Investing in the exterior of your home is important. Not only can exterior home renovations like adding a new roof, windows, or doors add immediate benefits and curb appeal, they have the potential to increase the value of your home and give you a greater return on investment (ROI) when you decide to sell.

A 2021 Canadian Real Estate Renovation Trends report from RE/MAX, which used data collected by Leger marketing firm, said more than half of Canadians renovated their home during the pandemic for personal or “non-ROI” purposes. According to the report, 29% chose to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects, while 16% of Canadians renovated to increase the market value of their home to sell within in the next one to three years.

Similar to interior home renovations, not all exterior renovations are created equal, with some costing much more up front, while others are relatively more cost-effective. If budget is a concern, read on to learn about some of the most cost-effective exterior home renovations that could help increase your ROI when it comes time to sell.

Why is curb appeal important?

The way your home looks from the outside—or its curb appeal—gives potential home buyers their first impression of the property even before they step inside. This is why exterior renovations that help boost curb appeal are important, as the aesthetic look of a home’s exterior can give the buyer a sense of what they can expect to find once they walk through the front door. In other words, if your home presents itself well, the yard is nicely kept, the paint is vibrant, the siding is aging well, and the roof is in good shape, prospective buyers could be more inclined to look inside if they like what they see on the outside. 

What are the current trends in exterior renovations?

If you’ve been thinking about completing an exterior home renovation project this year, My Design Home Studio suggests while “farmhouse vibes are here to stay,” five other exterior design trends will gain popularity in 2022, including “a shift toward natural textures, a stronger connection to the outdoors, and a minimalist approach to architecture.”  

These trends are: 

• Natural textures: Blonde woods, hand-sawn beams, and aged brick are popular, but you can recreate these looks at a lower cost with wood-like siding or stone-like accents.
• Dark exteriors: Pairing lighter siding and brick with moodier blacks and charcoals is becoming a trend, so if you’re looking to sell soon it might be worth the investment now. 
• Black accents: External features—like door handles, door frames, locks, shutters, etc.—are being swapped out for matte black instead of classic brass or silver. It’s a more modern look without requiring a total overhaul.
• All-season outdoor entertaining: Adding a patio or deck to your yard can help increase curb appeal, especially when equipped for year-round usage. Covered areas for places with a lot of snow, or lounge areas with an outdoor fireplace (depending on your municipal bylaws) for places that remain relatively dry during the winter, are great additions to help extend patio season.
• Natural light: Large panoramic windows that will flood your home with natural light are definitely a bigger investment than say, a door handle, but they’re a hot commodity as buyers are looking for homes with more natural light. 

Top exterior renovations to help your ROI

While trying the latest renovation trends is a great way to ensure your home fits the modern look, there are tried and trusted exterior renovations that are not only cost-effective, but also known to help increase a home’s ROI.

According to Alex Obradovich, a REALTOR® and sales representative with Chestnut Park® Real Estate Limited Brokerage in Toronto, the best cost-effective exterior renovations would be “functional over the cosmetic.”

“Taking a good look at what’s necessary to fix will be the most important when it comes to selling your home in the future,” explained Obradovich. “Common items may be drainage, grading, deteriorated items or heating/cooling efficiency problems like making sure windows and chimneys are sealed properly.”

However, once the functional exterior renovations are complete, Obradovich says cost-effective and cosmetic upgrades to improve your home would be painting and tidying up landscaping.

“Plus, both of those can be done yourself inexpensively,” he added.

Other things to look at would be your roof, garage door, front door (steel and fibreglass are becoming popular materials), and siding. The average cost to install an asphalt roof in Canada is around $4,750 (depending on the scale of the project), while replacing a double-car garage door can cost between $1,300 and $3,500. If you’re trying to stay on budget, you can also revamp your home’s exterior by swapping out old furnishings for newer pieces and adding potted plants and annual flowers for a pop of colour.

The best way to assess what your home needs is by enlisting the help of a REALTOR® who will be able to give you insights into what buyers are currently looking for in your neighbourhood and what renovations may help sell your home quicker—and for a better price.

Your REALTOR® can also provide you with contacts for roofers, painters, contractors, etc. to help you find the best person for the job.

Source: https://www.realtor.ca/blog/cost-effective-exterior-renovations-that-could-help-sell-your-home/24343/1362
Photo: pexels.com

Blowing the budget is everyone’s biggest fear when it comes to home renovation projects. Even if you follow standard guidelines—like building in a 20% cushion to cover unexpected costs, vetting contractors, and staying focused—it’s hard to prevent spending more than you’d like to. But with some strategic planning, you can save money in the lead-up to your big remodel and cut costs without cutting corners. 

1. Figure out your priorities

We get it: You’re super excited to get into your new house, and you can’t wait to make it yours. But before you start envisioning walls coming down, scale down your big dreams, suggests Toronto financial counsellor Jessica Moorhouse, who is also host of the Mo’ Money Podcast. 

“Yes, there’s a long list of things you want to do to improve your property, but be patient,” she says. “Take your time and slowly save up so you can pay for the renovations in cash.”

Avoid taking on more debt by making a list of what must get done versus what you wish can get done, a strategy that paid off for Moorhouse, who bought a house four years ago and made improvements without borrowing more money.

“We’ve paid for everything in cash, living within our means and saving up for those renovations. It makes us feel good, because we didn’t have to worry about adding more debt onto our budget. That’s the best strategy.”

2. Take a closer look at your new home’s utilities

Instead of simply swapping your name onto the property’s current utility bill, shop around for a better deal. 

“See if another utility company can provide the same service for less money,” suggests Moorhouse. 

“Sometimes, it’s so chaotic when you settle into a new home, but don’t let your home insurance auto-renew without checking with different providers to see if you can get the same policy for a cheaper price; that could save you hundreds, if not thousands of dollars in the long run.” 

Other things you can probably get a better deal on include your internet, cable or satellite provider. 

3. Keep yourself accountable

Instead of focusing on cutting out your daily $7 latte, Moorhouse recommends tracking your spending and making a budget to see where all your money is going. 

“Look at every single line item and ask if it makes sense or if you get the same thing for less money,” she says. “Doing that–especially for monthly bills–is important, because if you can decrease those expenses, you’ll be saving much more money.”

One way to make sure you stick to the saving mindset? Plan a year ahead. 

“Don’t just decide to redo a room on a whim; sit down and ask yourselves, ‘What are we doing this year?’,” says Moorhouse.  

“I’ve got a whiteboard on my fridge outlining what we’d like to do in priority sequence. We know we won’t do reno number two until number one is paid in cash. Keep checking in with yourself about your financial plans.”

4. Out with the old, in with the not-so-new

Instead of paying full price for new furniture, appliances and decorative accessories, check out online marketplaces where you can buy or sell just about anything. 

“Our previous owners had put in a brand-new, but ugly stove that had never been used, so we sold it and used the proceeds to buy a new one,” recalls Moorhouse. “Something you don’t like may be exactly what someone else is looking for.”

You may also want to check with friends, neighbours and family to see if they’re purging things you might need. For example, repurposing someone’s kitchen cabinets or leftover construction materials can save big bucks. Or, purchase good quality second-hand furniture that can be transformed with a coat of paint, adds Moorhouse. 

5. Don’t forget about un-sexy home improvements, like maintenance

In addition to your budget for upgrades, set aside money for when things ultimately break down, cautions Moorhouse. 

“We bought a 12-year-old place and once we got the keys, things started breaking down: We had to replace our air conditioning unit, our boiler, our dishwasher and our fridge,” she recalls.

Although these purchases weren’t high on Moorhouse’s wish list, she knew going in to expect repair and maintenance costs, so the funds were there. 

“Depending on how old your house is, you need to set aside one to 2% of your home’s value for maintenance every year,” she suggests.

Your home inspection report can be a valuable tool; many inspectors include a range of fees associated with maintenance, repair and replacement costs. Keeping these tips in mind as you plan your renovation will save money and buy peace of mind.

Source: https://www.creacafe.ca/saving-for-a-renovation-tips-to-keep-homeowners-on-budget/
Photo: pexels.com

Deciding whether or not it’s time to move—either across the country, province, or within the same city—is a difficult decision to make. Are you ready to uproot your life and leave your friends, family, and job behind? Are you ready to either sell your home, end your lease, or move out of your parents’ home for the first time? Regardless of your situation, deciding to move is a momentous life event and one that doesn’t often come easy.

If you’re unsure whether or not moving is the right call right now, read on to learn about some of the different reasons why people often choose to move to a new home.

Common reasons people choose to move  

There are, of course, the obvious reasons why you might consider moving. Perhaps you’re starting a family and you need a bigger home with a fenced-in backyard where the kiddos can play. Or, maybe all of your children have moved out and you’re ready to downsize. 

But other common reasons could be:

• you’re growing tired of your commute to and from work; 
• you have safety concerns in your neighbourhood;
• you aren’t getting along with your neighbours; or 
• you’ve received a job offer in a new city.  

To get a better understanding of why some homeowners have recently decided to move, we spoke to James Strathy Warren, a REALTOR® and salesperson for Chestnut Park Real Estate Ltd. Brokerage, who revealed some of the frequent themes he’s seen from his clients.

Future planning

Warren says a change in interest rates can be a factor. When people find out interest rates are going up, they’ll look at moving beforehand to lock in on a competitive mortgage to save money in the long run. Not everyone moves when the interest rates change, but it’s something that can trigger people to start assessing the market and whether they’re happy where they are. 

Bang for your buck

Finding a renovated house in a “move-up” market can be a big deciding factor for many people. Warren suggests this can be less expensive than finding a home that requires a substantial renovation, which is appealing to those who don’t want to go through the process.

“There’s also the time factor of a lengthy renovation as well as the associated costs,” he explained. “So, essentially you’re buying your new home at a slight discount.”

Market trends

For those looking to move up, Warren explained sometimes in a market that tends to pull back in price increases, the spread can be less between the sale price of their existing home and the one they’re purchasing. For people scaling down, such as empty nesters, when the market is moving up, it can be a great time to sell.

“It’s always good to try and time the market, this is very important for people moving up,” said Warren.

Time of year

When moving out of a home, Warren said historically, the best months to sell for the highest sale price are usually February and May.  

“February, because January is usually hit with snow and there is so little [on the market], so appetite gets pent up,” he explained. “May, because everything is geared to the school year and people want to settle prior to summer vacation and the beginning of the school year. Sometimes we do see a good market in late September and early October when there is generally less supply.”

How can a REALTOR® help you make your decision?

Ultimately, when it comes to deciding if you should move, it’s up to you and your family to make the call. A REALTOR® can guide you through the decision process to ensure you’re making the move for all the right reasons, providing current market trends and conditions, and asking the right questions to help you feel informed in your choice.

A REALTOR® can also share properties available in your price range and desired location; answer any questions you have about different local neighbourhoods and property values; and they can help you decide whether or not it’s the right time to buy based on the market.

Warren says being aware of the market and how homes are performing in the areas you’re considering is very important when it comes time to decide whether or not you should sell your home.

“I think to be successful in a purchase, or when you’re selling your home, you should view houses first and get an idea of the houses available to you and watch their movement—their days on market and their sale prices. If you’re comfortable, then jump in and buy first, but make sure your home is looking its best and well-priced before putting it on the market,” said Warren.

Working with a REALTOR® also gives you a better understanding of what’s happening in the market and if it’s the right time to make moves.

“It’s all about ‘reading the market’ and hopefully connecting the pieces of the puzzle,” added Warren.

While the prospect of moving might be daunting, there are different factors and indicators to help make your decision. If you’re thinking about embarking on a home buying journey, be sure to speak with a REALTOR® today.

Source: https://www.realtor.ca/blog/when-is-the-right-time-to-move/24677/1362
Photo: Pexels.com