Long-time owners of this three-bedroom bungalow spent about $90,000 on renovations and hoped to recoup some of the cost by listing it for $449,000 this fall. After three weeks passed without an offer, they trimmed the asking price to $424,900, which succeeded in drawing out three bids. Though all the offers were low, the sellers were able to persuade one buyer to come up to $414,500.
“In that community, people are not getting the money out of their renovations, so these sellers knew that they might be overdoing the house,” agent Bryon Howard said. But whether they recouped their investment was beside the point, he said. “They needed to live there and enjoy it.” “So, the buyers got quite a nice deal because a similar home with maybe no updates would sell for $380,000 to $400,000.”The bungalow, built in 1976, has 1,123 square feet of living space. Improvements over the past 10 years include new hardwood flooring in the open principal room and granite countertops in the kitchen and two out of three bathrooms.Outside, there is a double garage and carport.
“This is a more affordable community in Calgary,” Mr. Howard said. “People really appreciate having the big backyard to grow vegetables.”to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.
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