Renovation after buying a house
The following are just some of my personal opinions and experiences. You are welcome to exchange views with officials. Since I am not a professional writer, the order may be a bit messy. I can only think of what to write and hope to share some experiences with you. This article only refers to renovation. I will write another article about additional construction.
Toronto’s property market has been prosperous in the past few years, and many people buy houses to refurbish and resell them. The English name is flipping House, which has been completely renovated, changed the partitions, bearing walls, added bathrooms, and the entire kitchen was relocated. If many houses south of Lawrence are more than 100 years old, the basement is basically only 6 feet. Because these sections are good and housing prices are high, many professional investors will dig the basement 2-2 feet and a half deep before spending. This greatly increases the value of the house. Because these projects are some very professional projects, and the cost is higher, a 700-foot basement is dug about 2 feet deep, including post-furnishings, which are generally around 65-80,000. Only Western investors will spend so much effort to operate. In the past few years, I have been engaged in decoration construction, and I have seen the continuous improvement and learning of Chinese investors. Just 5 years ago, I came across many Chinese people who bought old houses in North York, Scarborough, Markham, and Richmond Hill.
Their general approach is to “change clothes.” It means to replace some visible decoration, and then resell. It ’s not too much to change the interval, the load-bearing wall, and the open concept. Very few are applying for a building permit to overhaul. This is related to the market. After investment and renovation in these areas, many of them are sold to Chinese or other ethnic minorities. Everyone will only guess how much this decoration cost. Few people will be more than similar homes because of your decoration. Spend a large spread to pay. And when the house price rises, there are fewer people who invest a lot of energy and funds to flip, so they don’t worry about selling anyway. And there is still a lot of room for improvement in quality, workmanship, design, and innovation. In fact, when I was an apprentice, I found a problem. The basic decoration and design styles in the north are almost the same. At that time, I wondered if I could have some different effects on the same budget. At least I could have more. A choice, not so boring. Then on weekends, I went to the renovated house in the south and renovated the house to see the open house. I did see a lot of different things and ideas. It’s just all about money. But if it is not possible to achieve a close effect with a relatively small budget, I think it is feasible.
After 17 years, house prices have fallen sharply. Few people in the north have reinvested in refurbished houses. Now I see some successful examples of refurbishment investments, which are all well designed and renovated. Less common effects on the market are very eye-catching, and there are not many single examples.
The only remaining opportunities are down town and surrounding areas. However, the flipping method and decoration style of the down town are very different from our previous ones. All this caused some investors to go and did not make any money in the end.
I have met many guests before and it feels like I am very committed throughout the process, which is a good thing. I support it, but often ignore it. Many of the guests themselves do not know much about decoration, style, and design. Bring a lot of subjective aesthetics to the investment house. Of course, I have also seen some guests do a lot of homework, put forward some ideas and suggestions, everyone discuss together, learn from each other and progress, this is a happy thing. Investing in renovating a house is a business. Since it is a business, you should start from a market perspective. You should believe that your ability to choose a decoration company listen to their opinions. After all, good decoration companies have certain design capabilities and market views and grasp. This can be observed from their past engineering photos.
The current market requires more investment in refurbishment. The same location and room type need to be greatly improved in terms of design, practicality, concept, workmanship, and materials. The days when a house was renovated and sold a few years ago to make money would no longer exist.