Is there something that you wish you could change in your home? Maybe your washroom is outdated or you absolutely hate your kitchen. You might be wondering if it’s better to sell your home or to fork out the money for renovations.
What I’ve found a lot lately, especially in today’s market, is that people are tapped out. They’ve used all their cash to buy a home and now they don’t have money left over for home improvements. But people are often surprised to know that they have options in terms of financing their renovations.
In fact, did you know that you can take out $30,000 and it will cost you less than a monthly car payment? For every $30,000 you take out into your mortgage, it’s $108 per month. Not bad. So, if you absolutely hate your kitchen and want that desperately needed upgrade, you can do it for a pretty reasonable monthly cost. Plus you’ll have a more functional kitchen and will enjoy your home more.
From a Real Estate perspective, the reality is that doing a $30,000 kitchen upgrade will likely increase your home’s value. Yes, a kitchen renovation can be expensive, but it is also one of the biggest returns on your investment. Generally speaking, if you do a kitchen upgrade you will get that money back when you sell, and then some. I can’t say exactly what number, but it’s super important to think about.
If you’re thinking of doing an upgrade, give me a call. I’ll visit your home, and will walk through your property with you and will offer my advice and opinions. In some cases, it might actually better for you to keep your home and fix the things that are not functional. Once you make the fix, you either love it or list it. Or you might decide to enjoy your new updated home for a while and then sell when the timing is right.
Whatever home renovations you want to make, keep in mind that you do have options. Reach out to me if you have questions or want to speak with a Mortgage Broker about your financing options.