Most people renovate their homes for more space or more comfort. Some also remodel their homes in order to sell their property more quickly while getting the desired price for it.
But you shouldn’t start renovating carelessly. Follow these guidelines.
It would be irresponsible to carry out overwhelming work in order to sell your home quickly. Disaster will probably strike. Some upgrades, worth a few hundreds or thousands of dollars, should do the trick.
Check every nook and cranny in your home to find any defects. Neglecting this step might give the future buyer the wrong impression. Imagine if he or she arrives with a building inspector? Omitting to inspect your home is not the best way to go, even if you end up selling your property for the desired price. If the future homeowner ends up dragging you into court for latent defects, not only will you see your profit melt away, but your quality of life will diminish.
Start by facing your home and put yourself in the buyer’s shoes. Is the frontage appealing? Is the front door impeccable? A neglected exterior usually implies a careless homeowner in the minds of future buyers.
Go outside and walk around your property and think of the things that would bother a buyer and try to address the problem. For example, you live in a noisy neighbourhood because of the traffic. Find out how much building a green wall or a solid wall would cost to reduce the noise.
Over the last few winters, a small crack has appeared in a corner of your house’s foundation.
You tell yourself that it’s tiny and therefore harmless. And you move on to other things.
That’s a big mistake because you find yourself faced with a structural problem that will affect the stability of your house. This will affect the resale value.
Where does this crack come from? Why is the foundation of the house cracking? Can you do anything about it?
The freeze and thaw cycle is often the primary cause. Depending on the region of Quebec you’re building is located in, the depth of the foundation walls varies. When you do work around the walls, you have to always keep in mind to protect them against freezing.
For many people, a house seems like a miraculous investment: Owning a home solves most financial problems and is the ultimate pension plan.
It’s an undeniable fact that a house is a long-term and effective investment. Most property owners and experts agree on this. But placing all your bets on a house is a huge risk.
Patrick Charlebois, investment advisor and manager at Bank National Financial in Trois-Rivières, cautions his clients. He definitely recommends purchasing a home and lists the advantages: good financial investment, better quality of life and a valuable asset for retirement.
Becoming an owner helps you to obtain a good credit file, to develop discipline for the family budget and to acquire the habit of saving money. But property owners may commit an error by placing all their hopes on their property. Continue reading →
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