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 Renovating
Your Home
Diane Kelly
One of the questions I am most frequently asked
by homeowners considering renovations is "What's worth
doing?" Well, the answer isn't a simple one, because it all
depends on what you want to get out of it. Is your purpose primarily
to improve your property value, or increase your enjoyment of your
home, or a combination of the two?
If you're thinking primarily of increasing your
home's resale value in the Calgary real estate market, you should be aware that the cost of professional
improvements to a home will very often not be recovered in a
corresponding increase in your property's value. A home's list price
is essentially a reflection of the demand from buyers for a home's
features and location. Just because you've invested a certain amount
of money in your home renovation doesn't necessarily translate into
adding that same figure onto your potential resale price. remember at
any one time thousands of homes are for sale in Calgary. However, if
you're doing some of the work yourself, there's a far better chance
that you can recoup the costs of your improvement.
Generally, the areas to focus on in terms of
increasing your resale value are the kitchen and bathrooms, since
these are the critical areas that frequently are deciding factors in
buying a home. However, even in these areas, make sure your
improvements are limited to what's clearly visible in a quick
walk-through. New cabinets, counters, or fixtures will all win points,
but upgraded plumbing is an expensive undertaking that will add little
to the overall appeal of your home. Prospective buyers will expect
reliable plumbing as a "given", and will not be willing to
pay a premium to get it. Why not get some expert advice in this area
from us? Even if you're not planning on selling
just yet, we would be happy to talk to you to confirm what features
are in demand by buyers in your area, and to counsel you on where you
can concentrate your resources to get a good return.
If you're planning on a renovation primarily to
enhance your family's enjoyment of your current home, you've never
picked a better time to do it. The cost of financing a renovation is
very affordable, with interest rates at a forty-year low. Basically,
you can focus on what would please your family, but do keep in mind
that you will eventually still want to sell that home, and some
improvements can actually reduce your chances of future resale. If
it's a toss-up between a couple of potential renovations, you should
lean towards the one that will be the most appealing to the maximum
number of buyers in the future. For example, a home theatre or media
room is a current trend that would be enjoyed by just about anyone. On
the other hand, a swimming pool can be costly to heat and
time-consuming to maintain, so many buyers would not want to even
consider a home with a pool. Again, why not have a chat with us, will
will be happy to give you the benefit of their experience, and help
you decide what's worth renovating in your home.
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writing by Steve Kelly or as credited.
Calgary Real Estate consultant Diane Kelly, Discover Real Estate Ltd,
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