Five Tips to Make your Vancouver Home Renovations Profitable – From your Vancouver Mortgage Broker

Five Tips to Make your Vancouver Home Renovations Profitable – From your Friendly Vancouver Mortgage Broker

Whether you’ve bought an older home or a newer home in Vancouver, there are certain remodelling and renovation projects that can add some real value to your home. By choosing the right projects, the money you invest in these projects can almost virtually be put right back into your pocket.

As a Vancouver mortgage broker, we can tell you that it’s wise to give some thought to what you want to do and research whether it will be a profitable for you. Renovation projects can entail anything from small repairs such as replacing an electrical outlet to a major remodelling.

Here a few tips on what you should really focus on when investing money into your home.

Repairs

If you’re thinking of selling your home then one of the primary areas you need to focus on is to repair anything that needs to be fixed. A leaky roof, sagging gutters, or broken tiles will not only make your home harder to sell but may also end up devaluating your property.

Before you put your home on the market, take a critical approach to what other people will see when looking at your home. Some experts have suggested that even minor repairs can add value to your home and make it more appealing to buyers.

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Major renovations

Major renovation projects should only be ideally undertaken if they absolutely required for the sale of the home. Some major renovation projects can have an excellent ROI or return on your investment, there is no guarantee on how much you will actually earn from the project. It might be better to consider a major project if you plan to stay in the home for awhile.

As a rule of thumb, kitchen remodelling projects and bathroom renovations have the best ROI, but do some research and careful budgeting before taking on a remodelling project if you’re planning to sell. Pools and major landscaping renovations generally have a terrible ROI.

Be Careful of Add-on Projects

Although it might seem a good idea to add extra square footage to your home by adding on an extra room, the ROI you might be expecting can be cost prohibitive. It also depends on your location or neighbourhood. These projects tend to be quite expensive and the ROI may end up leaving well in the red and out of pocket. It might be a good idea to talk to a realtor about whether this is a suitable project to take on for you locale.

Make your Home More Eco-Friendly

One approach to make your home more appealing not only to buyers, but which can also end up saving you money, is taking on projects which are eco-friendly. This could include such things as adding appliances which are energy efficient, or make your home more energy efficient such as adding insulation or modernizing your windows or doors.

Best Renovation Projects

Clearly the two best projects that you can embark upon are the two primary areas of the home that matter and this includes the bathroom and the kitchen. Either project can be expensive so you must plan carefully. These are two of the most utilized areas of the home and two of the primary areas upon which prospective buyers will judge your home. Largely these types of projects have the best ROI and are considered a good investment.

Conclusion

Take it from this Vancouver mortgage broker and consider that making repairs to any area of the home that need fixing, and remodelling the bathroom or kitchen are the best approaches to getting a good ROI.