How to make the most of your home renos

Sukhi Kang 604-377-1246 www.sukhikang.com

Renovating your home can be stressful if you have to stay put while the work's being done, but you can get through the hectic time by following these pieces of advice.

Renovations can add significant financial strain to a household budget and stress to an already busy family, says Avi Kay, branch manager at Envision Financial. But with a bit of planning and research, much of the pain and uncertainty can be avoided and that long-awaited renovation can become a wise investment.

Plan ahead Kay recommends getting several estimates from qualified contractors and to anticipate an additional 10 to 15 per cent for unexpected costs. It's also important to make sure you have a signed agreement with the contractor you select.

Educate yourself Be sure to check with your municipal building department to see if your planned renovations are allowed under current zoning and bylaws and make sure they conform to building code.

Choose renovations with good resale value "The best and cheapest renovation you can undertake is to repaint your house inside and out and a close second is to replace outdated lighting fixtures," says Ron Todson, president of the Fraser Valley Real Estate Board and realtor of 30 years. "Paint and lighting, which can be quite economical, really spruce up an older home and make buyers feel like they are getting something fresh and new.

"The renovations that offer the next best return on investment are kitchens and bathrooms - but the price tag on these items may be a lot higher. Energy efficiency is also a priority on buyers' lists so it's worth considering a new furnace or replacing windows. However, high-end multimedia rooms and elaborate outdoor spaces including pools do not provide a good return. These items should be added for personal use, not to try and sell your home.

Fund wisely

After you've made a plan with a qualified contractor and drawn up a budget you feel comfortable with, don't forget to take the time to make sure you have a cost-effective way to pay for your upcoming renovations.




 

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Sukhi Kang

Sukhi Kang

Personal Real Estate Corporation
CENTURY 21 Coastal Realty Ltd.
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