House Flipper #4

Home renovating tips for anyone wanting to DIY on a tiny budget, or looking to find a tradie and add a whole new floor. Before we look at which improvements are (and aren’t) worth making, let’s just consider why now may be a good time to take action. We may have reached the bottom in terms of value and with little construction over the last 5 years, demand is now starting to grow. With growth, buyers will have more choice and – naturally – will look for homes with the features they really want. By adding those features now you can ensure your property is more saleable – and more valuable – later. What’s more, even if prices stay static, you will still be better off. The right improvements will always add value.

The best way to pay for any home improvement is using savings since it means you won’t have the added expense of loan interest to bear – that’s if you have savings in the first place. However, if you do need to borrow the most sensible way is to add the cost to your mortgage. But only if you can persuade your lender to release additional funds and you have the ability to repay ! Otherwise, it might be your friendly local credit union but again only after you have budgeted properly to justify the monthly commitment. All in all, your house would get an uplift and so would you.

For instance, the national average budget for a kitchen renovation came in at just under $14,480—at least $5,000 under-budget for the average Canadian kitchen renovation, explains Nicole Silver, spokesperson for TrustedPros. It takes licensed electrical, plumbing and gas experts to install bare necessities in a kitchen,” explained Silver, and these experts come at a price.” Add in the extra cost of durable or high-end finishes and budget costs start to creep up quickly.

So far in 2017, Zopa customers have borrowed £92m to improve their homes, a 35% increase compared to the same time last year. Zopa has helped over 70,000 people to create their dream home. In principle, if you have a tired old bathroom it makes sense to upgrade it – underfloor heating, power showers etc. But potential buyers can be swayed either way by the look of a bathroom – so it can detract as well as add to the value. If in doubt when choosing a new bathroom, opt for white.

It is difficult to imagine spending thousands of dollars on a home-improvement project that will not be reflected in the home’s value when it comes time to sell. There is no simple equation for determining which projects will garner the highest return, or the most bang for your buck. Some of this depends on the local market and even the age and style of the house. Homeowners frequently must choose between an improvement that they would really love to have (the in-ground swimming pool) and one that would prove to be a better investment. A bit of research, or the advice of a qualified real estate professional, can help homeowners avoid costly projects that don’t really add value to a home.