I have been in the Financial Services industry for over 25 years. As the VP of Sales and Service at Mortgage Brokers Ottawa, my role is to provide leadership and direction to ensure that our excellent group of Mortgage Brokers and Agents have the tools and resources to do what they do best, give clients superior mortgage advice. I also assist our Partnership group in continuing to foster our relationships with external partners in the community.
I am also a Mortgage Agent and really enjoy helping people finance a new home or refinance an existing home. Prov ...
Home renovations: Do you really need that new kitchen?
Date Posted: October 21, 2014
When considering whether or not to do a renovation, you might think that the first question you need to ask yourself is: "How am I going to pay for this?". The question you should be asking is: "Why am I doing this?".
One of the most popular reasons for doing home renovations is the mindset that it will increase your home's value. This sounds great in theory, but rarely works out in reality.
Home renovations usually end up costing more than you expect. Some renovations will help boost your home's value, but rarely does the increase cover the cost of the improvements. The more popular renovations that will help boost your home's value, usually ends up being the kitchen and bathroom. Typically, 70% of the cost of the improvements will be added to your home's value, if you are lucky.
As a few years pass by, your renovations will become used and outdated and won't have anywhere near the impact on your house’s value as it did upon completion. Before committing to begin a renovation, be sure to look at other options available to you. Perhaps it is better to put that extra money towards paying off your mortgage quicker, or paying off some credit card debt.