HOW CAN I MAKE MY HOME EQUITY WORK FOR ME ?
Canadians have been borrowing against their homes ’ equity in record numbers each year . The reasons why they choose to borrow vary greatly from person to person !
Some of the most common reasons include paying out high interest debt or refinancing to combine their mortgage and debt into one lower monthly payment . In both situations , they are able to improve their monthly cash flow and save money on interest in the long run .
Another common use for home equity financing is renovations and home
Knowing where to start if you are looking to purchase a rental property can be tricky ; here are some tips that can help you get started . First thing to consider is your budget . Crunch your numbers and that way you know exactly what you can and can ’ t afford . Next is to surround yourself with a great team of professionals , such as a real estate broker , a financial advisor and a property management company , as they can help guide you with your decisions and give you the tools that you need to find
68 CANADIANHOMETRENDS . COM improvements . These renovations help improve their living space and increase the value of their house . For some , improved quality of life is achieved with backyard escapes for the family to enjoy , finished basements for expanded living space or even rental units or in-law suites for additional income ! Some go even further , using their home equity to purchase a cottage where family and friends can get away on the weekends !
For homeowners with grown children , home equity can provide the means to assist their children as they start out . This might mean helping to fund education or providing a down payment so their children can become homeowners as well !
The equity built up in your home can also be a fantastic source of retirement income . Many homeowners are using the equity in their home to purchase investment properties that will generate income into their retirement years . - Jevad Danesh and Lina Addeo , Easy Mortgage Pro , www . easymortgagepro . ca
tenants . Hiring a property management company has many benefits that aren ’ t always obvious such as for example : the management has tools at their disposal to help advertise to fill any vacancies that you have and the company can also assist with the maintenance of the property . The biggest benefit to hiring a property management company is that they can save you time and if they are saving you time , they are saving you money as well .
Signature Suites , www . signature-suites . com
SHOULD I RENOVATE BEFORE SELLING ?
It ’ s a simple question with a not so simple answer ! If you have the time and money , yes ! It can be a great way to increase the value of the home you ’ re selling , but if you don ’ t have the resources , don ’ t feel stressed that you can ’ t . A true real estate professional like myself will still sell your home for top dollar !
WHAT SHOULD I RENOVATE FOR THE BEST RETURN ON INVESTMENT ( ROI )?
KITCHEN Kitchen renovations can be more costly and time consuming but can also produce one of the best wow factors and ROI . If you don ’ t have time , money and patience to do a full kitchen renovation , you can still get great results with a few quick updates . This may include new countertops , upgraded hardware and fixtures or new appliances ! Kitchen updates offer an average ROI of 75-100 %.
FLOORING Often overlooked , floors are the most worn part of many dwellings and can be a big turn-off for potential buyers . Worn-out carpets , damaged wood or cracked tiles are definite no-nos . If possible , remove them and replace with a well installed wood or laminate flooring , or beautiful tiles in appropriate spots . Installation is key , so if it ’ s too much to take on yourself , be sure to hire a professional . Updated flooring usually brings a ROI of 100-150 %!
PAINT Fresh paint is one of the most inexpensive ways to give your place a new look ! Dark and dated colors can make a room feel smaller , darker and unwelcoming . Consider hiring a professional to come in and lighten the mood with fresh , light and airy colors that really open your home , making it feel larger , brighter and more inviting . They can repair minor damages , seal trim and really give new life to the home with little time or disruption . A fresh paint job typically offers a 60 %+ ROI . - Paul Mann , Mann Estates , www . mannestates . com