Tasha Medve Speaks to Home Renovation
*Originally published in the oak Bay News
Aside from being in the top 10% of the Victoria real estate market, spending time with her husband and adorable pup, Zoe, and sitting as a Director on the Community Association of Oak Bay, Tasha Medve has recently undergone a home renovation in her current Oak Bay family home and has a few tips up her sleeve for anyone interested in adding value to their home.
Medve and her husband, Conrad, have lived in Oak Bay for the last seven years and enjoy their Oak Bay life to the fullest. Huge fans of the community and the lifestyle, the two love walking Zoe through the many parks and beaches, tending to their fruit and veggie garden, and strolling the intricate streets of their neighbourhood.
In 2014, Tasha teamed up with Saira Waters to begin the Modern Real Estate Team and the pair has grown the team to now involve Lindsay Block-Glass as another real estate representative, and Hilary Hope and Laura Roberts as marketing and client care coordinators. Now, with a thriving business and the support of a high-functioning team, Medve has realized many of her clients have the same question when looking to get their foot into (or out of) the market. If we’re interested in reselling or we’re looking at older homes that need some love, in what ways can we add value to our property? Having gone through a recent home renovation herself, Medve has some tips for anyone thinking about a home renovation.
Tasha’s Top 8 Tips on How to Add Value to Your Home
- Update your kitchen! Of course, the kitchen adds the most value because it’s one of the most expensive areas to renovate. Keep it classy and neutral if you’re thinking about renovating your kitchen. You want potential buyers to be able to see themselves living there and if your neon pink obsession makes that difficult for them, this may affect the sale price.
- Number of bathrooms are very important! Add a powder room or ensuite if you’re doing a large renovation. Side note* having a tub in a home is very important as well.
- Pick a style and stick to it! It can be very overwhelming when you start looking at all the options.
- Hire an interior designer to help you with layouts and sourcing local materials. Not only are they an extra set of eyes but their professional knowledge of spacing and texture will pull everything together beautifully in a way you may not have realized possible.
- Chose a trustworthy contractor. The trades are very busy right now and it’s hard to hang on to good staff. Choose someone you trust that is capable of dealing with the project (and its potential problems).
- Compromise- there is always one thing you’ll have to compromise on. Choose that wisely if you’re thinking of selling. Something that may not mean much to you could be a hurdle for many buyers so talk to a real estate professional if you’re not sure what to omit.
- Re-Paint- if you need a freshen up or want to brighten up a space paint! Chose neutral colors if you're thinking about reselling.
- Take the time to plan and design your renovation. We planned it out for 5 months before demolition day!
If you are unafraid of a little hard work, the time spent on making your dream a reality, and sticking to a clear vision for the end result, a home reno is a great way to add extra value to your already sought-after Oak Bay home. To give you a quick snapshot of the current Oak Bay Market, here, Medve speaks to the current market conditions.
“With currently 86 single family homes listed in Oak Bay, in the last month, 18 homes have sold carrying over quite a bit of inventory. There are currently 18 townhomes and condos for sale in Oak Bay, and only 3 townhomes/condos have sold in the last month.”
Although the summer months tend to be more quiet, Medve mentions “Our market is becoming more balanced and we're noticing Buyers are not in a huge rush compared to last year. Our list to sale ratio in Oak Bay is still 99% of asking, but we anticipate a lot of our Buyers to shop a little longer than usual.”
Although the Modern Real Estate Team continues to work busily throughout the summer, Medve mentions “With the uncertainty of the economy and interest rates rising we anticipate the market to be a bit slower for the rest of the year compared to 2016 and 2017.”
As you probably notice as an Oak Bay resident, many home owners are turning to updates to bring up the value of their home. Whether you’re ready to love your home again through renovations or put your property on the market, Medve and the Modern Real Estate Team are always happy to discuss your options. Contact them today at Team@modernrev.com or visit www.modernrev.com for more information.