Besides doing regular maintenance and repairing your home, you might also want to consider renovating or making improvements. These changes will not only make the home more pleasant for you to live in, they may also increase its value.
How Much is Just Right?
When planning renovations, be careful not to go overboard unless you plan to stay in your home for many years. If you are planning to sell your house, make sure that your changes won’t make your home worth a lot more than the other homes around you. The value of your home is closely related to the other homes in your area.
Over time, some renovations can practically pay for themselves, especially if they result in savings on utility bills, a higher selling price or years of greater comfort and enjoyment in your home.
Some Things to Keep in Mind
Here are some things to keep in mind when planning a change or renovation:
- Ask yourself, “How appealing will this change be to someone buying my home in the future?” You can make very personalized changes with paint. Paint is inexpensive and can easily be changed. But, flooring, cabinets and countertops have a longer life — make choices that will also appeal to others.
- Think about getting your home energy-rated. This will tell you how energy efficient your home is and what improvements are possible. Visit Natural Resources Canada at www.oee.nrcan.gc.ca to find information on current energy programs.
- Updating the bathrooms and kitchen in an older home can increase its resale value.
- Landscaping is important. The right planting can improve the appearance and value of your home.
- Updating your exterior paint, installing new roofing, resurfacing your walkways and driveway, and adding attractive mailboxes can help make your home more appealing.
SOURCE: CMHC website