There are a few things to consider before diving into a remodel, writes Peter Glaw

Peter Glaw

There are roughly 40,000 renovations and custom homes completed every year in the Greater Toronto Area. According to the Altus Group’s House Report from May 2018, Canadian residential renovation spending was estimated to be $77.4 billion in 2017. The report also noted that 1 in 16 homes need some sort of major work. Findings from the report lead us into this week’s topic about how you can make money by renovating your home. I will walk you through a simple process on how to maximize your return-on-investment by renovating.

First, you need to consider why you are renovating and set your priorities. Ask yourself, “Am I planning on selling my home?” “Am I renovating because my house needs too many repairs?” Understanding why you are renovating will ensure a successful project. 

Second, set a responsible budget and stick to it. Don’t overspend on things that are above and beyond the standards of the other homes in your neighbourhood. For example, don’t install high-end appliances, expensive marble flooring or tiles, and expensive chandeliers in your kitchen if no one else in your neighbourhood has. If you overspend, then you will lose money. Whereas if you set and stick to a responsible design and budget, you will maximize your profits. 

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