April « 2019 « Bonnyville Homes Blog

Archive for April, 2019

How Much Renovation is Too Much Renovation?

Friday, April 26th, 2019

There is certainly some truth in the idea of buying a home which is in need of some renovations. This can lower the price of your new home at the buying stage, and you can put in the work to really make it your own. This adds up to a dream property, which you designed yourself.

Win, Win?

Not always.

Many buyers, most likely first time buyers, fall in love with a property and begin to see everything through rose-tinted spectacles. They see things in the future, e.g. how it’s going to look, what it could be, and of what it is really is. This can mean buying a home in need of serious changes, and not understanding the truth overall cost in the end.

The major downsides of buying a home in need of renovation include underestimating the entire cost, not taking into account that things will probably go wrong and need extra money to rectify them, and also expecting things to actually run according to schedule. The majority of the time, things do not run to schedule, and that means extra time added on to how quickly you can move in. In this case, you might even find yourself living in a hotel for some of the time, which adds to the costs even more.

This Begs the Question, How Much Renovation is Too Much Renovation?

The only way to really answer that question is by doing your research.

What is the price of the home which is in need of renovation?
What renovations do you want to make?
How much will these renovations cost you, with extra budget factored in for unforeseen items?
When added together, does this seem like a sensible purchase?

It sounds simple, but it can often come down to head versus heart. The property is realistically going to cost too much, with too much uncertainty thrown in, but you see its potential, and you love it.

You see a home and you picture it all done up, ready to move into, and you can’t make a sensible decision because of that image in your head.

It’s vital to be sensible and clear headed whenever you make a huge investment such as this, and if you can’t separate the two, it’s often better to walk away. If this property has huge faults, and it’s going to cost you more than you can seriously afford, there will always be another property, one which is much more suitable, and won’t push you to breaking point.

Really, it comes down to this point – a new home shouldn’t be something which you’re tied to financially for x number of years, and which restricts your quality of life so much that you wish you hadn’t signed on the dotted line. Resentment will flow. There is a lot to be said for going with your gut, but if it is wrestling with your heart, then let your legs do the walking, and look elsewhere.

Looking on advice on what to buy and when? Get in Touch with Gerry Storoschuk, Bonnyville REALTOR®. With years of experience, he can give you the best advice for finding your dream home.

Posted in Bonnyville, Buying, Real Estate, Selling, Tips | Comments Closed

The Most Simple Real Estate Tip Around – Knowing What You Want

Friday, April 19th, 2019

The real estate market is an ever changing beast. You can only predict its moves by having the most in-depth knowledge, and often the help of a crystal ball. Because of this, first time buyers and sellers in particular are prone to making bad decisions and as a result, taking big losses.

There are countless tips out there to help your real estate experience easier and hopefully more successful, but one of the most simplest is often the most effective. Knowing what you want.

For This, we’re Going to Concentrate on Buying a Property

Knowing what you want cuts down the time taken to find somewhere considerably, it cuts out the chances of you opting for something that’s not really feasible or suitable, and it gives you more power and confidence overall.

For instance, location. This is vital in so many ways, but knowing where you want to be gives you an idea on how much your property is likely to cost, and therefore how much of a down payment you need to have at your disposal. Certain areas have higher property prices than others, but if budget is particularly important to you, knowing the less in cost areas can help you focus your search too.

Another reason for this is local amenities. If you have children, or you might want to have children in the future, you will need to be near to the school which are suitable for them to go. You also need to be close to hospitals, doctors, libraries, shopping facilities, etc, and all of this needs to be linked by good road networks, or public transport.

Not Knowing What You Want Leaves You Open to Making Huge Mistakes

For instance, you can have your head turned far too easily by a property with a very low asking price, but without knowing about the local area, what is available, and whether you might like to live there, how can you make a truly informed decision?

The process of buying a home is a long and arduous one, but knowing the things you can’t deflect from will make life much easier, and the whole process much shorter. You will become overwhelmed with choices if you don’t have a short list of must haves, and you will buy a home which turns out to be less than what you expected. Taking the time and doing your research will help you avoid this very common pitfalls.

Remember, buying a home is an investment, no matter how long you plan to stay there for. You want to know that when you do decide to sell on, you’re going to be able to make a profit, and not a loss. Jumping at the first home, without knowing what you want is going to make that reality much more likely. On the other hand, being savvy and taking the time to think will create a much better outcome for you in the future.

Whether you’re looking to buy or sell in the Bonnyville area, for a greater probability of success you need a dedicated professional. Gerry can guide you through the process and be counted on to protect your investment! Get In Touch Today!

Posted in Bonnyville, Buying, Real Estate, Tips | Comments Closed

Why Staging Your Home Before Selling is a Great Idea

Friday, April 12th, 2019

Selling a property isn’t always as easy as you might think. The real estate industry is full of pitfalls for both buyers and sellers, but there are some great ways you can increase your chances of a sale, which won’t set you back a huge amount of dollars.

Have you thought about staging your home?

Staging is basically putting your home on stage. Literally. You’re making it look the best it can be for potential buyers to come and look at. It’s goes beyond tidying up and getting rid of clutter, and encompasses decorating, and creating a welcoming space for anyone viewing your house.

You might ask why you would bother spending extra cash on a house that you’re just going to leave, but there are some very valid arguments into why staging before selling is a great idea in general.

Staging Gives You More Chance of a Sale

You want to sell your home fast, and at a good price. Staging can help you do that. We are visual creatures, and when anyone comes to view your home, they’re going to be far more impressed if it’s been staged beforehand, compared to a home which has been cleared out and left empty. Emptiness doesn’t look welcoming, preparing for new owners does.

Staging Makes Buyers Think Your Home is Well Looked After

Buyers will be looking at every aspect of your home, and if it’s been staged, there is less chance of them finding something which puts them off buying in the first place. Fix the things which are broken, add a few cosmetic hints here and there, and paint areas which need it. This gives the impression that your home is well looked after, and therefore is going to need very little maintenance if they choose to buy it.

Staging Gives The Illusion of Space

Getting rid of clutter and making sure everything is painted and fixed actually makes your home look larger. It’s an optical illusion in many ways, but it works wonderfully well. A home which has less in the way of furniture and general belongings will look huge compared to a home which has all the furniture still inside, as well as general clutter here and there.

Staging Helps Buyers See Potential

A house which is staged, prepared, and ready to move into helps the buyer see themselves in there. Suddenly they can decide what room is going to be used for what purpose, and it’s not dictated to them by what you decided to use each room for. Every room has potential and that creates a sense of excitement within a buyer. Of course, this means a sale is much more likely.

Staging might take time and a little effort, as well as a little cash, but it will certainly increase your chances of a sale, as well as receiving the asking price you want. In a busy and competitive market, every angle is worth looking at.

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Three Fool-Proof Real Estate Tips For Success

Friday, April 5th, 2019

The real estate business is a tricky one to traverse your way through, no matter how much experience you have. There are so many pitfalls that can become even the most experienced buyer and seller, that it’s vital to take quality advice from those in the know.

Buying and selling are both investments in their own right, and making the right moves, rather than the wrong ones, is of the utmost importance.

To help you find your way through this rather confusing maze, here are three real estate tips which are certain to guide you towards success.

Research is Everything

The property market is always ebbing and flowing, and never stays static for very long. The value of properties changes depending upon current market demand and other considerations, which all need to be taken into account. A property is never going to sell for more than the market can hold, so knowing the current state of the market, is vital.

By doing this, you can be confident in your offers (if you’re buying), and your asking prices (if you’re selling). The idea of being ‘forewarned is forearmed’ has never been more pertinent than in the real estate business.

Always Negotiate, Even if The Offer is Low

If you’re selling a property and you receive a low offer, it’s almost second nature to throw aside any offer which is too low, or doesn’t meet your asking price expectations. This is a mistake.

Remember, buyer will offer you what they feel they can afford comfortably, but that doesn’t mean there isn’t any room for adjustments. Before you become insulted by any offer and refuse immediately, wait and consider your options. Be open to negotiations and see where it takes you. You could find that your buyer will raise their offer and meet your expectations, based on certain conditions.

Time is of The Essence

Generally speaking, there isn’t a particularly bad time to buy a property, but there are many bad times to sell one. The real estate market goes up and it goes down, it sticks for a short time and then it moves once more. Buying is hardly ever adversely affected by this, but selling certainly is.

The best advice is simple. Buy a property whenever you have the means to do so. Keep it, renovate it, do whatever you need to do. Then wait. Watch the market, assess conditions, and when things are favourable, sell it for a profit on what you bought it for. Simple, yet very effective!

The real estate market is not predictable, unless you have extreme knowledge in the field. Gaining the best advice possible, as well as doing in-depth research is the single best way to ensure you don’t fall foul to one of the many pitfalls that could become a first time, second time, or even more, buyer and seller.

Keep your mind open at all times, check your options, and always assess carefully before making any moves.

Whether you’re looking to buy or sell in the Bonnyville area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment! Get in Touch today!