Hi there - my family has an older home in Regina (good neighbourhood) and they have been trying to sell it for a year now. No luck. Worst possible timing for them. My wife and I are trying to stay out of the picture as another sibling fronted the cash for the property so we don't want to overstep any boundaries.
As for the house - very nice home, non compliant suite in the basement which has always been a good money maker when the market was booming with workers. New floors, new bathroom, updated cabinets, new paint etc. Overall in very good condition for an older home.
Almost everyone who comes in to view the property comes in with a marble, sets it on the floor, sees that it is not level and walks out. The showings last about 3-5 minutes. There have been 50+ showings and not one offer.
Does anyone have any experience with these older homes in the Regina area and foundation/settling issues? Apparently, the engineer has said that almost all of the old homes suffer from this problem. The homes are built on clay and they are all sinking. They have been quoted 25K to brace 3 walls and get it level.
Option 1 - lower the price significantly and unload the property
Option 2 - rent it out and wait for prices to start to climb again in Regina
Option 3 - do the reno work and relist.
Just wondering if anyone here has any experience with this specific market and older homes? Also, what is the rental market like in Regina at this point?
Thanks again!
As for the house - very nice home, non compliant suite in the basement which has always been a good money maker when the market was booming with workers. New floors, new bathroom, updated cabinets, new paint etc. Overall in very good condition for an older home.
Almost everyone who comes in to view the property comes in with a marble, sets it on the floor, sees that it is not level and walks out. The showings last about 3-5 minutes. There have been 50+ showings and not one offer.
Does anyone have any experience with these older homes in the Regina area and foundation/settling issues? Apparently, the engineer has said that almost all of the old homes suffer from this problem. The homes are built on clay and they are all sinking. They have been quoted 25K to brace 3 walls and get it level.
Option 1 - lower the price significantly and unload the property
Option 2 - rent it out and wait for prices to start to climb again in Regina
Option 3 - do the reno work and relist.
Just wondering if anyone here has any experience with this specific market and older homes? Also, what is the rental market like in Regina at this point?
Thanks again!