When it comes to home renovations, you can spend a fortune on just about everything you can think of. The most popular renovations of course are kitchen and bathroom renovations. When selling your home, it’s a good idea to upgrade it and refresh it, but where to you spend your money on home renovations? This article discusses this very thing.
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So what can you do to ensure you’re spending your money wisely? Simmons suggests the following:
1. Ensure that you’re making a good decision to renovate. Is it realistic that you will get a portion of the money you spent back?
2. Make a budget. Get all the estimates first from a professional first. NO GUESSING. Do not let friends who just renovated give you estimates either.
3. Add an additional 20 per cent to that budget for all the additional unforeseen costs that happen during a renovation.
4. Save three to five per cent of your monthly income to a house account so that future renovations/improvements don’t end up on home equity lines of credit for years.
Other tips include:
5. Do not rely solely on your contractor or real estate agent’s suggestions. While they are helpful, keep in mind that their goal is earn money from your home. Take their advice but make a decision based on thorough research.
6. Do not be blinded by home shows. HGTV has some fabulous home renovations shows but keep in mind that most of the shows offer a discount to participants. Flip through shelter magazines such as Style at Home or House and Home and check out the websites of Canadian Tire, Rona and Home Depot to get an idea of price.
A simple act that is often overlooked by sellers can be the making or breaking of a sale. Cleanliness is the best route to go for any property to get it ready for market. It will sell faster and for a lot more than you expected if it shows well,” says Bob Pichut, a real estate agent with more than 30 years experience.
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