So you are thinking about getting a deal on a bargain house or perhaps staying put and fix it up? When does it make sense for you to renovate? The “R” word almost always presents itself while out with clients on home hunting tours. Furthermore, clients getting their homes ready to sell ask: “What are the smartest household renovations you can make for return on investment?” How does it make cents?
Firstly, painting and wallpapering is most popular by far, according to the Canadian Mortgage and Housing Corporation report “Will I move or will I renovate” . Rather simply put, a fresh neutral paint provides the lowest cost renovation with the biggest impact. In contrast bigger renovations like taking down a wall to open up space are more complex. Here are some of the popular household projects according to the CMHC:
Find me a perfect home Casey asked
Case in point my past client Casey was newly single and planning a life transition. Downsize from a large detached home in Meadowvale. Will you find me a perfect home Casey asked. Our search began for the perfect Condo town home. Certainly a prudent move was to find something more affordable and manage expenses. Her number one home buying criteria was “ready to move in”! Lots of upgrades and a beautiful “open concept” kitchen was priority. So as the search wore on, it become apparent that finding an exact match was going to be next to impossible. In the end she purchased a fixer upper and hired a contractor that specializes in kitchen renovations. It turned out Casey got exactly the dream home she wanted. That is to say Casey did not settle for less.
In any case whether “Do It Yourself” or hiring contractors; taking on a renovation project requires careful consideration, planning and execution. Casey did just that – “do your homework, take the time to get a couple of quotes, don’t shy away from hiring your own contractor and remodeling yourself – In the end you get the features and finishes that suits your own tastes”.
The Smartest household renovations you can make for return on Investment
According to the Appraisal Institute of Canada, the “smartest household renovations you can make for return on investment are:
- Invest in modern updates in high-traffic areas. – Updating kitchens and bathrooms in my experience always provide the best payback. A kitchen renovation can be as simple as a fresh coat of paint, replacing knobs &handles, appliances and counter tops.
- Don’t underestimate the value of inexpensive updates. A fresh coat of paint, modern lighting fixtures, light landscaping or gardening, or upgraded door handles can give your home an updated look and feel – and it doesn’t have to cost a lot of money!
- Choose improvements with long life expectancy. Roofing, energy-efficient heating and cooling systems, and windows can provide homeowners worry-free home improvements for as long as 10 to 15 years. But remember…regular maintenance is as important as the initial investment.
- Consider energy-efficient renovations such as solar panels that have a high return relative to cost. Energy-efficient renovations are considered one of the highest paybacks relative to cost. Energy efficiency translates into reduced operating costs over time.
- Hire a designer, architect, or contractor. – Getting a remodeling project started correctly can save thousands of dollars. In the end you are more likely to get the results dreamed about.
- Be sure to get a building/renovation permit. – Prior to buying a home for renovating, take a sketch of your plans to the local city Building department. They will discuss your ideas and advise on changes required to get a permit.
Avoid the temptation of saving money through a cash deal
In fact my sister-in-law recently purchased a fixer upper. Truly a 150 year old heritage house nearby lake Ontario in down town Oakville. After they renovated she has some words of wisdom:
“in Hindsight we would have rented instead of living through a torn up house for 8 months.” Don’t let the reno take over your life. Maintain some level of balance and do things to take your mind off the messes and disorganization that were calling. My advise to you is avoid the temptation of saving money through a cash deal. To be sure, if you have no paper-work and receipt – you have no proof of purchase.”
Ask the contractor for a warranty
In conclusion, the “perfect home” for you is only a renovation away. To put it another way in a quote from author Alan Lakein “Failing to plan is planning to Fail”. So that a well carried out project can get you the features you desire. In addition, the styles and finishes you always wanted in your home. Certainly wise home owner know the Smartest household renovations you can make for return on Investment. Further increase your homes market value and create equity in your investment.Get all contracts in writing. Make sure the agreement is in writing and ask the contractor for a warranty which includes:
- Description of any warranties
- Total cost and payment schedule
- A work schedule
Finally, in the event that you have any questions or moreover need help, feel free to reach out! Erin Mills Real Estate, Streetsville Real Estate, Meadowvale Real Estate , Lisgar Real Estate , East Credit Real Estate, Churchill Meadows Real Estate, Meadowvale Village Real Estate, Erindale Real Estate, Sheridan Real Estate
Thanks we are here to help! Call me. –Scott (O) 905-821-3200 © 647-223-023 Mississauga Real Estate Agent and based in Streetsville Real Estate Agent – Scott Brubacher Streetsville Real Estate Broker – Mississauga Homes Daily
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