Tips to Make your Home Renovations Profitable – Consult with a Vancouver Mortgage Broker
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Tips to Make your Home Renovations Profitable
There are many older homes in the City of Vancouver. If you’re either buying an older home or planning to put yours on the market then you should know you can add some significant value to your house by incorporating some remodelling or renovation work.
Some home renovation projects are well worth the return on your investment. You can not only increase the value of the house but earn back the money you invested by selecting the right kinds of home renovation projects so you aren’t left out of pocket.
Here are some suggestions for you to consider making your home not only more marketable but to also sell it more quickly when you do put it up for sale.
Home Project Repairs
You might be surprised to know that even minor repairs can make your property more appealing to buyers.
Some of the better repair projects are relatively simple. You can have you windows re-caulked and fix the gutters if they are warped or not functioning. You can replace an exterior door if it looks too weathered and sun beaten.
The interior of the home can always use some repairs such as applying new grouting to your tiles, or replacing dated plumbing fixtures such as faucets which might be tarnished or stained. Even something simple as replacing a toilet seat and adding some new towel racks can quickly spruce up the bathroom
Take a look at your walls and start by taking down a painting that’s been hanging on the wall for a few years and look at the difference. Plasterboard and drywall takes a beating not only from wear and tear but can crack or buckle slightly as the house settles. This might be the perfect time to fix those dings and cracks and apply a new paint job.
Simple jobs like this can make all the difference when it comes to enhancing the appeal of an older home.
There are other major renovation projects which can increase the value of the home. One of the primary areas which have an excellent return on your investment includes a new roof replacement if yours is excessively old and showing significant signs of deterioration.
Two other areas which also could use a significant makeover especially if they have been untouched for awhile include the kitchen and the bathroom. Both of these projects can be costly and should be planned well before you undertake them.
However, these are two of the prime areas that prospective buyers look at when they view a home and base their decision to buy or leave alone. A renovation project to upgrade your kitchen or bathroom can also include more eco-friendly aspects which also have added appeal.
If you have areas such as your basement which are unfinished or in poor shape then this can also be a profitable home renovation project especially if it enhances the additional living space.
Some projects which have a very poor return on your investment include adding on additional room to increase square footage. Other projects which can be costly and don’t provide a good return include adding a pool or performing major landscaping renovations unless you plan to live in the house for a number of years.
Home renovations are popular these days and for good reasons. Upgrading your home with more technologically advanced and environmentally friendly technology can also help you save money over time.