Increasing Your Property’s Value
As Canada’s housing market slowly climbs, many people are asking themselves how they can increase the value of their home without waiting for months (or years) of market corrections to take place.
Renovating your home is a great way to increase its value immediately. But which renovations will add the most value to your property?
Kon-strux is a Calgary owned and operated, full service design and construction company (www.kon-strux.com). Besides having recently won numerous awards in business, they are well-versed in identifying which renovations will yield the highest rate of return for your investment.
Here is Kon-strux’ list of top 10 renovations, along with the average return for each one (percentage):
Painting & Decorating – 73%
Kitchen Renovation – 72%
Bathroom Renovation – 68%
Exterior Painting – 65%
Flooring Upgrades – 62%
Window/Door Replacement – 57%
Family Room Addition – 51%
Fireplace Addition – 50%
Basement Renovation – 49%
Furnace/Heating Update – 48%
Okay, so you see the value of doing certain renovations, and you’d like to get them under way immediately. How do you afford this?
Using existing equity in your home is one way of funding renovations that can work really well. Through helping you to re-do your mortgage, I can assist you in using your available equity while potentially consolidating other debts for you at the same time (credit cards, loans, lines of credit, etc). Re-doing your mortgage makes especially good sense right now, while mortgage interest rates are still relatively low.
Besides knowing the average return on certain kinds of renovations, as well as the right Mortgage Broker and Renovation company, it’s also useful to know what your goal is in upgrading your property.
-Do you plan to live there for another 10 years and enjoy your renovations?
-Do you plan on turning your home into a rental property?
-Is your goal to sell your property in the next couple of years and get the maximum sale price possible?
CMHC also has some useful tips on renovating, which can be found on their website: http://cmhc.ca/en/co/renoho/index.cfm.
As you can see, the right kind of renovations for the right situation can be a sound way to increase your property’s value.
To get ideas on design and cost of your specific renovations, contact Shannon at Konstrux for a complimentary estimate:
To determine how much useable equity you currently have in your home, contact Anat at The Mortgage Group for a complimentary consultation: