OK. Everyone thought you were upgrading a kitchen. Cheap thermofoil cabinets is not a value added in my opinion.Donnie740 wrote: ↑Can't believe there's so much shock and awe as to how anyone could possibly put in a new kitchen for $1500 or less - - especially with this being RFDeals and ESPECIALLY with you claiming to "have worked in trades".
Two guys that know what they're doing can easily rip out the old and install the new in one day. If they can't, they don't work for me again. So that's $400 cash in labour.
As the materials, if you only know retail you can get stock thermofoils from Home Depot for $99ea. For an 8'x10' kitchen with an L shape layout that's 7 or 8 cabinets. Two 8' lengths of countertop with material to spare or I might get away with an 8' length of countertop if I've got excess left over from a previous job.
Lower your Listing/Selling Fees - Use Flat Rate MLS
- Last Updated:
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Tags:
- SCORE+37
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
- eonibm [OP]
- Deal Expert
- Aug 2, 2010
- 15196 posts
- 5016 upvotes
- Here 'n There
Yup anyone can hire a few guys off craigslist for cash to install some cheap thermofoil crap and call it a kitchen.
- boonjaca
- Deal Addict
- Nov 15, 2005
- 4550 posts
- 2623 upvotes
If the old kitchen was falling apart or really dated then thermofoil cabinets still are an upgrade. It might not be the upgrade you would choose but to buyers seeing a newly installed kitchen is a lot better than a crappy dated one.
Is that $400 labour for 2 people or each? That sounds awfully cheap if it's for both, I would double check the workmanship if that was the case.
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
Glad to see you understand the concept. People who have ZERO experience flipping homes have no clue how to create value. It's a common mistake and one that I see all the time where wannabe "renovators" blow their brains out over doing a project and wondering why they can't turn a profit.boonjaca wrote: ↑
If the old kitchen was falling apart or really dated then thermofoil cabinets still are an upgrade. It might not be the upgrade you would choose but to buyers seeing a newly installed kitchen is a lot better than a crappy dated one.
Is that $400 labour for 2 people or each? That sounds awfully cheap if it's for both, I would double check the workmanship if that was the case.
You don't drop a $20k kitchen into a RENTAL for TENANTS.
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
It's $200 per man for an 8hr day - - that's $25 each - - in cash. Not sure why you'd think that's "cheap". It'd be interesting to know what percentage of RFD posters clear more than $25/hr AFTER TAXES.
Last week there was an engineering graduate posting on RFD who was just happy with the prospect of being able to land a minimum wage job. Can you imagine how thrilled he'd be to be offered $25/hr cash? Unfortunately I doubt he'd have the skills or ability to install cabinetry and lay floors, so there's nothing I can do for him.
- MindGamer
- Banned
- May 7, 2014
- 188 posts
- 26 upvotes
- Westmount, QC
OK so you made it clear that they are not paying taxes.Donnie740 wrote: ↑It's $200 per man for an 8hr day - - that's $25 each - - in cash. Not sure why you'd think that's "cheap". It'd be interesting to know what percentage of RFD posters clear more than $25/hr AFTER TAXES.
Last week there was an engineering graduate posting on RFD who was just happy with the prospect of being able to land a minimum wage job. Can you imagine how thrilled he'd be to be offered $25/hr cash? Unfortunately I doubt he'd have the skills or ability to install cabinetry and lay floors, so there's nothing I can do for him.
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
- MindGamer
- Banned
- May 7, 2014
- 188 posts
- 26 upvotes
- Westmount, QC
Well shall we find out what CRA believes about what you said above?
You have been quoted copiously by others here and there enough info for them to find you.
Then you can tell them about what you know about fraud in real estate industry
there-any-advantage-paying-cash-when-yo ... st18819882
I am curious if they will start the investigation with you. I think that I am going to contact Mark77 to give him some ammo so he can reply to your insults toward engineers earning a honest income.
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
MindGamer wrote: ↑Well shall we find out what CRA believes about what you said above?
You have been quoted copiously by others here and there enough info for them to find you.
Then you can tell them about what you know about fraud in real estate industry
there-any-advantage-paying-cash-when-yo ... st18819882
I am curious if they will start the investigation with you. I think that I am going to contact Mark77 to give him some ammo so he can reply to your insults toward engineers earning a honest income.
Yikes, that sure sounds scary! Let me know how your call to the CRA tip line goes LOL. Maybe they'll give you a big reward and you can finally scrape together a downpayment.
- MindGamer
- Banned
- May 7, 2014
- 188 posts
- 26 upvotes
- Westmount, QC
- exhaust
- Sr. Member
- Dec 15, 2008
- 652 posts
- 58 upvotes
- Vancouver, BC
Original post states "zoocasa.com now provides what the sale prices is of homes"
Is this a free service or do you have to sign up to zoocasa? I tried looking for homes that sold in the last 12 months in my neighborhood but they don't show up in searches. Just humbly looking for clarification on this, thanks.
Is this a free service or do you have to sign up to zoocasa? I tried looking for homes that sold in the last 12 months in my neighborhood but they don't show up in searches. Just humbly looking for clarification on this, thanks.
- dec12
- Deal Addict
- May 6, 2010
- 3203 posts
- 477 upvotes
- Markham
Whoa, let's back up a bit. Couldn't find the original post but you were selling the house right? How would you know if the buyer is renting out this property even before you put in out in the market? If I sunk $1,500 in upgrading the kitchen, I would need to replace it in a few years. Even if I don't have to, there is still no proof that $1,500 renovation will fetch a higher return. The way the market is going, I would get an extra $10,000 every few months.Donnie740 wrote: ↑Glad to see you understand the concept. People who have ZERO experience flipping homes have no clue how to create value. It's a common mistake and one that I see all the time where wannabe "renovators" blow their brains out over doing a project and wondering why they can't turn a profit.
You don't drop a $20k kitchen into a RENTAL for TENANTS.
So, take out the labour cost, the materials only cost $1,100. Even assuming it's half of retail price, that's only $2,200. So can we see the reno that worth an extra $10,000 of your service charge?
- dec12
- Deal Addict
- May 6, 2010
- 3203 posts
- 477 upvotes
- Markham
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
dec12 wrote: ↑Whoa, let's back up a bit. Couldn't find the original post but you were selling the house right? How would you know if the buyer is renting out this property even before you put in out in the market? If I sunk $1,500 in upgrading the kitchen, I would need to replace it in a few years. Even if I don't have to, there is still no proof that $1,500 renovation will fetch a higher return. The way the market is going, I would get an extra $10,000 every few months.
So, take out the labour cost, the materials only cost $1,100. Even assuming it's half of retail price, that's only $2,200. So can we see the reno that worth an extra $10,000 of your service charge?
Woah, lets try to follow along and use some logic here.
Duplex = RENTAL. Theres a little concept called "highest and best use" that you might want to familiarize yourself with.
- Donnie740
- Penalty Box
- Aug 19, 2008
- 1925 posts
- 503 upvotes
- eonibm [OP]
- Deal Expert
- Aug 2, 2010
- 15196 posts
- 5016 upvotes
- Here 'n There
I have revised my post #1 How to lower your Real Estate Agent Transaction Fees to read: 'If you subscribe to zoocasa.com they will send you a daily email showing the sale prices of homes just sold in Toronto'. Historical information should really be public given MLS gets it for free from homeowners and they don't 'own' what a house sold for. It also costs them nothing to keep the price in their database or for an agent to press a button and run a report. Hence they are currently being taken to court yet again by the Competition Bureau of Canada to make this information publicly available. They are fighting this vociferously. But, isn't that very odd? Because, if they add so much value then why make such a fuss? Yes, we both know the answer.exhaust wrote: ↑Original post states "zoocasa.com now provides what the sale prices is of homes"
Is this a free service or do you have to sign up to zoocasa? I tried looking for homes that sold in the last 12 months in my neighborhood but they don't show up in searches. Just humbly looking for clarification on this, thanks.
By subscribing to this email and looking at the home sold in your area you'll get a good read of what they are selling for. Of course, you need to adjust the listing price of your home depending on what factors make it worth more or less than the comparables (lot size, # of bedrooms/bathrooms, state of home, etc - list goes on and on). Given the state of the market these days the last 3 months are the most relevant but you can go back as far as 6 months. Call a few agents and get a free evaluation of the listing price (but don't get too sucked in by a sales pitch to use them as a listing agent if that is not your interest).
- michty6
- Member
- Nov 25, 2011
- 425 posts
- 63 upvotes
- Toronto
I could be wrong but I believe if you list with Property Guys they will access the MLS database and give you the prices that comparable houses sold for in the area...
- eonibm [OP]
- Deal Expert
- Aug 2, 2010
- 15196 posts
- 5016 upvotes
- Here 'n There
Yes, if you use a brokerage firm that provides flat-rate MLS listings they will give you the comparables that any other full-service brokerage firm will. Most will even help you set a listing price for you home. In Toronto at least, subscribing to Zoocasa and reading The Mash blog are great ways to get a read on your area before you list.
- michty6
- Member
- Nov 25, 2011
- 425 posts
- 63 upvotes
- Toronto
This site sends you a daily report for Toronto by email of all the houses that sold the day before by area: http://torealestatesold.com/homes-sold- ... ls-030614/
- dec12
- Deal Addict
- May 6, 2010
- 3203 posts
- 477 upvotes
- Markham
Oh the dejection of a rejection. Here is an easy target yet you chose to chase ibm.
Are you sure you don't want to reconsider? The last three houses sold for 880, 890 and 990K, average DOM was 7 days. At 2.5%, each time for selling and selling my houses, that's a lot of cash. Rounding errors would still give you about $46K in commission.
Better men swallowed more than just pride for a lot less.
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