How Much is Your Home Renovation Worth?
One question to always ask before starting a renovation is: “Will this project improve the value of my home.” In other words, ‘by pouring money into my kitchen upgrade, will I be able to sell my home for a price that is equal to the current value plus the price of the reno?’
The Appraisal Institute of Canada offers a nifty app to calculate the average return on a home renovation project. The institute suggests that bathroom renovations of around $30,000 will net you a 75 to 100 per cent return. Swimming pools and driveways are lower at 25 to 50 per cent. Skylights may be great for bringing in more light, but often their return can be close to zero.
Like anything in life, improvement is always the end goal. If you are planning a home renovation, do the research and find out how much your pet project will actually end up costing you when it comes time to sell.
Once you’ve plugged the figures and contacted a third party advisor, you will be ready to apply for the appropriate funding. Your first stop should be with the credit specialists at Alpine Credits. Alpine Credits will allow you to use your home as equity for you to borrow against. The money you receive will go to improving your investment and your current living experience.
Bathroom Demand Is On The Rise
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