Add value to your home with an addition

In an era of uncertainty surrounding home prices and the mortgage market, several home owners are looking to increase the value of their property by renovating. Kitchens, bathrooms and finished basements tend to be the most popular projects, but an addition can provide greater reward, if planned properly. A recent article from the Globe and Mail provides some helpful hints, and shows readers how adding to the home may be a better investment than simply relocating to a larger home.

As with any renovation, it is important to start with the proper research. The article suggests consulting a real estate professional in your area to find out what potential buyers are looking for. This information can be very beneficial when you decide on your expansion. The agent can also keep you informed on prices and recent sales, so you can stay within a reasonable price for your neighbourhood. It is also important to be honest about how much more time you plan to spend in the property. If you intend to sell shortly after completing the expansion, you will likely have a very different renovation plan than you would if you wish to spend 5 or 10 more years in your home.

If the idea of the research and costs of an expansion seems like too much, relocating may seem like an attractive option. This article includes a helpful chart to estimate the potential moving costs, making it easy to compare what will be the more feasible option for you.

To find out more about refinancing to renovate, contact a Canadian mortgage broker.

For the full article from the Globe and Mail, click here.