The discussions about ‘flipping’ an investment property come all the time - with so many people watching the endless number of TV programs showcasing investment properties, it can often seem much easier than it really is.
The reality, is that many of these projects - despite the best intentions and target - get caught up in all those small details, most people don’t even consider beforehand. We see well intentioned Clients who are attempting to be their own ‘project manager’, get hampered by decision-fatigue. The seemingly endless stream of small decisions to be made along the way, and having to constantly battle that balance between what they personally may like, versus what the market may demand.
In all honesty, most people should rely heavily on an experienced project manager / general contractor for the bigger jobs - they remove the personal connection, provide a buffer to trades and suppliers, and can advise and guide based on numerous other projects they’ve completed in the past. It’s hard to provide better resources yourself, than an experienced contractor.
The Team: Architect, Client and Contractor
We were thrilled to be a part of our Clients most recent project - updating and renovating a small bungalow in Markham Village, for the express purpose of maximizing their financial return. Our contribution started with a deep analysis of the market conditions and trends, to then guide the scope and direction of the overall project, to best position the home for later sale.
David Johnston was the key architect on the project, and was able to capture our suggestions and design them into an attainable project. Old Village Construction was the general contractor, and really the driving force behind the project - with Graham Dewar leading the charge to turn our paper wish-list and design, into the gorgeous home we all see today - 12 Gleason Avenue in Markham - a tiny 1 bedroom bungalow, that evolved into a rustic-yet-modern 4 bedroom, 2-storey showcase home.
The take-away from this is simple: If you want to truly maximize the potential of a real estate project, ensure you have fully engaged a proper team. Everyone from your Realtor, to your designer, architect, project manager and contractor all have important contributions to the team!
Want to learn more about the behind-the-scenes of this exciting build? Or just want to talk about a potential project you had in mind? We’re always happy to discuss our thoughts - contact us anytime!