Home Maintenance • Housing Trends & Tips • September 27, 2021

Considering a Fixer-Upper? What You Need to Know

by Kya Seguin

Fixer-uppers are tempting prospects. Such properties let you buy into a desirable neighbourhood at far below typical market value. That’s because you’re not buying a typical house.

With fixer-uppers, you must think carefully. Ask yourself: Will this house be worth the work I put in? To find your answer, follow these three steps.

1. Add up the costs: First, consider everything that needs to be done in the home. Always assume more work rather than less. Add up all costs for materials and labor. If you plan on doing some of the work yourself, factor in your own labor costs as well. Hiring a home inspector helps a lot during this step. Their expertise can ensure you’re not missing any costs hidden behind the walls or under the roof.

2. Calculate the final value: Regardless of whether you plan to sell the house or live in it, you need to estimate what the finished value will be. Search for comparable listings, or “comps,” that have sold in the area to get a rough idea of what to expect. I can help with this step and run a search on your behalf.

3. Find the difference: Finally, subtract the total estimated costs from the estimated final value. Subtract an extra 5-10% for unforeseen issues. The number you get should be the absolute upper limit of what you offer. Anything more, and a great deal can easily turn into a money pit.

If that final number looks good to you, then that fixer-upper may be just what you’ve been looking for. Time to secure a renovation loan!

Peterborough Real Estate Stats • September 21, 2021

August 2021 Update

by Kya Seguin

DID YOU KNOW?

– The average sale price is up 29% from this time last year

– Inventory levels continue to be in favour of Sellers, with 0.5 months of inventory in the City of Peterborough (that means it would take 16 days to completely sell the homes that are currently listed for sale in the city, based on the the current rate of sales activity)

– Houses in the West end of Peterborough are selling the most – with 43 sales last month

– Record-low mortgage rates, pent-up buyer demand, low inventory and relocations made possible by remote work have all contributed to strong sales and price appreciation

Take a look at the local stats for August 2021, and reach out if you have any questions. Whether you are buying, selling, or just daydreaming about a new home, I can help you make an informed decision.

Home Maintenance • September 2, 2021

Organize your closet like a champ

by Kya Seguin

Want a closet that looks like it’s straight out of a magazine? Follow these tips to organize masterfully and give yourself peace of mind.

Group like clothing items together – group same-length dresses, long-sleeved shirts, etc. together in your closet to create a clean look.

Add more hanging room – you can find additional closet bars for cheap and installation is quick and easy.

Keep things uniform – matching hangers & organizers give your closet a more purposeful look.

Try colour-coding – organizing your closet by colour makes matching easier!

Get creative with shoe storage – try a shoe organizer that hangs on your closet door or cubby shelving on the floor.