LoveMyPlace.com - Renovation, Design, Real Estate

Approximately 1.5 million households in 10 Canadian cities spent an average of $11,000 in 2006 in renovations, according to a study by the Canada Mortgage and Housing Corporation. More than 60% of those families updated, added value to, or prepared their homes for resale, while 33% completed repairs. The top jobs were room remodelling, painting or wallpapering, and flooring. (more…)

Single women are becoming an increasingly significant force in the Canadian residential real estate market. According to Statistics Canada, sole home ownership among women is on the rise. It reports that one-person households (mostly headed by women) were the fastest-growing type between 1971 and 2001.

A Royal LePage housing survey suggests that, among first-time home buyers in 2004, 51 per cent were women. In her new book, Home Girl: The Single Woman’s Guide to Buying Real Estate in Canada, Brenda Bouw suggests that the gap will widen and that single women will outnumber single men (55 per cent vs. 45 per cent) when it comes to buying a home in the next two years.

You’ve made the decision. It’s time to sell. And you want to get the best price possible. Just how much fluffing will that require you to do? Here are a few tips.

Make a list of jobs that need to be done, either in terms of repair and renovation. For guidance on this, check out the Ontario Association of Home Inspectors website. They have some good general information of topics such as roofing, electrical wiring and moisture problems. If you know one of these applies to the home you want to sell, it’s time to do something about it.

Cosmetic changes are easy, and can make a big difference in how your home is perceived by potential buyers. To get you home ready to sell, you must:

• Clean up all yard debris, especially from pets
• Wash your windows
• Clean and organize your closets (people will peek)
• Get rid of clutter
• Do a top-to-bottom housecleaning (consider hiring a cleaning service for this)

To further enhance the look of your home, you should also consider:

• Pressure washing the exterior
• Painting the front door a bright colour
• Adding lots of seasonal flowers in planters by the front door, or plunged in their pots into the garden
• Changing heavy drapes for sheers (TIP: If the view from your window isn’t great, cover it with a translucent, decorative window film)
• Arranging furniture in the middle of the room in an “L” or “H” pattern to create the illusion of space
• Renting storage space for large items you don’t need
• Making little changes, such as painting the cabinets, changing door handles and fixtures (TIP: for a fresh look, choose burnished metals, yellowy rather than shiny silvers)
• Adding a jolt of colour – paint a hallway, entranceway or powder room in a strong shade (TIP: greens, yellows and reds are hot this spring)

Home renovation is fast becoming Canadians’ favourite past-time. According to a recent survey by the Royal Bank, 70 per cent of homeowners plan renovations or home improvements over the next two years, while two in three Canadian homeowners have renovated their homes in the past two years.

Many homeowners would rather renovate than move; the same survey indicates that 80 per cent of Canadian homeowners would choose renovating the home they already own over selling and moving. Still, most homeowners give some thought to what kind of resale return they’ll get on improvement projects.

Even if you have no intention of moving, it’s a good idea to do some cost-benefit calculations on changes you plan to make. You can help some help with this from the Appraisal Institute of Canada has a very useful interactive guide called Renova that gives information about the value of certain home renovations.

You can either pick a renovation category, says, redo a kitchen, add the amount you want to spend on it, and you’ll get an average range of return on that investment.

You can also pick from 20 of the most popular categories and get basic information about the return, as well as good tips. It can also raise warning flags about certain projects, such as above-ground swimming pools, which rarely add value and can even have a negative effect.

The AIC’s 2004 survey identifies roof shingle replacement, kitchen and bathroom renos and interior or exterior painting as having good ROI. Some of the renos with the least favourable ROI include landscaping, asphalt paving and adding a skylight.

Before you make any big decisions about doing renos before a sale, it’s a good idea to talk to realtor.

If you do decide to do a renovation before selling, keep in mind that when it’s finished, the new room should be consistent with the overall condition and style of the house. If you have a dazzling professional kitchen in a house that has sagging floors and whose roof needs repair, you’re not going to get all the return back.

Be objective in your choices. You’re not building your dream room, but the dream room of a buyer. Currently, hot trends include main floor laundry room and/or floor office, garages that are designed as extended living space, exercise area or workshop, outdoor kitchens and low or no-maintenance landscaping.

Since the housing boom peaked in 2004, the market has cooled very gradually. In fact, 2006 saw some records and near-records set. For example, the value of building permits over just the first 11 months hit a new high. (more…)