Vancouver Condo Real Estate Video Blog #726 - July 30, 2012
Dont Expect 100 Percent Returns On Renovations in this Condo Market
Ian Watt video blogs about how some people over renovate their condos and they should not expect to get 100% of the money out of their renovations and its a better rule of thumb for lower end condos to get 50% of the renovation out of the sale. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I recently received an email from somebody who wants to sell their condo. The neighbouring unit with the exact same floor plan recently sold for $900,000 and she said she puts $75,000 worths of upgrades to it so she figured it should sell for about 975. Mathematically that make sense however upgrades are such a personal thing it doesn’t mean you're gonna get all your money out. I always say use it as rule of thumb that if you spend a hundred thousand dollars worth of upgrades you can probably list it for $50,000 more. But chances are it’s gonna sell for whatever it sells for. Don’t think because you put in $75,000 or a hundred thousand dollars you’re gonna get 75 or a hundred thousand dollars more than the last sale. It’s just not gonna happen really depends on the buyer but generally speaking condos are quite generic and just because you gold lift the ceiling it doesn’t mean you’re gonna get every dollar out of your renovation. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!