New Construction Home Upgrades To Avoid And Skip
When you’re buying a new construction home, there are some home upgrades to avoid and skip. The cost of the new construction home is a base price for the structure of the home, and basic finishes. Most homebuyers want to add customizations to their homes, which are costly. As a general rule, if the work is not very invasive and there is little demolition work, it can be done after completion. Swipe to see what upgrades you must avoid.
• Home Appliances
You will probably save money by choosing your own appliances from your local department store. Several major department stores, such as Best Buy, The Brick, and Leon’s, offer home appliances at great prices. When buying kitchen utensils, choose the right size for your home.
• Countertops
Most Builders will charge almost double for this upgrade, compared to getting it done for by a local contractor after closing. You also have the advantage of great variety of products to select from. Marble has been a trending option but it’s actually a bad investment. It’s incredibly porous, which means it’s easy to chip or stain. And in a space like your kitchen where spills are common, it’s more of a problem than it’s worth. If you really like how it looks, choose quartz instead. It’s a bit expensive, but it’s rarely destroyed.
• Crown Molding
Your builder will definitely try to sell you a crown molding for your wall or your cabinet, it’s an expensive upgrade and easy to install on your side. While it certainly looks very attractive in the design center, the crown bar is purely for aesthetics and does not add value in any other way.
• Kitchen Backsplash
Your sales rep will try to sell you kitchen splash backs. Yes, they look great in photos and demo houses. However, the tiling task is tedious and the builder spends a lot of money on the effort and tiles you choose. After closing, it can be installed at almost 40% of the cost.
• Light Fixtures
The standard lights provided by the builder are generally nothing special, and the upgrades aren’t too exciting either. There is not much point in upgrading with builder as there are so many great online options for buying stylish & affordable lighting.
• Wood Floors (My personal opinion)
Wooden floors are expensive and susceptible to scratches and floods. Use a laminate instead, and have same look for lesser. They look like wood, but are fairly cheap, scratch less and waterproof, last longer without sacrificing the look of the space.
• Plumbing Fixtures and faucets
Kitchen sink faucets, bathroom faucets and shower heads are all easy to install and replace. Your builder may charge a fair amount for these upgrades, so do these after closing. Then you can slowly change these as needed.
If you want expert advice on your specific situation, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
Web: http://singh-bhupinder.c21.ca/
New Construction Upgrades That Are Worth The Money And Add Value To The House
New homes may be the best action for many homebuyers, as low home inventories continue to dominate most of the country. You can choose your lot, choose the finish you like, and avoid the hidden hassles that often come with buying an old home. However, if you are not careful about the upgrade you choose, new builds can be costly. You need to know which home upgrades add value and which new build upgrades should be avoided. Check out my last post to know which upgrades you must avoid.
I have created a list of home upgrades which are worth it and add value to the property. Swipe to know more about why you must consider adding these upgrades.
• Increased Ceiling Height
The high ceilings make your home feel more spacious and luxurious. They also fill the house with lots of light, giving it an open and spectacular look and feel. Are you thinking of selling your home in the future? High ceilings are a big selling point and add a great element instantly in an open house.
• Rough-In Basement
If your basement is unfinished, you might consider having your builder lay in plumbing for a full or half bath. You’ll be able to add another bathroom to your home if you ever decide to finish the basement. Anyways adds value, as it is a potential asset to the next person who moves in.
• 1/2″ Fire Rated or 5/8″ Drywall
Your builder is most likely using 1/2-inch drywall. Upgrade to a fire-rated 1/2-inch type or 5/8-inch drywall. It increases rigidity, improves soundproofing, and boosts resistance. Choose moisture-resistant drywall in places where water moisture is common.
• 2″ x 6″ Exterior Framing
Instead of using 2′′ x 4′′ frame on the outer walls, use 2′′ x 6′′ framing. This will add more insulation to your home, lowering your heating bills in the long run.
• Energy Saving Options
Homebuyers are increasingly realizing the benefits of energy efficient homes. In fact, they are often willing to pay more for homes with “green” upgrades. How much the value of your home increases depends on the kind and number of upgrades.
• Stairs Upgrade
Carpet stairs are becoming annoying to most buyers on the market today. Wooden staircase is a great upgrade! Be creative with painted risers and iron stanchions, but don’t go crazy as these “extras” don’t add resale. All you need is a simple oak or maple staircase.
If you want expert advice on your specific situation, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
London Ontario Market Update April 2022
London’s housing has finally started to cool off in prices during the month of April 2022 after a constant increase in prices since Aug 2021. The average single family residential home price in London was $748,398 in April 2022, which is a approximately 9% lower compared to last month ($822,536). This means that the average home in London, Ontario has decreased by $74,139 in just one month. The reported decline in home prices here is London (provided by LSTAR) aligns with the reports provided by other real estate associations in their respective areas, which shows an overall price decline in Ontario real estate market. The trend in St. Thomas and Lucan is the same, with 5.55% and 18.3% decline in average single family home prices.
The interest rate hike seems to be the game-changer, which is certainly holding back the buyers as more rate hikes are anticipated from BOC in order to tackle the rising inflation. There are still questions on the proposed foreign investment ban, Will it be passed? What will be the date of the the proposed change? There definitely is a confusion regarding the matter, another factor adding to the declining prices to some extent.
Good news for buyers is that for the first time since the October 2020, there is an inventory of more than 1000 houses at the month end in London. Is this the right time to buy, a firm “YES” for the people who were ready to buy even in February which saw the highest home prices in London. Also a “YES” for all others, as there is still less than 2 months inventory in the market making it a sellers market. Its really hard to predict if this downturn will continue, due to the supply issues and many other indicators signaling in the opposite direction. For many who are in a mood to wait and see what it brings, this might be an opportunity wasted.
On the seller’s side, there is a mixed reaction, many sellers are still not able to digest the fact that they have to settle with considerably lower price for their house compared to earlier months. Advise for them, do not over price your property as it will bring bad reputation for the property. Buyers and brokers will be hesitant to see the house and there is a greater chance of it being an example property, which is on market for longer than normal due to higher price.