Should i sell & move or stay put & renovate?

by Broady Windsor Group on Wednesday, March 11, 2020
Helping Homeowners Make Informed Decisions

Beaconsfield residents, Mike & Catherine, had been contemplating a move for the past few years. While they loved the size and location of their home, it hadn’t been updated in over ten years and was in need of a makeover. What they really wanted was a kitchen island and a more functional open concept on the main floor. 

They contacted the Broady Windsor Group for some advice and to find out whether it made more sense for them to sell and move, or stay put and renovate

Beaconsfield realtors Sean & Scott Broady looked over the couple’s renovation plans and provided some in-depth advice and recommendations as to which updates would bring the highest return. They even offered some creative ways to improve the main floor layout.

"They were worried about not recouping their investment should they need to sell sooner than expected," explained Sean. "We knew some detailed homework needed to be done and this is exactly what our new Homeowners Advisory Club is designed for."

It began by asking a series of important questions, such as how long they planned to stay in the home, and which updates would provide the most enjoyment for their family. They then balanced these desires against the relative impact those updates would have on their home’s resale value

A detailed Property Evaluation Report showed what their home would be worth if sold as-is, versus what its value would be following the renovations. They were also shown what they could expect to pay for a home that had all the features they were looking for.

"This detailed analysis really put our minds at ease," said Mike. "This was a big commitment, but seeing the numbers gave us the confidence to move forward with the project, knowing that it was the right decision and that we were making a smart investment."

As the renovations got underway and the project started to take shape, Mike and Catherine continued to lean on the Broady Windsor Group for access to their network of qualified professionals and service providers. This included a structural engineer, a notary, and a mortgage specialist. 

Their mortgage was coming due and their current bank wasn’t being very responsive or offering them a competitive rate. Scott quickly put them in touch with a trusted mortgage specialist who provided excellent service and found them the right solution for their particular situation.

Not only did he help them get a better rate, but he also structured the deal to cover notary fees and helped to offset the penalty for breaking their existing mortgage early. 

"The Broady Windsor Group were instrumental in guiding us as we encountered issues throughout the renovation process,"  said Catherine. "Having trusted advisors through the difficult times was also incredibly helpful."