A key factor to the price of a home is the renovations and upgrades done to it, especially if this is an older home we are talking about.
With an older home, there might be the need to have some work done to keep it safe, modern and comfortable. With that said, the current owners might have already done upgrades and renovations to the home with will of course need to be taken into consideration to the home’s price. The value of the home would subsequently increase in accordance to how much work has been done to the home.
In the event you are purchasing a home that has had some renovations done to it, be sure to check the quality of the work. If the quality of the work is not good, then chances are you will have to pay the price by having it redone down the road.
If you purchase a home that does need a few renovations and upgrades done to it, but the seller does not want to bother with it and prefers to sell as is, then keep in mind the cost it will be for you to take upon those renovations.
If you happen to do the work on your own, be sure to get it done properly. Keep in mind, poor work can lower the value of the home, and the renovations will only be hindering the sale.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
