirm the investment and what the home truly requires for construction.

With looking at the average investment for a 1500-2000 square foot home, the functions required for this family at their stage in life now and the neighbourhood of the property we decided to provide both situations to our clients. They got a price on renovating all the areas they wish to upgrade to their satisfaction and also checking the properties they could possibly purchase instead.

With the economic climate of Calgary and surrounding areas this is a great time to buy. And no this is not a cliché. The market for real estate home prices has declined roughly $20,000.00 the average market price since 2014. This gives buyers the opportunity to invest at a low for a future increase in equity.

In consideration of the above discussion the homeowners can do a minor home renovation such as refinish or change the hardwood floors and bedroom carpeted areas. Plus, pain the entire house for a fresh look and place the home on the market. If a client was in a similar situation and wanted minor changes of this kind it is a great low-cost resolution. This cost is easily recuperated in the sale of a home or rental market as it gives the appearance of a well care for home and the esthetic most buyers or renters are looking for. Well lived in homes with animals, children or a busy lifestyle in general requires regular maintenance and care for the home to keep its value and functionality. We have regular clients that yearly update their rental properties or change up their residing home every 5-7 years. For all of the above the importance of what can be accomplished in a current home versus new is the main concern for a decision on renovating. Secondly the budget for both the client and the contractor has to make sense before the agreement to proceed on the reno. Our next post we will be diving into the minds of our clients their needs and vision for jumping into a “new” home either existing or new. Stay tuned.

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