Irrespective of market conditions, home
renovation is always a good way to improve the quality of one’s home.
Dianne Nice of the Globe and Mail recently
mentioned a story that any homeowner would appreciate.
Seeing the truck made her consider whether her home needed new
eavestroughs which made her wonder if she and her neighbours all had leaky
eavestroughs or were simply bit by envy.The answer to that question depends on some
specific factors: does the reno make your home a more attractive investment, is
the reno necessary and, of course, how strong is your financial situation.
While some renovations will lead to an
increase in home value, others may not.Globe and Mail,
renovations to one’s kitchen, bathrooms, living room or master bedroom are
likely to improve house value. On another
note, any renovations which lower one’s recurring energy costs by increasing
efficiency (new freezers or refrigerators, for example) are also likely to improve
home value.Dianne’s story about the eavestrough truck
emphasises the second key question, is the reno really necessary?Finally, it is important to understand your
financial position. If, on the other hand, you
would need to borrow to afford the renovations, it is best to discuss borrowing
tools like home equity loans with a
qualified financial expert.
