GET MAXIMUM RETURNS ON HOME IMPROVEMENT LOANS
With such a competitive real estate market in Ottawa and surrounding areas, if you are looking to sell your home in the next few years, you may need to invest some money in renovations to get top dollar. While it may seem counterproductive to borrow money to improve a home you don’t plan to keep, if you choose the right upgrades, you will likely be able to sell your home for much more than the cost to complete them. Read on to learn how to get maximum returns on home improvement loans.
Get a Real Estate Appraisal
Before you do any work on your home, speak to an agent who is well-versed in the Ottawa market. While a real estate appraisal is not helpful in the borrowing process if you are seeking a home renovation loan, the advice you will receive from an agent on where to spend your improvement money is invaluable. They will be able to give you some guidance and let you know roughly what your end result might fetch you on the market once all of the work is complete.
Consider the Length of Time you will Keep your Home
If you plan to sell your home within the next three years, focus on improvements that will please others, rather than what you would like. If you plan to stay longer, then you might consider doing renovations that are based more on your tastes and how you use your home. Some examples of tailoring renos more to a general audience include:
- Choose neutral colours for building materials.
- Practical kitchen and bath designs rather than customized for your usage.
- Resist the urge to overdo your renovations. Keep your home’s value comparable to others in your area.
A Lasting First Impression
When people take out home renovation loans to increase their home’s market value, they often overlook the benefits to improving curb appeal. While you shouldn’t go overboard on landscaping, you should invest some money in making sure the outer appearance of your home entices people to want to see the inside. You only get one chance to impress buyers and if a yard and outer shell of a home are in disrepair or unkempt, you leave people feeling they would have to spend too much money to fix up the home.