Are you thinking of Renovating?
Determine your motivation, is it for
own enjoyment, or is the renovation for a
When it’s for your personal enjoyment the costs can go up quite quickly. If you spend an enormous amount, you may not be able to get that back when you want to re-sell. Pick and choose your undertakings wisely. Ask yourself whether or not you can get a good return on the investment? If you’re in a higher end market, the granite countertops may payoff, if not; you might want to go with something more moderately priced. Statistics Canada supports that Kitchen renovations are a consistent winner for the return on your dollar. If your home has an estimated value of $250,000 - $400,000, your return on investment with a kitchen renovation can be in the neighborhood of 64%, and a bathroom renovation will have around a 54% ROI. Other favorable returns for homes in this price range are energy efficient renovations dealing with windows, (59%) and new shingles, (61%).
Pay close attention to layout, function, efficiency and design when planning your home renovation. There are a number of things to consider before undertaking a renovation & you can save yourself a lot of headaches by preparing and planning effectively. This is paramount, because it enables you to avoid surprises and unexpected costs that will impact your budget. CMHC, (Canadian Mortgage and Housing Corporation) puts out a thorough House Assessment Worksheet to record the present condition of your home and assist you in setting priorities for your home renovation. The web address to access this is www.cmhc-schl.gc.ca, click on language of choice, go to Consumers heading and click on “Renovating Your Home”. Another very useful tool we have at RE/MAX is the “Smart Renovator Guide” which offers useful questions to ask your contractor. Contact me if you’d like a complimentary copy. Happy planning, be kind to your spouse, and try to stay on budget.
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