Value Of Home Renovation
“If You’re Looking For Home Renovation Project Financing, You Might Want To First Consider The Economic Value Any Given Project Contributes”
If you’re like most people considering home renovation, there are likely a number of projects you’d like to take on, but will limit what you actually invest in doing today based on the amount of capital you have to complete the work.
And what you include in the scope of work is going to have both an aesthetic value to you and an economic value to the market place.
Sometimes the personal value and economic value are very similar and sometimes they’re not.
One way to get a better idea of how much certain types of home renovation activities or projects can add to the value of your home is to utilize a valuation tool like the one provided by the Appraisal Institute of Canada. Here’s a link … http://bit.ly/G6S5a
This handy little tool allows you to put in cost estimates for different types of home renovation works and provides an estimated range of value or return on investment you can expect to earn over time from the completed work.
Keeping in mind that this tool provides you with some pretty broad ranges of potential value, the real benefit of using it is to get a comparative assessment between different renovation projects as to which ones add more value to your home than others.
Depending on your mindset and motivation for doing certain renovation work, this may not have any bearing whatsoever on what you choose to spend your money on.
But if economic value is important, this can at least give you something to think about as you plan out the complete scope of work and the related budget.
Another thing to keep in mind is that for renovation projects where construction mortgage financing will need to be procured, an assessed value of your home post renovation may be important in terms of the amount of money you can borrower.
Or put another way, the higher the value added renovation work being undertaken, the greater the increase in value in your home, and the more potential funding that can be raised against the future value of your home.
If you’re looking for a home renovation loan, I suggest that you give me a call so I can quickly assess your needs and provide relevant options for your consideration.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel