You’ve decided that it’s time to do some renovations on your home, GREAT! Before you start moving walls and tearing up carpets you should read this article to make sure you are ready!
TIP #1 THIS ISN’T HGTV
How many times have you watched and HGTV show where they completely transform a kitchen in 48 hours? Don’t get the impression that doing a home renovation will be done on the weekend; you should expect your renovations to take at least a week, depending on how big your project is.
TIP#2 THINK BEFORE YOU ACT
Can you afford a renovation right now? Make sure you create a BUDGET and STICK TO IT! There is nothing scarier than being over budget on you home renovation. If you cannot pay your renovations in cash, check out the Canadian Mortgage and Housing Corporation for other financial options.
Does a renovation to your home make financial sense? Homeowners look over this at times and wait to feel the accomplishment of a successful renovation. Here’s the problem, you’ve done all the updating and it has added very little equity to your home. Always ask yourself: “will this improve my homes overall selling price? Can I recover the costs of this renovation?”
Make sure you get our FREE report on “7 costly mistakes that most homeowners make when selling their home”
TIP# 3: Scout out Your Neighbourhood
Before you start your renovation, take a look around the neighbourhood to what other homes have been doing. Check out MLS.ca to see what homes are selling for in your area and attend some open houses so you can see what the inside looks like. You can even go to our website and ask for a free online home evaluation! Really pay attention to the little details of the homes you see, what kind of cabinets did they use? Is the home fully carpeted or hardwood? This will help you understand what kind of renovations would be good for your home. While a marble counter top may suite your style, you will not see a return on investment in Central Hamilton for example. While you want your home to stand out you don’t want it to stand out so much that potential buyers won’t want to buy your home.
Did a home down the street just sell? Click here to find out what it sold for!
TIP #4 How Handy Are You?
Will you do the renovations yourself? Do you have the necessary skills to tile a tub, or move electrical outlets? While saving money by doing it yourself is great but if you don’t have the skills it may end up biting you in the long end.
If the skills aren’t there you may want to look into a contractor. Make sure you shop around and ask for quotes from each contractor, also, if available, ask for references. If you are nervous about being scammed by a contractor please see our previous blog post, and the Consumer Protection Act to protect yourself.
If you don’t know a reputable skills trade person please e-mail us at info@bushrealtysystems.com for our personal favourites!
TIP#5 CHOOSE YOUR RENO ROOMS WISELY
While your basement is in need of an update, your bathroom is stuck in the 70’s, time to take a look at the chart below. Thanks to RBC for the chart, and as you can see your money is best spent in the Bathroom and Kitchen so make sure these two are updated first since this is where you will see the biggest bang for your buck.
If you are unsure about what to update in your home, give us a call, or e-mail us at info@bushrealtysystems.com today and we can help!
#6 RENOVATIONS ARE DONE! TIME FOR A HOUSE APPRAISAL
Here’s where you see how your hard work has paid off! For an easy and FREE look at what you house may sell on the market check out our online home evaluation.