With Home Renovations On The Spring Wish List, What Will Give You The Best Bang For Your Buck?
As the weather is turning for the better and the days have grown in length, thoughts might be turning to Spring cleaning and organizing. As you look around your home you may be thinking that this would also be a great time to address some ( or all ) of those long-needed renovations, upgrades and fixes that may have taken the back burner during the worst of the pandemic.
As you make a list you may also be trying to crunch the numbers; questions may arise as to how you will be able to finance such renovations. Moreover, if costs prohibit tackling all the renovations on your list, and which renovations will provide the best equity return. In other words - which renovations will add the biggest bang for your buck.
If you do not yet own a home but have your eye on a property that may need a little tender loving care, there is a type of mortgage that is available to help roll renovations costs into the mortgage you will be taking out on your new home.
Purchase Plus Improvement Program (PPI) - This will allow a borrower to receive funds to use towards the renovations on their purchase.
Offered by Genworth Canada, the PPI program is a very good option for those borrowers that are looking to buy a property that may need some fixing and updates. With PPI you can roll in a home improvement loan with your core mortgage.
Having access to home renovation funds enables homeowners (after closing) to make the necessary renovation to their new home as soon as they take possession which will ultimately add value to the home while providing a wonderful place to live and call home. The attractive feature of PPI is that a homeowner will only face one monthly payment to cover these renovation costs, the mortgage payment.
Call me to explain further how this mortgage option works. Also, you can refer to Genworthcanada.ca
The Top Renovations that Will Add Immediate Value to Your Home
In no particular order, here are the renovations that will give you the best opportunity for equity return in your property ( while increasing your overall enjoyment while living in your home).
Adding new windows and doors
Tiling and bathroom fixtures
Upgrading your home to make it more environmentally friendly and cost-efficient
Kitchen fixtures, flooring, and a modern backsplash
Adding patio stones, new decking, and railings.
Do not overlook finishing, or upgrading the basement of your new home
If you are purchasing your home and want to make renovations now, the opportunity is there to do so; or if currently a homeowner looking to do renovations, If you are prioritizing which renovation will make the cut, the above list will give you the best return for your investment.
With solid industry experience and knowledge plus my commitment to all my clients, feel free to connect with me to guide you through the process.