What is the true value of a renovated home?

What is the true value of a renovated home?
--April 15, 2010

Articles abound which help a home owner identify which renovations will hold their value in the real estate market and which ones will not. These articles are all written from the Seller/Vendor perspective --- Where should I, the home owner, invest my renovation dollars for the best return on money?

But what about a Purchaser? What is the true value of purchasing a renovated home?

Renovations range from the cosmetic (a lick of paint here and there), to the extreme (think marble foyer in a tiny one-bedroom condo). In calculating the amount to offer on a renovated home, a standard market analysis will tell a buyer approximately what a good offer on such a house would be.

However, there are benefits over and above the monetary investment in a renovated property. Look at 4928 43rd Street SW. This home has been beautifully renovated with a noticeable attention to detail. Not only have the cosmetics been carefully attended to, but the “bones” of the house have been completely updated and upgraded. The home has a new furnace & hot water heater, new windows, brand new kitchen with four brand new stainless steel appliances, new front and back door, two brand new 4-piece bathrooms and 2-piece ensuite, new interior doors and trim, completely updated and renovated basement, and the list goes on and on. And yet, the home is still competitively priced in the Glamorgan market.

So what are the other advantages to this RENOVATED home which puts it above the competition?

• The home is in “move in” condition. It does not need cleaning, a new coat of paint, remodelling. Nothing – it is fresh and bright and new!
• It is a maintenance free house. All the major ticket items are brand new! You do not need to immediately budget for a new furnace or for remodelling your kitchen. These are done for you!
• You will not face the "hassle" of finding, interviewing, hiring and monitoring renovators, a difficult job at the best of times but in a new location, truly daunting.
• You do not have to disrupt your family while renovations or repairs are going on. Who actually likes to clean up plaster dust??
• You can relax and enjoy your new home with confidence that the renovations were done meticulously, ensuring you many years of hassle-free home ownership!

In this home, the renovations have been done so you can check the workmanship yourself. We have even left the utility room open so the “bones” are visible and easy to access. It is, after all, the decision of the buyer to evaluate ALL the features and benefits of any prospective home, including the intangible values of lifestyle. Come and check it out for yourself!

By: Lee McDonald & Jane Copeland