Archives > July 2015

When thinking of selling your home, flooring updates need to be considered, because wear and tear has taken a toll on the property to some degree.

Also, the styles have changed over the years. What was in style 5 years ago, isn’t in style now. Buyers are always looking for the latest thing in design and interior updates.

If your flooring is over 5 -7 years old, has wear and tear or damages it will need to be replaced.

You can consider doing more of the same of what you currently have, but taking in to account the current flooring trends is a better route.

Return on Investment

Home Gain has an ROI chart where all updates are listed and flooring gets a 110% return on investment with 93% of Agents recommending doing it. So it is a benefit!

I agree with this, because I see the value of it everyday when clients can sell their homes faster than the competitors and the steady feedback from buyers is that they loved the new flooring.

If you feel it’s too daunting your other option is to reduce your price or offer a buyer allowance for flooring, but it isn’t recommended. Why give away your equity?

I offer project planning and contractor management, painting, fixtures updates, facelift renovations, and Staging for my listings. We can have a 15 min strategy call to discuss how this works if you and I work together.

BOOK NOW

Email:  admin@stageandsell.caor text/call 780-218-7444

In addition to updates and proper pricing, Staging a home brings in better offers than not staging it, So clean, repair and stage your home & price it correctly.

Jill Turgeon

REALTOR® @  One Percent Realty & RESA Award Winning Home Stager

& Owner of Simply Irresistible Interiors

780-218-7444

https://linktr.ee/thestagingagent

Offering her optional “Stage and Sell Real Estate” services to her listing clients, she can strategize with you on the best way to set your home apart for selling

*This website in whole, is not intended to solicit listings that are currently under contract to other brokerages.

#onepercentrealty #homestaging #stageandsell #jillturgeon #homestager #edmontonstaging #realestate #renovations

In my other blog, I covered the first part of working with Contractors. It would be a good idea to read that as well.

STICK TO THE BUDGET

It is super easy to get carried away with all the extras that could be/ should be done “since you are doing it anyway”.

This is a classic thought process and a surefire way to get in over your head. Adding items can add up and they were not part of the original contract. If you are planning to just do floors and paint, stick to your plan. Make sure that in your interviews you have asked enough questions to ensure that this topic doesn’t come up.

If you are painting, ask what is included in that whole process? Ask what would be an “add on”, while you are doing the interview so that you can decide how far to take it, before the work starts.

You can expect 10-20% on top of your original quote for contingency funds and unexpected issues, as their always are!

Quotes should include material, fixtures and labor that will be required to complete project to the specifications. It should also outline who is buying and delivering these items to the site, who cleans up and who pays for clean up.

Have Detailed Contracts

How detailed? So detailed that if, God forbid, all parties in the contract passed away,  a lawyer could easily and plainly see what was to be done and what stage money was payable. And what money was already paid. A contractor that balks at this idea is not one that you should hire. Contracts protect all parties so if they are unwilling to sign something or create a contract with you, then re-think hiring them.

Insurance

Property damage Insurance, as well as a valid Business license. Take the time to verify this.

Call their references and check their experience, including social media profiles

Permits

Are they are able to obtain any building permits if required and are they are knowledgeable about what is needed? In some cases you as the home owner can also obtain the permits yourself.

Payment plans 

Money has to leave your hands at some point so planning a schedule for this is a good idea. Typically, a 30% deposit is paid, then 30% when 2/3rds of the work is done as outlined on the contract and the last 30% when the final day is complete with a 10% holdback for you to have sufficient time to confirm all projects are in fact complete. Call Service Alberta if you have further questions about contracts.

Another option is that contractors will work all week and invoice for the balance owed that week. This is a good system that is trackable and also prevents further confusion on the invoices weeks later when time has passed and it is uncertain what transpired on the day in question. It allows you as the home owner to see progress and the time things take, pay as you go, and keep yourself on budget.

It is also beneficial to the contractor as they are paid regularly and this alleviates the stress of buying materials and also paying their own bills. They are people too and they often have families to feed also, so this is a very good way to work out a fair and equitable plan for everyone.

During the process 

Supervise your contractors

Be there daily so you are well informed. We offer trade management as a service within our staging company if you prefer that option.

A professional is happy to answer all questions

So ask questions, there is no dumb question when it comes to your money being spent.

Never pay for more than has been completed

Depending on the business deposits may be only $500.00. Progressive payments are usually agreed to on a contract, but what can end up happening is that you pay your progressive payment and the work is not actually completed to that point. If you are new at this, this will be a problem and some contractors can smell new blood a mile away.

So again, be clear on the contract and have it reviewed by a lawyer if necessary. A common issue that occurs is that a contractor has worked all week at your house and the completion level is not where it should be, or has run into legitimate issues that held up the progress. At the end of the week, they want a progress payment and the work is not done to that degree. Do you pay? What if they tell you that their rent is due? Or their kid’s soccer dues have to be paid and they promised to pay it today? Do you pay? What if they say they will come back tomorrow (Saturday) to catch up…do you pay? The answer is no. NO.

This always causes tension and if you pay for incomplete work . You will lose in the end when you have paid for more work than has been done and they are now telling you that you owe more than you agreed to pay, and unless you pay they will not finish the work. This is a difficult predicament to be in and it does happen, so research, interview, have an ironclad contract, get legal advice and be prepared to stay on top of all this.

Mandatory holdbacks are required in the province of Alberta

This is not optional. You are legally required to keep 10% of the final pay back to allow time to ensure project is complete to your contractual agreement. Typically you can review your completed project with a few days and then if there are issues, they must be resolved before the final 10% is paid. Contractors may pressure you to give it to them with promises to return to complete items, do not give it to them. Sob stories are for Disney™ not business!

Be Aware!

• Be aware of a contractor if they request large deposits, or cash only, or payment in full upfront.
• Be aware if they do not charge GST or have a business license
• Be aware if they are too vague or do not want to put details in a written contract
• Be aware if they have no only a box # for an address and no physical location
• Be aware if they want you to obtain all permits and do not want to be involved in that process
• Be aware if they pressure you to decide now or offer you a discount for a “now” decision
• Be aware if they have answering services and do not use their own phone numbers for contact

Although this may sound scary,  I am not trying to scare you from using contractors. Most are fantastic to work with. I am trying to inform you on what can and does sometimes happen, so that you can prepare yourself fully and come out of this process unscathed.

Most often working with contractors, although stressful due to the nature of the projects, is usually a great learning experience and a rewarding time to see your vision come alive. Property improvement, even if you are moving, always carries its own rewards.

For more on this subject and 95 pages of Staging advice, checklists, photos and more….get your own copy of my eBook and get in control of your selling process

https://stageandsell.samcart.com/products/stage-and-sell-your-property-faster

Jill Turgeon

REALTOR® @  One Percent Realty & RESA Award Winning Home Stager

& Owner of Simply Irresistible Interiors

780-218-7444

https://linktr.ee/thestagingagent

Offering her optional “Stage and Sell Real Estate” services to her listing clients, she can strategize with you on the best way to set your home apart for selling

*This website in whole, is not intended to solicit listings that are currently under contract to other brokerages.

#onepercentrealty #homestaging #stageandsell #jillturgeon #homestager #edmontonstaging #realestate #renovations

When making the move towards doing updates on your property it is intimidating to think about having to deal with contracted trade people. There are many horror stories, lots of them justified, and the thought of tackling this is the biggest reason that most people chose not to. All contractors are not bad news, but there are things to watch out for.

Follow the guidelines below to put yourself in the driver’s seat when making hiring choices and doing the project management.

When considering Price Points is it $5,000 or  $50,000?

This is will be relative to what you haven’t done on your property over the years. The fact is that you do pay for upgrades on your home. This happens by actually doing upgrades or by lowering your price enough to sell. Either way you pay.

Getting written estimates is a good place to start. Verbal estimates seem to mysteriously increase, so always get it in writing!

Get multiple quotes and ask them to be as detailed as possible so you can carefully review them later.

Level of Quality in Product

You do get what you pay for. Reputable companies will typically have been “seen around” town through various long standing advertising. You need to always ask for references from past clients and also Google their personal name and the company name to see if anything pops up.

Do not hire the cheaper contractors simply because you think it’s better to save money. You will not save money. It usually ALWAYS ends up costing you more in the mistakes they make, the issues they create and the headaches you endure. Pay for quality and you will get it.

This doesn’t mean you have to spend over the top amounts to upgrade but you do have to spend something, so don’t choose the lowest price. Go for the middle ground if you are only basing your decision on price.

Contractor scheduling

This is a tricky balancing act even for those who do it every day. Most contractors are not large corporations, but are running self -employed businesses and therefore they have to run the company, market and also do the work. If this is the case, you can expect their estimated timeline for completion to be twice the guess.

This is because they typically have other projects on the go and you are not their main focus. They have to go out to see new clients during working on your house and so the hours they give you are usually broken up.

This actually makes everything take longer because they have to re-focus themselves each time they get to your house and it takes away from progress momentum.

Self- employed contractors are also busy answering their phone and putting out “fires” from other jobs they have on the go. This can and does cause frustration for a Seller who is updating to get on the market in a set time line.

Give yourself plenty of time to get this work done because it always takes longer than they tell you. Self -employed contractors do have some benefits as they are more flexible with hours and pricing, they are usually trying to build a good business reputation and do not want to get a bad name, so are more likely to fix issues to the best of their ability.

Trust your judgment during the first interview and do not be swayed by flashy talk or pushy sales. If a contractor is pushing you to decide right now, say no. There are many options for you hire and you can afford to wait to make the right choice.

Type of property

This will determine the level of upgrades you choose. A starter home does not need granite counters or top of the line hardwood flooring. Do not be up sold in such a case.

Contractors are there to “install only” not determine your product choice or price points you need to spend. However if you have a million dollar home, it needs to be finished with appropriate levels of quality or it will destroy your chances of selling. Choose upgrades that reflect the price point of the asking price.

I can help you with that as that is part of my Pre-Reno consulting service, or when listing your home with me, this is a discussion we can have.

Market Expectations

What are other homes listed in your price range doing? You will need to at least offer that much or take it to the next level and offer more. If your competitors are not upgraded, then you absolutely should  be, as it will secure a faster offer and the best price on the block.

If your competitors are upgraded then you need to be also upgraded at least to that degree or better, to even stand a chance at selling. Today’s buyers are telling the sellers what they want in a home so listen…and you will win.

Budget VS. Return

The ROI on upgrades varies and is also dependent on your neighborhood values. Your budget of course will determine how much you can invest into your sale, so plan a budget that takes in account an overall impact on the property, not just one or two rooms.

It is better to paint a whole house and put new floors throughout, than to just gut and update a couple of bathrooms. Choose your budget to cover all your bases and consider that investing now will prevent future price reductions, so you are actually saving money.

Keep in mind every broken item, damaged wall, crooked cabinet door, etc. will remove dollars off your offers. If your property looks broken down, buyers will want to get it for a deal since they have to fix it themselves. So your offer from them will be less than you hoped for.

Research

Do lots of interviews with contractors. At least 3 each. Spend a few days doing this and ask lots of questions. Searching the internet beforehand to learn what to ask would give you an advantage.

So make sure you are informed before they step through your door. If you are alone in this process, have a trusted friend there to be a support. It is better to have someone there with you to keep you on track and it will help prevent being swayed by pushy sales tactics.

No shows EQUALS no 2^nd chances.…if a contractor is a no show for your first appointment, then do not give them a second chance. This is a good indicator of the level of service they will provide you if they are missing their first appointment.

For more information on how to stage your own home and do it right, get your own copy of my eBook

https://stageandsell.samcart.com/products/stage-and-sell-your-property-faster

Jill Turgeon

REALTOR® @  One Percent Realty & RESA Award Winning Home Stager

& Owner of Simply Irresistible Interiors

780-218-7444

https://linktr.ee/thestagingagent

Offering her optional “Stage and Sell Real Estate” services to her listing clients, she can strategize with you on the best way to set your home apart for selling

*This website in whole, is not intended to solicit listings that are currently under contract to other brokerages.

#onepercentrealty #homestaging #stageandsell #jillturgeon #homestager #edmontonstaging #realestate #renovations