Benefits of Mortgage Home Sellers in Vancouver, BC – Should I Renovate before I Sell?
Should I Renovate Before I Sell?
With current real estate markets throughout British Columbia and Canada is a buyers market, there are several valuable reasons why you should not renovate before you sell your current property.
1.Your renovation will not be appreciated.
Your tastes wont be the same as a potential purchaser. There is a very strong chance your home will attract buyers with different tastes and lifestyle needs then what you had or think they will need. We see it all the time, home sellers have put thousands into a renovation that includes new floors, kitchens, bathrooms etc., and potential purchasers don’t care how much they have spent because they don’t appreciate the results.
2. Invasion of personal space.
No need for you to live through the dusty, dirty, noisy, lack of security, people tramping though your personal space process of doing a demolition / renovation while you are still living there etc.
3. Limit of Return on Investment (ROI).
Many times a renovation comes in over budget based on so many unforeseen circumstances such as rotten wood where a bathroom, roof, or kitchen are being redone. Expensive electrical upgrades based on even the thought to be simple renovations in an older home. Once you have uncovered these issued they have to be dealt with to complete the project. It is very tough to explain to a purchaser why your bottom line on selling your property is a lot higher just so you can recoup the extra funds you spent on faulty wiring or replacement of rotten wood. Often buyers are not sympathetic since there are many homes on the market they can choose from well within there desired or ceiling price point. Please make it simple don’t price your home out of the market!
With the turn-key mortgage program, Alternative Mortgage Financing in Vancouver offers the, Purchase a DATED home make it your dream home which is the mortgage insured Purchase Plus Improvement program, that clients can finance the renovation into the purchase financing and renovate exactly to their own specific taste as soon as the take possession! This is a great mortgage program which we have also added the turn-key service at no charge where we help the buyers throughout the renovation financing and renovation processes from helping to locate appropriate renovation professionals to locating materials etc. It’s a win win!
We find the biggest hurdle in this process is most buyers don’t realize this Purchase Plus Improvement service is available to any home buyer from as little as 5% Down Payment.