ADDING VALUE AND DEMAND THROUGH RENOVATIONS - SOLD 97% of asking price,110% OF PRE RENO EVALUATION

This deal was a doozy.  When I first saw this unit it was in desperate need of renovation in order to freshen the space after years of operating as a rental unit.  It is important keep a little rental income aside to handle renovation costs when it comes time to sell. 

Unfortunately due to all the new developments in Toronto, condos that were built only 5 or 10 years ago look old and dated.  Each new condo development uses the latest finishing materials and color trends.  Every new development sales center is styled with the latest and greatest to attract new buyers in a very competitive market.  Not all trends stand the test of time and materials that were once sought after become tacky or look cheap. 

It is important to repair the wear and tear an income property goes through and replace old and dated materials with something new and fresh.  When my clients budget allows I like to focus on using classic materials like Carrera marble, flat panel or shaker door fronts, clean, sleek hardware, and good'ole white paint.  Classic materials stand the test of time and while premium martials cost more upfront they also add to the desirability and inevitably the sale price of your property.

The renovation cost $9000.00 including labor and material.  My clients had budgeted for renovations  but even had they not we easily could have secured an equity loan from their mortgage to do the work.  Prior to the renovation I estimated the value  of  the 2 bedroom, 2 bathroom, 1 parking space waterfront condo between $429 to 439000.00  After the Reno we decided to list the unit at $489900.  

After a few weeks on the MLS I was able to secure a purchase price of $475000.00 which is $35-45000 above the initial valuation.

For every dollar my clients spent on renovations they received $4.45 in return, that's a 225% return on investment. A little paint, new carpet, new cabinet doors and hardware, and less than 100 Square Feet of premium finishing materials added 10% to the overall sale price.

It was not easy, and it didn't happen overnight but most Canadians work a lot longer than 3 weeks to earn $310000.

The moral of the story is income properties can fatten your pockets not only while you hold them but while they're on the way out of your portfolio as well.  Every penny counts and with the proper agent by your side even a little can go a long way. 

Before:   

                                              

            

        

Jimmy Vlachos - Core Realty Group Inc., Brokerage - 416 953 0781

How a Brick-Shaped Heineken Bottle Almost Changed the World 50 Years Ago

You may have never heard of Alfred "Freddy" Heineken, but he should be a hero to drinkers and kids'-toy enthusiasts everywhere. Laughing Squid has the story of how Freddy—the third-generation patriarch of the Dutch brewing family—invented the WOBO, a beer bottle that essentially doubled as a giant interlocking Lego brick, and was made for building eco-homes back in the early 1960s. His original intent was to help the lower classes in Curaçao, where he happened to vacation in 1963, build houses for themselves with the very materials that were already littering their beaches—discarded beer bottles. Thousands of WOBO bottles were made, but as of 2012, almost all of them have been lost or destroyed—and only two WOBO structures still exist. Unfortunately, the Heineken brewery wasn't as into the idea as Freddy was, and realistically, there aren't very many people who would live in a house made of beer bottles (insert obligatory Mel Gibson/Charlie Sheen/Alex Trebek joke here). But still, it's cool to see evidence of upcycling decades before that became a thing.

By David Kiefaber - http://www.adweek.com/adfreak/how-brick-shaped-heineken-bottle-almost-changed-world-50-years-ago-143190

    

 

 

White. A favorite of mine due to its clean, sharp look, ease to touch up or repaint.

Check out the link below for helpful tips on bringing white rooms to life.

http://design-milk.com/decorating-ideas-12-white-rooms-with-pops-of-color/