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Sunday, March 10th, 2024

How to make Your Home Renovations Pay Off – From Your Friendly Vancouver Mortgage Broker

How to make Your Home Renovations Pay Off – From Your Friendly Vancouver Mortgage Broker

Renovating your Vancouver home can involve a major outlay of cash. If you’re planning to sell your house and want to recoup your investment, then you need to do some careful planning beforehand. As a Vancouver mortgage broker, the right type of home renovation can add value to your home and many major renovations can put a large chunk of that money you spent right back into your pockets.

However, you have to be aware there is another side to that rosy picture. Some projects will not only fail to give you a decent return on your investment but can even turn some prospective buyers away.

Here are some tips to get you started if you plan to a renovation before you put the home on the market.

The Best and Worst Renovation Projects

Choose your project carefully and do some research beforehand to understand which renovations pay and those that have a poor return. Some of the best projects that you can consider which can give you a return as a high as 70% include kitchen and bathroom renovations. Other projects which also have a good ROI include building or renovating your outdoor deck, and replacing the outside siding.

Projects to avoid which have a much lower ROI include adding a pool or a sunroom, and building on an addition to your garage.

Avoid Being Too Trendy 

Most people have fairly conservative tastes. If you’re planning to sell the home then you want to think ‘conservative modern’. Trends change and if you’re not going to sell the home for several years then you don’t want to spend a lot of money that you can’t recoup. You also want to consider your neighbourhood and the style of the interior of your home. If the renovation is too upscale for the area in which you reside, then your project could be self-defeating.

Ask Yourself – What Are Buyers Looking For

You have your own tastes and sense of style but it might not always be to the liking of others. It is especially important to remember that the project you’re doing is for the buyers and not for yourself. Again, if you’re selling the home then you want to take the conservative approach and keep the renovation neutral and avoid something that might be too offsetting to a prospective buyer.

Get a Grant or Tax RebatE

Consider projects that provide the advantage of the tax credits and rebates offered at both the federal and provincial levels. Energy conservation is hot these days and if you spend some time researching what these branches of government are offering it might well pay to replace that 30 year old furnace and add some appliances such as a new water heater, or new windows and doors that conserve energy

Quality is Everything,

DIY projects are pretty big these days and some people are quite handy. But, if you’re only so-so when working with tools then it might pay to hire a qualified handyman or contractor to do the work. Quality is everything and a botched or mediocre finished project can do more harm than good.

Planning and research is the key to a successful home renovation and can put a fair bit of your investment back into your pocket. You can take it from this Vancouver mortgage broker that the right renovations can really spruce up your home and make it a lot more appealing to prospective buyers.

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