From, Realtor Terry Black
A question arises for those wanting to sell “Why renovate at all?” “The market is slanted toward the seller. Why not list my place and let the buyer deal with the renovations after closing?” A very good point and presently what I would do if selling. Minor improvements are wise not major delays waiting for contractors to begin. Supply chain issues could cause a renovation to drag on forever. A client waited for 7 months for a fibreglass shower from a local big box store only to find out that some of the components had been sold to another customer. The honesty of the retailer in the goof up and a full refund was not enough to compensate the delay disappointment. The supplier could not predict when a replacement will be available. They decided to go with a tile shower instead…and 3 month delay waiting for a tile contractor. Expect buyers with 120 day rate holds & rising interest rates to increasingly be willing to pay more money than before. If it has a roof it will sell well and prices are rising.
The Feds tooted their success leading us through pandemic… like a noisy coal-fired locomotive puffing a smoke trail. Is this hot air part of global warming? The praised recovery economy has not fixed a housing crisis now compounded by inflation. We need more written about regulating corporate opportunism as prices rise rapidly. Despite complicated global issues and political posturing people don’t want to live in tents or cars. Many not yet here do want to live in Nova Scotia. From Toronto, Mumbai, Ukraine or where-ever-ville. Interest rates won’t stall demand. This city is booming and not stopping anytime soon.
Those who don’t want to sell often have questions. As lineups lengthen, wait times increase and the roads fatten with traffic “Despite the home not being what I want “Do I really want to go through with moving?” It’s a good question owners. The home may not be all that you want and you may decide to renovate.
Here are 4 reasons why to renovate and keep your property:
1. Money is historically cheap. Also it could be cheaper to borrow with a locked in mortgage than the rising rate of inflation.
2. If you own the place, or more equity than the bank do, consider a HELOC (home equity line of credit). The appraised value may surprise you and the funds you need to renovate could be locked into the home. Consider borrowing from your property. Negotiate with the lender for appraisal fee and application fee waiving. Are they willing to waive fees for customer loyalty?
3. Do it in stages. More renovations to do than your stress level will tolerate? Could it be done in phases? Could you gut the bathroom while home but do the kitchen while staying at the cottage, a short term rental or in a trailer in the yard?
