3 Ways You Can Maintain The Value Of Your Home
I have noticed that many homeowners are opting to stay put in their homes during the recession and are content spending money on renovations rather than finding a newer, bigger home. With the added incentive of the government’s home renovation tax credit, home renovations are a great way to spend money on your home and potentially increase the value. But which renovations are best? Some renovations can actually have a negative impact on your home’s value and appeal. One homeowner’s upgrade can be another homeowner’s deal breaker. Consider these 3 tips before you undertake any renovation:
#1- Avoid Upgrades Without Universal Appeal Although they are a “must-have” for some, saunas, hot tubs, and swimming pools are often referred to as value-neutral renovations. While they may not decrease your home’s value, they may make some prospective buyers think twice. An unwanted sauna, tub or pool can be seen as a waste of space.
#2- Keep Features of Value Some features have universal appeal. A fireplace, for example, adds warmth, both figuratively and literally, to any room, and provides an inviting focal point. With the trend for staying in continuing, a fireplace also provides an ideal gathering place for family or when entertaining. Eliminating it or covering it up can remove a key selling feature of your home.
#3- Maintain Curb Appeal Regular maintenance of your lawn and garden are good habits even if you’re not selling your home. When you and your neighbours make this routine, it can benefit selling prices on your entire street. The same rule applies to your home. Ensuring it is in good repair and gets a fresh coat of paint when required goes a long way to create a positive first impression.
By the way if you are considering a home renovation, keep in mind that I have exclusive access to a private mortgage fund which specializes in short term renovation/ construction loans. Contact me any time to chat Christopher Molder Toronto Mortgage Broker 416.461.0204ext2
