Soon the spring real estate market will be upon us and many cities and communities across the GTA can expect a flurry of action to start happening.
Last year, homes sold for hundreds of thousands of dollars over listing price and bidding wars became the norm. This year, with a more stabling market, that same trend is yet to be seen, but not expected to be as crazy as those early months of 2017.
So you might be wondering if the time is right to purchase a new home, or simply stay put. It may just be the question of the year when it comes to real estate in 2018.
Since there is no easy answer, some homeowners may decide to continue waiting it out. If you do decide to wait but are craving a change, take this time to tackle a home renovation! You can increase the value of your current home (always a good thing), create more square footage for your family and possibly position yourself better for a quick sale down the road.
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Getting a high return on your investment is on most homeowners’ minds when planning a home renovation project. Kitchen and bathroom remodels almost always increase the value of a home. Any project that adds additional living space to your home will likely be a smart investment, including finishing the basement or attic space or building on an addition. As with any major project, getting the right permits and hiring a reputable contractor is key.
There are also dozens of projects you can take on around the home that will make it more enjoyable for your family for the time being and make it more appealing to prospective buyers when the time to sell does come. Exterior upgrades are becoming very popular among Canadian homeowners, with many families spending big bucks on landscaping projects, including new decks, fencing and driveways. With the price of cottages on the rise, outdoor kitchens are gaining popularity in Canada as well, as many homeowners aim to create the perfect “staycation” space in their own backyard.
Another goal of many home renovators is energy saving. Replacing your home’s windows or roof and beefing up insulation might not be the most exciting way to spend your reno dollars, but it will help you save big time on monthly energy costs while increasing the value of your home.
The whole idea is to be happy with your current situation – be it to look for a new place, or renovate. If you choose to renovate, the value of your home will surely increase, making it more appealing to buyers when the time comes for you to list. And when that time comes, you can be certain that your home will sell fast!
