Return On Investment

(January 19, 2015 , posted in General)

Have you ever planned a renovation, upgrade or redecorating project and wondered whether it would impact the market value of your home? We did and that is what started us on the journey to renovate our home. The first question we asked ourselves is how much our project would cost and would be able to get a return on that investment?

Of course, increasing the market value isn’t the only reason for making a home improvement, we wanted to make our home fit our lifestyle and add a fews features, like a bigger entrance way and open kitchen concept for entertaining.

We love our location close to schools, shops and mountain trails and moving was a hard sell for us, so we dove right in and started the planning process.The size of your project will determine which professionals you will need, our project is a fair size so we decided to have a drafts person help us design our renovation (this can be cheaper than using a architect). Next step is a survey and then the engineer to sign off on your plans, this is before you have done any construction! The most important step of all is finding the right builder. We were lucky and knew someone that was recommended to us and we had seen his work. Every builder is different on how they price, but we wanted a total cost for the scope of work he would do.

Once you have all of your paperwork drawings, survey, engineer you are ready to submit to your local municipality. Bylaws are different for each city so having experienced people helping you will elevate any issues once you have submitted yours plans. With renos there are always issues, so be prepared and have a contingency fund to cover those costs.

Stay tuned over the next few months and I will share with you ideas, advice and pictures of the process and end result of our renovation!

Quick Tip!
When looking for inspiration and ideas look at sites such as www.houzz.com It is a great resource, create an idea book and save pictures with notes about what you like in each picture. It is a one stop shop for ideas,contractors,designers and so much more.

If you’re curious to know how making such improvements will impact the selling price of your home, give us a call. We can give you an evaluation of what you can get for your property – post-improvements – based on what’s happening currently in the local market. It’s good information to have, whether or not you ultimately decide to sell.

Louisa Baker

Prudential Sterling Realty
www.caroleshaw.ca
louisabaker@shaw.ca
Louisa Baker 778 319 2150
Carole Shaw 604 726 8614