Decisions, Decisions

For most of us, desciding that you are going to buy your first home is probably the biggest decision you have had to make up to his point, and with thousands of homes on the market at any given time how do you even begin to choose one.  Imagine going into a shoe store where there are thousands of options.  There are different sizes, styles, and price points and not only can you only choose one pair, but you will have to wear that one pair everyday for say, five years.  You will also have to deal with other people who also want what you want and at any given time your perfect shoe could hit the shelves, but be scooped up by somebody else because you weren’t given the heads up.   Oh and one more thing,  the longer you wait, the more expesive those shoes become.  So why not give me a call. I can help you every step of the way and we may even have a little fun.

What You Need to Know Before Renovating

     A question that comes up all the time when talking to my clients is “we want to renovate our home but we want to know where our money is best spent to get the highest return”. According to the National Association of the Remodeling Industry, painting brings you the highest return which is also the least costly renovation you can do to your home.

 Renovation                      Average Cost        Resale Recovery

 Paint                                   $700                         200% plus

Add a Bathroom                 $10,000                    96%

Add a Fireplace                   $4,000                      94%

Kitchen (minor)                  $8,500                      79%

Kitchen (major)                  $24,000                    70%

Bathroom                           $7,500                       69%

Add a Skylight                    $4,000                      68%

New Siding                          $7,500                      67%

Add Insulation                    $1,750                      65%

Addition                               $35,000                   62%

New Roof                            $4,600                     61%

Deck                                   $6,000                      60%

Greenhouse                       $17,000                     56%

New Windows /Doors       $12,000                    55%

Add a Swimming Pool       $24,000                   39%

Now you may ask, “Tyler, if your numbers are correct, how is it possible to make any money by doing renovations?” The answer is, by doing it yourself.  If you have the know how to do these renos on your own, you will save considerably on labour costs, and therefore make a profit. It’s important to remember when you are doing renovations, keep it tasteful and neutral to satisfy all tastes.  Also guide your renovations towards the potential target market that will be looking to purchase your home.

One last thing.  If the purpose of your renovation is to increase the value of your home before selling, be aware.  There is such a thing as “over renovating.  Some streets or neighbourhoods will not be able to support a higher selling price, even if the home is out of this world. 

Happy renovations!

Source: National Association of the Remodeling Industry