Flipping Homes - Not For The Faint Of Heart

Flipping homes is not for the faint of heart. You have to know your marketplace intimately.

  1. Is it a buyers market? Sellers market? Balanced market?

2. Is listing inventory high or low? What is your competition? What is the average number of days on market to sell?

3. What are buyers looking for? Three or four bedrooms? Garages? Fireplaces? Fenced yards? Finished basements? You have to renovate to appeal to the masses.

4. Is the property in a desirable neighbourhood? You have to know your renovating costs intimately. 1. Are you doing the work yourself or hiring contractors? How much time can you afford to spend doing the renovations over and above your day to day job and family life. How much time do you have to supervise contractors? 2. Do you know what buyers are looking for in today’s market in flooring, fixtures, paint colours, cabinetry, etc? 3. Does the property require system updates such as furnace, air conditioning, roof, windows? Potential buyers will expect these to be updated in a renovation flip. 4. Do you know your pricing and timelines for ordering and installation?

You have to know your financing intimately. 1. Do you have the additional funds if the renovation project goes over budget? And it will. 2. Are you prepared for the surprises you might find during renovations? Old wiring, plumbing, electrical? Don’t forget necessary permits or surveys. 3. How long can you comfortably carry the house while it is on the market? The longer it sits, the more any profit gets eaten up.

You have to know yourself and your family intimately. 1. Do you plan to live in the house during renovations? Not a great idea. If you are using contractors they do not like having you underfoot. If you have children there are safety issues. There is the noise factor to consider. Are you willing to be without water, lack of food preparation space, lack of privacy? 2. If you don’t move into the house are you able to sleep at night carrying a second property for an unknown length of time? 3. Are your contractors and subs reliable and dependable? Make sure you have written contracts for pricing, wages, etc.

You have to know the professionals intimately. 1. Have you consulted with a REALTOR® to get an idea of what the potential return on your investment will be? Do you know what similar homes are selling for and if they are selling? Did you ask your REALTOR® when you bought the property if there is anything you need to know about the neighbourhood. Is there anything happening that may affect the price you will get on resale? Upcoming power plants? Thirty story condo to be built behind? Road widening? Go in eyes wide open. If you back on to open space call your City’s planning department to check the zoning. 2. Have you consulted with an interior designer or decorator to know what is in style? You must stay away from “trendy” fixtures and fittings, colours, flooring, etc. You want the home to appeal to the broadest spectrum of buyers. You may like blue cabinets and green tiles but this isn’t going to be your home. Stay neutral and get advice from those who do this for a lliving.

Flipping homes is not an easy task. It tends to require a lot of up front preparation and hard work. All of this on a budget and tight timeline. Flipping homes can be a risky venture. There are no guarantees how much the home will sell for and how long it will take to sell. I applaud those people who take on a project with all the hassles that ensue, to enhance and beautify a property. Updated homes will only increase the value of a neighbourhood.

Do I think home flippers deserve to make a profit? Absolutely. Like any home sale it should be a win-win situation. If someone puts a lot of love, labour, sweat and money into a house renovation project why shouldn’t they make a profit?

Many buyers today do not have the time or knowledge to buy fixer uppers and have them renovated. They also do not want to be inconvenienced while the work is being done. Buyers will tend to pay top dollar for an updated turn key home that they just have to move into and enjoy.

Indeed flipping is not for the faint of heart but for those who are willing to take the risk, it can be very satisfying and profitable

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Neighbours - Can You Feel The Love?

By definition, a neighbour is someone who lives close to you. But close is a relative term. For urban dwellers your neighbour may live in the condo next door and you meet and greet them in the elevator or mail room. In the suburbs your neighbour lives beside, across, behind and down the street from you. In rural areas your closest neighbour may live a mile away.

If you are lucky, you have great neighbours. Great neighbours help and look out for each other. They are friendly and considerate but still respect your space and privacy. They make a point of saying hello, they don't yell when your child's ball lands in their yard, and they offer to pick up your mail and papers if you are going away.

Great neighbours make great neighbourhoods. They form their own nieghbourhood watch system, protecting each others homes. They make and deliver meals for the elderly or the ill, or new moms. Kids shovel their neighbour's driveways without being asked. There are neighbourhood barbecues, street parties and Christmas get togethers.

Are all neighbours like that? Unfortunately not. Some neighbours are not pleasant. They don't like kids, dogs, cats, noise, cars, bicycles, motorcycles. I think some don't like people in general. Some make life miserable for others sometimes.

  Then there are some who love to be the neighbourhood "Gladys Kravitz" and love to know everyone's business. Then they like to share everyone's business.

I think we all need to ask ourselves if we are good neighbours.  Can we try just a little bit harder?

Oakville Neighbourhoods - Old Oakville

Oakville Neighbourhoods - Old Oakville

 



When you mention the words Old Oakville, it conjures up thoughts of heritage homes, a vibrant downtown core, rich history, Lake Ontario and the 16 Mile Creek and harbour. This area closest to the downtown boutiques, restaurants and coffee shops is one of the most sought after for high end real estate. Stately homes on large lots are mixed with small quaint cottage style homes. Luxury townhomes are popping up as infill projects. You pay the price to walk to town and the lake.

  This is not a haven for starter homes, however small some homes may be. Old Oakville, or Olde Oakville as it is often called boasts mature tree lined streets with names like Pine, Maple, Spruce, and Douglas. Builders have been buying up properties in this area and constructing what are often referred to in Oakville as "monster homes". Homes south of Lakeshore Road and steps to Lake Ontario ooze character. Boatowners can park their boats in slips on the 16 Mile Creek or enjoy a variety of different boat clubs. The Oakville Centre for the Performing Arts entertains locals and visitors alike.

  There is a selection of condos to choose from in Old Oakville. Some overlook Towne Square, a popular gathering spot for many downtown activities throughout the year. A couple of other upscale condo buildings overlook Lake Ontario and the 16 Mile Creek. George's Square is another popular park in the middle of town with beautiful homes surrounding it.

 This desirable area offers homes for sale starting in the $600,000 + range up to $2,000,000. If you are thinking of buying or selling in Old Oakville please visit my website www.oakvilleontariorealestate.ca Open 24/7 for all your real estate needs. If you are thinking of buying or selling real estate in the Oakville, Ontario area, please check out my websites below for information and advice. Then contact me for professional help with all your real estate needs.

  www.oakvilleontariorealestate.ca  

Volunteering - My Other Passion