In my last Blog some of the most popular Canadian home renovations were discussed – simple painting and Wallpapering being the most popular home improvements, according to Canada’s Mortgage and Housing Corporation(CMHC). Should I renovate? It’s not for everyone- however – it could be the right thing for you. Certain renovations are far more involved though and may require the help of professionals. Moving walls to open up a kitchen, or adding an addition may require engineering expertise. Streetsville – Meadowvale – Erin Mills – Creditview – Lisgar – Churchill Meadows are great Neighborhoods – however the detached, semi-detached , town homes, and condo apartments are aging. So here it goes! Will I renovate or move Part 2
If you are thinking of buying a home to renovate then take notice: do your homework – get educated – make a plan, shop for styles, and get contracts in writing!
The appraisal institute of Canada recently posted some home improvement tips worth knowing. The article discusses the “smartest” household renovations to receive a good return on investment.
So I picked a couple of the tips and will leave the rest to your reading:
- 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.
- 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.
My sister-in-law Kerry purchased a heritage home in 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.” She says “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. If you have no paper-work and receipt – you have no proof of purchase.
Get all contracts in writing. Make sure the contract includes:
- Name, address and contact information
- Description of the project
- Written estimate
- Description of any warranties
- Total cost and payment schedule
- A work schedule
The “perfect home” for you is possibly only a renovation away. A quote from author Alan Lakein “Failing to plan is planning to Fail”. A well carried out project can get you the features, styles and finishes you want. The makeover can result in significant return on investment (ROI) and increase your homes market value. Will I renovate or move part 2
Ask me about the services and benefits I offer when you buy your next home. Get access to up to date information on homes for sale, view homes to get educated, feel confident negotiating the offer and knowing you are not paying too much. I can be reached at 647-223-0237 or firstname.lastname@example.org Streetsville Real Estate Agent