Build new or renovate – renovatin tips from Alair Homes on Vimeo.
Bernadette: “Hi this is Bernadette and Veneesh from Xiva Mortgage and we are here with David from Alair Homes and talking to you about sometimes client come to us and say “We’ve outgrown our home and I think we have to sell or is there an alternative?” So David in this particular renovation the client you have here was thinking of selling and then you presented them with another solution.”
David: “Yeah that’s right. So these clients really came to us with a dilemma going, “We love the neighborhood, our kids are growing, we want to stay here, so should we tear down the house and start new or should we do a renovation?” So the worry was, “Well how much is it going to cost if we build a house, how much is it going to cost if we do a major renovation?” And really in our experience usually the cost is between 300 and 500 thousand dollars less to do a major renovation so that the house looks brand new like as if it is a brand new house versus a new house or a new build. So for this family, it was a right decision because we were able to add lots of square footage and like in this construction zone here take the roof off and do all kinds of new stuff and the exterior is all redone. It’s beautiful for them and it has a space for the growing family and they get to stay in the neighborhood for less money than building a new house. So for them, it was the right choice. But it’s really having an understanding that discussion and also that the value is there because in this case, we are adding lots of square footage so it adds lots of value to the property so it was a good financial choice.”
Veneesh: “So you were able to accommodate all of their needs. So their needs were being they needed more space, they wanted to stay in the same area, and their financial budget.”
David: “That’s right.”
Veneesh: “Wow that’s impressive.”
Bernadette: “So basically if you are living in your home and you are thinking of either selling or maybe renovating it’s a good idea to sit down, figure your budget, talk to professionals so you know what’s best for you and your family.
Watch Our Other Renovation Tip Videos:
HOW TO FIND A BUILDER YOU CAN TRUST
HOW TO STAY ON A BUDGET WHEN RENOVATING
MORTGAGE TIPS FOR FIRST-TIME HOMEBUYERS
TO BUILD NEW OR TO RENOVATE YOUR HOME?
TWO-PHASE MORTGAGES TO FINANCE YOUR BIG HOME RENOVATION
MORTGAGES TO BUY AND RENOVATE HOMES
MAKE MONEY WITH YOUR HOME RENOVATION
WRONG FINANCING FOR YOUR RENOVATION? HERE’S HOW TO FIX YOUR MORTGAGE