These days you can’t surf the TV without seeing a program
about home renovations; we’re the renovation generation! It’s enticing to
believe that you could be one of those ordinary homeowners who transforms their
living space into a decorator’s dream – whether to enjoy with friends and
family, or to boost the home’s value before selling.
Before you start shelling out money, think about the
reasons why you want to renovate. Do you want to increase the comfort and
enjoyment of your home because you’re planning to be there for the foreseeable
future? Do you want to spruce up your old kitchen to avoid lowball offers
when you sell your house later this year? Or maybe a little of both? If you're planning to sell, your priorities will likely
be different than if you're planning to stay for a few years. It can be
difficult to recoup the full cost of renovations so you may want to focus on
those that have the highest payback potential.
The Appraisal
Institute of Canada’s RENOVA website is an interactive guide to help you
determine the payback value of home improvements. For the next five weeks, we’ll share the
top renovations that pay off for Canadian homeowners according to RENOVA!
For all your home and commercial mortgage needs give us a call at 416-275-9284
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