As you probably know, it's easy to lower the costs of a renovation. Just hire an inexpensive, fly-by-night contractor — and hope for the best!
Chances are, you won't want to take that risk. So how do you ensure you get quality work while keeping your budget in check?
Here are some tips:
• Get estimates from at least three contractors. Often prices can vary widely, even amongst contractors with similar reputations and experience.
• Narrow the project focus. If you're getting a bathroom renovated, for example, decide whether you need the contractor to paint the new walls. Can you do that yourself?
• Shop around for the building materials. Yes, contractors often have access to wholesale prices. Still, you might be able to find a bathtub and vanity at a lower cost or at least avoid any markup the contractor may charge.
•Negotiate. Sometimes a contractor is willing to lower the price for concessions, such as quick payments or more time to complete the job.
• Schedule the renovation during a low-demand season. For example, deck contractors charge more in the spring than the fall. It's supply and demand. More people want their decks done in the spring.
Keep in mind that spending a little more for a skilled and reputable contractor can save you money in the long run. The renovation will have fewer, if any, "issues" (that may require an expensive fix) and will last longer.
Congratulations to my newest VIP Amy on your first home purchase!!!
Though time was not always on your side when it came to hot new listings, the real estate universe was looking out for you when this property was listed at just the right time for you to have a chance at it. Having already received multiple offers, timing was critical in order to compete to get this property. Lady luck was on your side knowing this house was perfect for you and after writing an ‘on point’, perfectly timed offer, you beat out the rest without having to break the bank! From first view to moving in within mere weeks, not the average real estate experience for most people, but as it’s known, real estate waits for no one. You excelled through and now this property is all yours!
Thanks so much for trusting me to guide you through this. You were wonderful to work with and it was a total pleasure to represent you as your ABR®, RENE Realtor®.
Wishing you all the comforts of home and can’t wait to see how you turn this house into your sanctuary.
City listings fell four per cent to 724, down from last August’s 757, while the month’s 325 sales were almost on par with last year’s 329 — the same number sold in 2017, as well. Year-to-date, listings are down three per cent to 5,676 (from 5,873) while sales have risen six per cent to 2,551 (from 2,410).
Active listings in the city are down five percent to 1,916 from 2,019 at the same time last year.
“It’s always a good thing, especially in the time we’re in, when listings are declining — and they have been the last three years. If you want to see prices remain stable or even go up slightly, you have to see less supply,” said Jason Yochim, CEO of SRAR.
“Consumers are aware of the market and if they’re not serious about buying or selling, you’ll see fewer of them just testing the market. When the market is moving upward, and a bit hot, you’ll see people kicking the tires and consider selling. With prices remaining stable and even down slightly over the last few years, you have the serious sellers because they need to make a move.”
Slightly lower prices likely contributed to August’s dollar volume of $105 million, down four per cent from the previous year’s $109 million. The average sales price came in at $323,024, down three per cent from last August’s $331,374. Year-to-date, however, dollar volume is up five per cent to $843 million from $805.5 million on stronger sales.
The Saskatoon region, including communities such as Warman, Dalmeny and Martensville, saw 237 listings in August, down 15 per cent from 280, while sales were down 13 per cent to 93 from 107. However, the average sales price rose eight per cent to $294,237.
“The bump in the average price is a bit of an indicator that more higher-end properties are moving, which is a positive at the end of the day,” said Yochim. Year-to-date, the region has seen 2,195 homes hit the market, down three per cent from 2,255, and 679 sales, a five per cent drop from last year’s 712. The average price is down three per cent to $294,369, and active listings are down five per cent to 1,158 from 1,218.
Media Release: September 2019 Jason Yochim, Chief Executive Officer, Saskatoon Region Association of REALTORS® “In any market, there are people who want and need to buy a home. The important thing is to have good advice, to price to the market in their neighbourhood based on the condition of their home, conscious of the competition they’re against. This is so fundamental. Price is everything,” said Yochim. “No homeowner wants to sit on the market and have 40 showings and multiple open houses.”
In Saskatoon and region combined, August listings fell nine per cent to 1,051 from 1,155; sales were down five per cent to 437 from 461; and the dollar volume was down eight per cent to $138.6 million from $151.5 million. Year-to-date, listings are down three per cent to 8,774 from 9,055; sales are up three per cent to 3,403 from 3,304; and the dollar volume is up one per cent to $1.1 billion. ~ September 2019 SRAR News Release
If it’s been a while since you last moved, you might be wondering how much you'll need to spend on your next home. That's an important question to answer, even if you're just at the "thinking about it" stage and haven't decided whether or not you'll look for a new property.
After all, knowing your budget might influence your decision.
How should you determine your budget?
The first step is to calculate the maximum you can spend. This involves adding the money you'll get from the sale of your current property after repaying your outstanding mortgage, to any other funds you have available to invest plus the maximum amount of mortgage you qualify to receive.
Of course, just because you may qualify for a large mortgage doesn't mean you want those bigger payments. So, the second step is to think about your needs. What features are a must in your next home? For example, you might want four bedrooms and anything less would be a deal-breaker.
Make a "must-have list". That list can by used to find a baseline of properties on the market — and then find their average asking price. This will give you an idea of what it would cost to find a home that meets your must-have list.
The third step is to go beyond needs and consider the features you want. These might not be deal-breakers, but you'd sure love to have them in your next home. They could be a large deck, a location in a desirable neighbourhood, a big country kitchen, etc.
Ask yourself how much you would be willing to pay for those desirable features. $20,000? $50,000?
Once you've gone through these steps, you'll have the information you need to match your needs and wants to what's available on the market — and you’ll know how much you might expect to pay for your next home.