Attention All Home Owners!!! You may not be thinking of selling your home just yet however there are a few important things you should keep in mind…especially with regards to rental contracts.
Be very careful of what you venture in to. Items that can be rented under contract such as, air conditioners, furnaces, water heaters, water softeners, hot water tanks etc. can impact the sale of your home down the road, even if you’re not thinking of selling in the near future. Some consumers choose the rental route due to affordability at the time. However, the buyout for these items can be staggering. We’ve had clients that had to pay the buyout amount of $14,000 for the rental of their furnace & air conditioner in order to sell their home. Keep in mind, the equipment was not even top of the line and a couple of years old by this time. This was including the penalty for breaking the contract!
Only are buyouts incredibly high, the length of these contracts can go on for years. We’ve seen a water heater contract that would only conclude in 2045 It is good idea to check with your trusted Brampton Realtor before committing to these rental contracts, even if you’re not thinking of selling right away.
Finally, before you do any renovations to your home, it is also a good idea to contact your Realtor. They will be able to suggest areas in your home that you may want to look at, but that will give you the most return-on-investment (ROI) when it comes time to sell. Be sure to not over-do the renovations in your home for the neighborhood you live in. You may not get the return-on-investment that you are expecting. The simple task of applying fresh paint to your home will usually give you the biggest return. Secondly, updating the kitchen(s) and bathroom(s) generally gives you a good ROI. Be aware that certain upgrades or custom preferences may be for your personal enjoyment only. For future buyers, your improvements and custom upgrades may not be in their interest or taste. Just because you paid an exorbitant amount to have gold in-lay in your floors, does not mean the next buyer will want to pay for it.
Tip: What you do to your home today can affect the sale of your home even if that’s years from now. Best practice is to contact your local, trusted and knowledgeable Brampton Realtor to get the facts with regards to rental items, renovations and much more. We have a list of preferred contractors that we know provide excellent quality and service at an affordable price.