Soaring GTA new home prices create buying opportunity in older singles
(Oakville) - Soaring new single-family home prices are making renovations the best option for families seeking an affordable choice, said GTA renovation specialist Mike Manning today. Mr. Manning, a 20 year builder and master carpenter, will give a speech in Oakville Saturday on strategies to renovate older and less expensive homes to get the benefits of new homes at a lower cost.
Data released yesterday show new single-family homes prices soared 16% in the GTA in 2012 even as prices and sales softened across the whole market. Real estate research company RealNet Canada Inc said provincial policies aimed at curbing urban sprawl mean that the price of an average new home here is now more than $632,000.
“People are attracted to new homes because the older existing stock lacks the features and space they expect,” said Mr. Manning. “But with older, and especially unrenovated homes languishing on MLS, this is an opportunity to buy right and then renovate to get what you want”.
He said his advice is especially relevant in well-located areas that will give homeowners the benefit of a shorter commute. “These will be the homes that will be in demand in the long-term as it gets harder and harder to travel in from the periphery by car.”
Mr. Manning added that his speech, which will be a featured presentation during the Open House to rebrand his long-established Oakville renovations company as Refined Renovations of Oakville, will explain the strategies required to buy, renovate and then either enjoy living in it or flipping it at a profit.
“A highly regarded authority, the Appraisal Institute Canada, says you can’t add value beyond the cost of the renovation to a house. But I have personally done profitable renovations to buy and flip, and have helped clients do profitable renovations and I now think that I can advise people on what works and what doesn’t.”
The Open House will take place Saturday January 26th from 1-3 p.m. at 2305 Belyea Street in Oakville, L6L 1N7. For information call Refined Renovations at 905-849-4323.
The Appraisal Institute releases a list of renovations items annually, and consistently reports that homeowners can expect a 0-100% increase in home values from their renovation. Mr. Manning explained that Appraisal Institute evaluates items such as bathroom renovations or the addition of skylights on an item by item basis.
“On one hand, I agree with the Appraisal Institute,” said Mr. Manning. “If you have a dated home and you do just one or two items, you can’t sufficiently change the look and feel of the home. You have improved it, but by leaving most of the house in its original state you have a dated house and people coming in to see it can only see all the work that will still need to be done, in order to bring the house up to modern standards. Doing one or two things on this list will not create value beyond the cost.”
About Refined Renovations of Oakville: Since 1991, Refined Renovations has been providing cost effective, high-quality home renovations. Quality craftsmanship with our "Built to Last" guarantee is delivered to you by a professional and service oriented organization. We share your passion for home improvements and strive to make your renovation as rewarding as possible. Over time, the size and scale of Refined’s projects have increased.
About Mike Manning: Mike graduated from a three-year diploma course in Architectural Technology from Algonquin College in Ottawa in 1979. Shortly after, he moved to Calgary where he worked for three years in condominium development, reaching the level of Site Superintendent. Eventually, he moved to a division of the commercial construction giant PCL as a Site Foreman. In 1983, he began to do renovations on single-family residences in addition to his commercial work. In 1986, he relocated to Toronto, received his carpenter's licence, and rejoined PCL working on very large commercial developments including Scotia Plaza and Waterfront Place. In 1991 he decided to focus on finish carpentry and started his renovations company in Oakville.
For more information or interview contact:
President, Refined Renovations of Oakville