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Tips For Property Reno For Resale

June 02, 2014

Property Reno For Resale

Buying a home with the intention to renovate it and resell it can be tricky. Most people do not know where to begin when they want to start a renovation. Undergoing a property renovation can be exciting and a little challenging at the same time. The first step is to find a home contractor. A renovation contractor can make your remodeling efforts go as smoothly as possible.

Here are some more tips to help you get the most out of a property renovation.

Go For The Best Buying Price

Watch how much money you spend on buying a home you wish to renovate and resell. How much you spend on your initial investment determines how much money you will make.

If you are buying a home at auction, you should have an ideal price set for each property you offer a bid. If the price goes over your maximum, learn how to let it go.

Use Feedback

You are renovating a home for the purpose of reselling it. You need to make sure the home can accommodate a potential buyer's needs. For example, if there is a problem with parking, you should address this issue. To ignore the issue can cost you the sale.

Call in the Professionals

The first step after purchasing a home is to hire a home contractor. Never go down the DIY route unless you have to do so. Most people do not want hire professionals due to money. However, if you go the DIY route, it can cost yourself even more money, because you are not a professional and chances are you will make mistakes that will cost yourself time and money. Professionals are quicker and more efficient at renovations. It is best to get at least three quotes from renovation contractors before deciding on one. Here in Montreal, Dilamco is one of Montreal's best general contractors. If you live in the Montreal area, give them a call for a quote.

Figure our your financial calculations

Before you start a property renovation, you need to calculate how much it would cost to pay the arrangement fee, security fee, and surveyor fees. Also, calculate the interest of your loan. Commercial finance does not come with a redemption fee so you do not have to calculate that.

You can use the initial property value of your home to determine how much money you should put into renovation. For example, most homes require a budget of at least 20% of its value for renovation. A $500,000 home will have a renovation budget of $100,000. The goal is to add value to the home. In a good market, you can add 40 per cent to the home's value.

Don't Be Afraid To Drop Your Price

If you are unable to handle some problems that you find during a feedback session, you might have to reduce your price. For example, if there is no way to ensure parking at your property renovation, you should let your price reflect that.

Starting a property renovation is a huge project and should be handled by professionals. Dilamco's renovation contractors know the hassle that comes with renovating and reselling a property. They will make sure that all the feedback you give is taken into account and is handle properly so you can get the most out of your property renovation.



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