Is it time for a Change The Home Inspection after the renovation

Staring at the same wallpaper and pondering if it’s time for a change? Here’s a 5-point checklist to help you decide between selling your home or giving it a renovation glow-up:

• Cost: Factor in closing and moving costs if you’re selling, and get several quotes if you’re considering a renovation. Which option makes the most financial sense?

• Space: If you’re feeling squeezed, remember a kitchen remodel, or new floors won’t add square footage. In that case, moving could be your answer.

• Emotional Readiness: Do you feel ready to say goodbye to your current home, or does it still pull at your heartstrings?

• Renovation Effect: Sometimes, updating your home before selling can reignite your love for it.

Are you ready for that possibility?

• Future Steps: Have a game plan. If you do decide to sell, be sure you have a backup plan if your next dream home isn’t readily available. Whichever route you choose, make sure it aligns with your lifestyle and future goals.

Real Estate 7 Day update

Chestermere July 9 to the 16th

Active Listings 89

Pending Listings 17

Sold Listings 15

Langdon

Active Listings 27

Pending Listings 0

Sold Listings 0

Strathmore

Active LIstings 39

Pending LIstings 16

Sold Listings 6

Have you had renovation work completed lately and the quality wasn’t what you were expecting?

If you are in need of a second opinion, a home inspector has a tool kit full of experience and skills to assess most renovations. There are a few checklist items that you can use to reduce your risk of an unfavourable renovation.

• Verify your contractor is licensed and insured.

• Follow up with references provided. If possible go and view the contractors work.

• Ensure the appropriate permits are pulled.

• Be present when the Building Inspector conducts progress inspections.

• Fully document in a contract all the work that is to be completed along with time lines, progress payment schedule and material details.

• Request a copy of all material and sub contractor paid invoices prior to paying progress payments. (You want to ensure the materials have been paid for and the sub contractors have been paid. An unpaid subcontractor can put a lein on your home.)

• Record the progress of the work. Take a lot of pictures that you can use to refer back to in the future.

• Discuss with the contractor anything that you aren’t sure of as the work progresses. Don’t wait until the end if you have questions.

• Hire a third party inspector to review the work if you don’t have the skill set to evaluate the work yourself. This is where a Home Inspector comes into play. Look for a home inspector with construction experience who can walk you through the process and provide you with an education of the work being performed.

Open or closed mortgage: which is right for you?

Finding the right house is only half the battle. The other half is choosing the best type of mortgage. Among the many variables to consider — including its duration and interest rates — you must decide whether you want an open or closed mortgage.

OPEN MORTGAGE

The advantage of an open mortgage is that you can pay off the entire amount, or a portion of it, at any time. You aren’t penalized for paying it off early.

CLOSED MORTGAGE

A closed mortgage limits the amount of money you can pay toward your balance every year. This is often a percentage of your original balance, which may vary by lender. You’re penalized for paying more than your monthly payment.

HOW TO CHOOSE

Open mortgages usually have higher interest rates to make up for the flexibility of being able to pay them off at any time. On the other hand, closed mortgages have much lower interest rates because you must commit to the lender for a set amount of time. To make an informed decision, consider your needs and financial situation in the short and long term.

Not sure which type of mortgage to choose? Contact a mortgage professional to discuss your needs.