Two sides of the Renovation Coin

As the owner of Kelowna’s Greenwave Construction, I am commonly approached by two types of clients that represent two sides of the coin in the renovation industry.

The first are recent purchasers of property. Quite often these purchasers will tell me what a “great deal they got” because the home required work and the buyers were not interested in completing the project prior to putting the home on the market. I am more than happy to assist these clients in completing the requested renovations or maintenance. This work always increases the value of the home. If properly done these projects help protect the value of the home in the future.

Now let’s look at the other side of the coin: sellers.

Recently, I have been contacted more and more by a less common type of customer. These clients have properties to sell and they are faced with a slow market. They have been advised to have the home undergo repairs to help the property sell. In many cases these homes are very valuable and are available to more discerning buyers.

It seems the Okanagan valley is filled with high priced fixer-uppers. These are homes that have been used seasonally or sparingly by out of town buyers and have not been maintained or updated. When the need arises to sell such a home the sellers quickly realize that they will lose hundreds of thousands of dollars in most cases on their sale price if the work is not done. Even if the buyers do not notice the problems their home inspector will. This will result in the buyers discounting their offer or not offering to purchase at all.

A buyer will usually want to deduct far more money than the work will cost to complete simply because of the hassle and risk associated with assuming the problem. Who needs the headache!

My advice to all clients is the same.

1. Have your home maintained properly on an ongoing basis.
2. Do not overbuy. All property will require maintenance.
3. The cost of this maintenance should be factored in when making a decision to purchase.

Failure to maintain your property will result in its devaluation on the market. If you want to sell your property have a reputable firm complete the required work. As a result of current property disclosure laws you may be held liable for poorly completed work as well as any defects in your home that you have not disclosed.

Protect yourselves: be a smart home seller and offer a good product to the housing market.

For Kelowna Renovations, contact Greenwave Construction and let us help guide you through the renovation process. It could save you thousands of dollars.

Greenwave Construction

Kelowna Home Renovation Contractor

(250) 575-2690

http://www.greenwaveconstruction.ca/

















David Federici


Greenwave Construction

Kelowna, BC


Email