When you’re considering doing renovations to your home, you always need to consider what your plans are with that home.
If you’re not planning to stay in the house for very long, then you really need to ask questions about whether or not the renovations you’re planning will actually add to the value of the house, either in terms of sale price or in terms of how quick you can sell the home.
However, if you’re planning on staying in the house for a number of years, then it can make a lot more sense to do renovations which have your personal tastes and needs in mind.
For example, when selling a home, kitchens and bathrooms tend to help sell a house. Well renovated and space-efficient kitchens are a great feature to a prospective buyer. But strong, bold colours or more unique fixtures might be something that, while appealing to you, alienate buyers from the house. More neutral colour palates or fixtures can make it easier for people to imagine their furniture and families living there.
Often, some low-cost touch-ups can go an awful long way — touching up trim and paint, possibly replacing carpet in a room or two, or even just clearing clutter and more personal items can make people want to make your house their own.
Depending on the pricepoint of the home and the market you’re in, different features will certainly be more appealing — but always be sure to think long and hard before splashing the cash.
If you’re looking at purchasing a home that you intend to sell or refinance before long, be sure that the mortgage you’ve chosen is one which is suitable. Ask questions about mortgage prepayment penalties, or rights to refinance in the first year. Your mortgage broker should be able to explain what the penalties will be, and what would make sense in your situation. Be informed, no matter what mortgage you’re taking!