The Perfect Market for that Less than Perfect Condo

23 January 2017

Never have I seen a market with such little market inventory - properties for sale. Many owners, myself included, have said 'If you don't need to sell, sit on it", the market is still rising. But, this is also the best time to unload what I call, 'less desirable properties' and put them up for sale. In a normal market, these properties are difficult to sell and they sell at a discount. However, in today's market, they will sell at full value and quickly. So what do I mean by less desirable properties? Sell that condo on the second floor overlooking the garbage bins. Sell that condo on the fifth floor that sits beside the Gardiner with windows that are never allowed to open, and sell that condo gets no sunlight. You know what I'm talking about.

The Best Condo Reno's for Increasing Property Value

12 August 2016

In our last blog post we discussed the real cost of flipping a property. We mainly focused on the costs that most Flippers tend to overlook, such as closing costs, land transfer costs and commission. Today, we thought we would take a look at what home improvements will have the biggest impact, if any, on your selling price down the road. Not all projects will give you a 100% return on your investment (in fact, very few do). However, upgrades can always help sell your property faster and give your property that "love it, have to have it" quality that can help your home stand out. What renovations stand out the most to Buyers? According to the REALTORS® surveyed, a new kitchen, bathroom or wood floors make the biggest impact.

The Cost of Flipping Properties

05 August 2016

Flipping properties is becoming a hobby for more and more people and that is a scary thought. So what do we mean by flipping? You buy a property, do some minor or major renovations and sell it 6-12 months later. Sounds simple enough, but here is the reality, flipping properties only works in a rising real estate market. When prices cease to increase by 10% per year, it will end and fail badly for the inexperienced. Here is why; A flipper has to buy first, there are legal and land transfer costs. Next, they have to carry a property at a cost of 1% per month. Then, when they sell it at the end, they have more closing costs and commissions. Now let's say you spent $50,000 in renovations. Do you really think someone is going to pay you $100,000 for the same renovations?