Pay Now Or Pay Later - Home Repairs and Updating

Tuesday Sep 25th, 2018

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This year I was fortunate to be able to replace my furnace, my roof and paint the entire house. The entire process cost me over$7,000. The question arises; is my house really worth $7,000 more because of them money spent?  The answer is no. As a realtor, when asked the value of somebody's home, I have to give the homeowner my pinion of  value. The truth is that every home has a furnace, which is in some level of deppreciation. It does not necessarily mean that a home with a 5 year old furnace is worth more then one with a 10 year old furnace. The same with a roof. If the roof is in good condition then it is only considered  a roof. Very few buyers put any importance of the 50 year warranty even if they do like the idea that it will last for a long time. What generally happens is that if the roof is not in good condition,  then when the owner tries to sell the house a condition on inspection they will  reveal a defect and the buyers may ask for a price reduction to compensate for repairs or replacement.
 

Another thing that home sellers often tell me that they do not want to spend money to replace certain things since next person will have their ideas of what they want. To me it can be seen several different ways. It does make sense. Why spend on something that someone else would not like or wants replaced? When looking at it from the seller's perspective it makes total sense. Reduce the price and let the next person do what they want. From a  buyers perspective, what I most commonly hear  is that they do not want to take the time or the effort when moving into their house to do all that work. If they do agree to do the work, they round off numbers in unreasonable proportions. For example my $2,200 roof would be rounded off to $6,000 since the buyers don't have any idea how much a roof cost to replace. The furnace which I paid $2,500   would be rounded off to 5000 dollars. Therefore, when the buyer puts in an offer he's already discounted in his head the roof and the furnace by $11,000. He then offers a lot less for the house then it would cost if the seller did the work.

 

Many homeowners only do repairs when they are ready to sell. Life just happens and money is not always there. However home ownership does involve expenses. I like to think that if I invest $3000 to $4,000 every year on maintenance and upgrading my house, when I am ready to sell it will be in prime condition and will fetch top dollar. Some years I may spend nothing at all but then put a larger amount when I am ready. By following my philosophy of spending a little bit every year I will get the enjoyment from our home and not only repair it for the next person. If you look at your home only from the perspective of it being an investment,  then yes, you could forego updating but please do not forego repairs. Like the crack in the foundation, it is not a big deal if the basement is unfinished but left untreated can cost mold and other issues that will cost much more in the long run . Most people live in their home, or said in other words,  live in their investment. I will always recommend enjoying your investment by repairing and updating on the go.

 
 
 
Allan Hassoun
Royal Lepage Credit Valley Realty
Direct: 905-452-2186

At Royal Lepage helping is what I do!

Visit my website: www.trebagent.com
 
Fall is finally here. Driving north on Highway 10 towards Orangeville the scene is absolutely beautiful. Trees are changing colors all shades of Reds yellows greens and orange dot the landscape. The weather has been strange lately. We had record highs in September and lots of rain in October. In the last few days we have seen temperatures up into the high 20s but at night it falls and just single-digit. This truly is one of my favorite times of year. I do love hiking and as such there are so many beautiful trails around here to go and explore. I love Mono Cliffs Provincial Park. It has a variety of trails from beginner to expert. Another favorite of mine is the Island Lake Conservation Area. I generally Park on Hockley Road and take one of the back entrances into the park. The loop on a hike is about 40 minutes long and it is full of boardwalks and then eventually goes right to the lake where you can look over the reservoir. lately I have been enjoying going out with my wife and discovering some new eateries. Our latest discovery was the spirit tree Estates cidery located on Boston Mills Road in the town of Caledon. When friends come over, we love to take them to Ray's Bakery in Alton. The food is consistently good and well priced. During this time of year I always keep an eye out for what's going on at the Bruce Trail. They often have family days with guides and things to do for the kids. My wife Donna goes to the bar and every day to play with her horse and tells me it is the best time of year for horseback riding. It is not too hot not too cold but just perfect. As I get ready for winter my Gardener cleaned up flower beds and got them ready for winter. All I need to do now is cover the barbecue, the air conditioner, and put the chairs inside the garage. I have a small snow blower that was given to me by one of my clients 5 or 6 years ago but it needs cleaning out so that will be my next project. Even though it is early I called my mechanic and told him I needed an oil change and while he was at it I would put on my winter tires.
on the work front things are really steady. Unlike previous years where I had a spring Market or a fall market and nothing in between nothing has let out this year 1 goals one comes one gets listed one gets sold on the commercial side I have a bakery I have a restaurant and I have a fitness center all for sale on the residential sorry I have a listing in Brampton a listing in Orangeville and one coming up in Alliston for November. I have fires looking for a property in Grand Valley and one Clyde looking for property in St Catharines. if you know of anybody looking selling those areas I'd love to talk to them. so to all my friends and clients will have not talked to you in a few weeks I'd like to wish you a belated happy Thanksgiving, and happy Halloween.
 
Allan Hassoun
Royal Lepage Credit Valley Realty
Direct: 905-452-2186

At Royal Lepage helping is what I do!

visit my website: www.trebagent.com
 
 
 

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