Thinking About Renovating?

Why are you renovating?

Are you thinking about selling your home in the near future and are putting money into renovations to increase profits from a sale or are you renovating to continue to live in the home. This question will determine where you should spend your money and where you should save your money.

 

Renovating to Sell

If you have plans to renovate your current home in order to sell to make a higher profit, concentrate your efforts in the kitchen and bathrooms. These two areas are the main reason a home sells quickly at a higher value.

The kitchen is the heart of the home and tends to be a deal breaker for a lot of buyers who don't want to put the work into it themselves. Buyers are visual people and need to see it in front of them. That comes to my next statement ensure the work that is done is done by a professional as buyers will pick apart your home and any thing they see that is not satisfactory.

Exterior renovations are about 40% of the renovations that occur which could be a new roof, decking, siding, landscaping etc. Exterior maintenance changes the curb appeal to the home and tends to lure more prospective buyers.

Most importantly DO NOT over renovate for your area! If you are in a community and the most expensive home is $200,000 do not install granite counters through out with slate roofing, procelain tile flooring and sunken bathtubs as you will not make that money back. A good rule of thumb is to look at homes that are selling on the higher end to see what makes then more valuable and use that as a renovating guideline.

 

Renovating to live in

When you are renovating to live in this is where efficiencies are key to lower costs by means of heat, electric,  and water consumption.

Key ways to lower heat costs: Increase insulation in the attic space and increase circulation, replace damaged or old windows, ensure your heating source is efficient.

Key ways to lower electricity costs: change your lighting sources to LED bulbs, have lights off when not needed, use timers or smart photo apps to decrease time lights are on through out the day. Use energy efficient appliances and entertainment devices.

Key ways to lower water consumption: Install a low flow toilet or shower head, do not leave water running for long periods of time.

Renovating to live in is the long game, where you spend money upfront with hopes to make the money back over the long run, many times buyers do no care if you have a low flow toilet or led light bulbs this will not make them buy your home.

There are many different ways to use renovating as a tool to increase money whether over the short term or long term you just have to be smart and do your research before jumping into a project. A great idea is to visit many open houses to see what style you like and what you don't. Visit different home show exhibits to see whats new and trending and talk to the professionals.

 

Megan Dougan

Century 21 Colonial Realty

902.314.7281

www.megandougan.com

megan.dougan@century21.ca

 

 

 

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