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Archive for January, 2022

January 31st, 2022

The Most Valuable Remodels and Upgrades You Can Do for Your Home (and Why You Need Professionals)

Posted by Joan McGuigan

Image via Pexels

Improving your home is never a waste of money. Remodels and upgrades increase the value of your house, but more importantly, they afford you the opportunity to fully enjoy your home while living in it. Some improvements are simple and you can do them on your own, But most significant improvements require help from professionals. Here, McGuigan Pepin Realties suggests a few areas of your home to consider remodeling, along with some perks associated with upgrading.

The Kitchen

Kitchens quickly become outdated and disorganized. Especially for resale purposes, remodeling and modernizing the kitchen will help improve the value of your house. A kitchen remodel should not be attempted without the help of professionals who can pay attention to the details — ranging from upgrading electrical and plumbing to installing tile, cabinets, and fixtures properly.

Since the kitchen is likely one of the most-used rooms in your house, it’s important to get the right design in order to meet your tastes and needs. A kitchen designer can help you develop the perfect layout, choose the right materials, and help you manage the costs. Additionally, they can work with your contractor to ensure that your vision is accurately executed.

The Bathrooms

Bathrooms are not only essential to every house, but they can also be a beautiful, serene, spa-like space right in the middle of your home. Similar to kitchens, a qualified designer and contractor is needed to ensure the renovation is up to code (check with the proper municipal authorities) that the layout flows, that there are no mishaps during demolition, that there is proper insulation to keep out moisture, and that all plumbing and electrical are installed correctly. Bathroom remodels have the effect of welcoming your guests to a beautiful space and provide you with a space to wind down daily.

While master bathroom remodels might cost a little more, HGTV notes that you can remodel the guest bathrooms for a reasonable price. Simply changing out a vanity, adding new fixtures, and applying a new coat of paint will make a big difference. If you can take it one step further by replacing the tile, remodeling the baths/showers, and maximizing space by changing the design, you will find that the whole room is transformed.

The Basement

An unfinished basement is a blank slate just waiting to be redesigned. And whether you want to turn your basement into a rec room, a living area, a gym, or a multipurpose room, refinishing and remodeling your basement can make a big difference in your home’s value. Always ask a professional for advice

This is definitely a job best left to professionals, especially if any sort of wall demolition is in order. Finding the right contractor for a basement remodel is crucial. Not only do you need to find someone who fits your budget and understands your vision, but you also need someone who has a history of providing quality workmanship. Your best bet is to get three different bids, and then narrow down your choice from there.

Finally, because it’s such a big job, you’ll need to get a solid handle on your budget. Remember, the materials you use and the design specs can cause costs to jump quickly, but with a budget in mind, you can carefully choose your options. Consider using a renovator cost estimator to get a rough idea of what you can expect to pay.

Outdoor TLC

Inevitably, most homeowners find themselves in need of extra storage. Holiday decorations, seasonal clothes, keepsakes, tools, and the like all pile-up. To avoid a cluttered house and to prevent needing to move to a bigger space, consider putting a steel building on your property. Long-term, it’s probably cheaper to install a steel building than to rent a storage unit. It’s a durable, cost-effective solution that will help to minimize the clutter in your home while keeping your belongings close to the house.

Steel buildings can be quick and easy to erect. However, if you are not used to DIY projects, then you should consider hiring a handyman to assemble the building. Proper installation can help avoid any damages and reduce the likelihood of having to replace the building in the future due to poor assembly.

Remodeling and upgrading your home can make you feel like you’ve moved into a new place, and it can have you falling in love with your home all over again. You can tackle some small projects yourself. But when it comes to big remodels of key rooms, and when specialized skills are needed, you should consider hiring a professional to make sure the job is done right. That way, you can focus on your vision for the home and trust that it will become a reality.

If you’re planning to buy or sell a home and you want the process to go successfully, reach out to McGuigan Pepin Realties today! 514.937.8383

Guest article Megan Cooper.

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January 18th, 2022

December Sales: Emphasis on Condos

Posted by Andy Dodge

The above graph offers a picture of these trends over time.

Condominiums appear to be the late-2021 feature in Westmount real estate, which may have something to do with the lack of supply in the housing market. Though prices are easing off somewhat, it may be that buyers are settling for apartment or duplex-type living rather than pay out the prices being asked for local houses.

Eight single-family dwelling sales in December rounded out the calendar year for Westmount real estate, but another two condo sales that month brought the total for the fourth quarter of 2021 to 19 sales, a record high for the fourth quarter going back to 1999. Last year saw a total of 61 condo sales, also a record high.                                                                            

Condo prices stayed relatively similar throughout the year, enraging between $1,024,000 and 1,096,000 per quarter except for two high-rise penthouses that sold for $4,850,000 and $4,000,000 in the third quarter, skewing the average prices upward and with well-above-average mark-ups overvaluation. Except for those two (and the new units at 1111 Atwater Ave., which have yet to be included in the valuation roll for comparison purposes), the highest price in the year was $2,550,000 and the lowest price was $380,000, a sale which took place in November. For the record, the highest price in the fourth quarter was $1,680,000 for an upper duplex on Arlington Ave. One more share of a Wood Ave. duplex also sold in December.

December’s single-family sales included one lower-Westmount house, extensively renovated, that went for $5,200,000, and an upper-level house which sold for $3,300,000, an indication there is still a market in that range. Three others sold above $2 million and the lowest price was $1,600,000. Mark-ups overvaluation ranged from two percent to 67.9 percent, with the average at 32.8 percent.

As of mid-January, only 53 houses remained on the market, down from 74 a month earlier, and only six of those are asking less than $2,000,000, the lowest asking $1,188,000.

Some 40 houses have been rented in 2021 — five of them for more than $10,000 per month — and there are 15 houses on the rental market now, up from 11 a month earlier.

As we move into the spring market things should start getting busier for Westmount real estate and as demand grows the prices should start moving up again. Overall, prices were up 13 percent between 2020 and 2021; with an expected hike in interest rates in the coming year this might put a stall on price levels generally in the Montreal area, and this will eventually be felt in Westmount as well.

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