There are certain buyers that want a new home on either a single lot or in a new development and there are others that look for homes to renovate to put their own personal touch on an existing home...there are several things to consider when you are planning to renovate your home.
You don't want to be the most expensive house on the street once you have completed your renovation as you will never see that money again--by all means if you have money like Bill Gates go crazy but for the majority of us we need that return on our investment for our later years.
Budget budget budget...did I say budget?? most important to stay on budget during the renovation. Trust me it is very easy to get side tracked and start adding things to the project like a gas fireplace in the master bedroom, built in cabinets in the family room to name a few--yes those items will add value but if it's not in the budget don't do it. Spend your budget wisely and plan for the finishes (which take up the majority of your budget by the way) Do the hardwood on the mainfloor, good toilets and fixtures in the bathrooms as you use these everyday, put the quartz/granite in the kitchen, if you cannot paint hire a professional..nothing worse then having paint from the walls show up on your ceiling--these are what potential home buyers are looking at. If you can have a 10% contingency fund set aside for those unknown expenses like replacing the electrical panel & wires, plumbing, beams etc..these are items that cost money and that you never see unfortunately but need to done--do it right!!
Living through a renovation is tough but having young children in the home is brutal!!! Keep calm, count to 10 and keep going...you will have a beautiful home in the end..it is worth it!! #notlrealtor
-by Cheryl Carmichael, Niagara-on-the-Lake Realty, Sales Representative
For a free quote on a home renovation please contact "The Carmichael Group", email@example.com or check us out on facebook for pictures of our lateset project.