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We’ve all heard the horror stories – people paying way too much for a house, not getting an inspection and then finding a million (expensive) problems with the place. I’ve seen it countless time with homeowners on Income Property and from talking to eager real estate investors. [...]
Budgets play a big part in a renovation and I see too many “all-in” renovations... In other words, homeowners blow their entire budget on one room and neglect the rest of the home. At “for sale” time this can leave a bad taste in a purchaser’s mouth, mainly due to the renovation of the one room having dated the rest of the home even more so. Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision. [...]
Many clients often ask me if they should wait and save up a larger down payment before they get into the market. This can work, but it often doesn't work out, since you're also paying rent and just saving a small amount. In the meantime, house prices are still rising, and interest rates could go up which can leave you farther behind by costing you more to buy the home and to carry it. As soon as you have an acceptable amount for a modest down payment, it will usually pay to get into a rising market right away. [...]


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