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Should You Renovate Your Home In a High Priced Market Such as Vancouver, BC?

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Improving one’s home is a constant need in almost every person. There are things around the home that call for repairs every now and then: the leaking shower, broken door knob, cracked window among others. Renovating the entire home, however, is quite the investment. Especially vancouver renovations – since Vancouver, BC is one of the most costly places to live, the cost can definitely add up quickly.

Most people renovate their homes in Vancouver with the view of recovering the costs in a year or more through a sale of the house. It is a better investment compared to investing in the stock market because it is an investment that is solid and one you can keep track of on a daily basis. It improves the value of the home by the amount spent on the renovation or even extra. Furthermore, investing in renovating your home gives you something extra: the sheer pleasure of living in a comfortable and attractive house.

Despite the above perks, in a high priced market such as Vancouver, renovating your home can be tricky. If you are doing the renovations in hopes of getting the money back through a sale, it might not be a very good idea.

The upgraded kitchen and the Jacuzzi in the bathroom may make your house stand out and draw the buyers to it, but they may be unwilling to pay for it. Vancouver renovations kitchen upgradesmean starting off at a higher price and the price may be too high to draw any offers which may end up making you lower the price. This results in your house being on the market for long, and the longer it stays in the market, the lower the price is likely to go as buyers will associate the time with a defect in the house.

The above, however, should not make you cancel the renovations. The thing that you ought to focus on is your financial standing in the present and a few months or even years down the line. Make a plan for the Vancouver renovations such that they do not strain your budget too much. If you want to renovate and resell in a year or two, keenly study the house prices in your Vancouver neighborhood as well as the selling rate. If the prices are not increasing steadily or the uptake is low, reconsider the renovations or scale down a bit.

The most important thing to remember is to not over do it. Deal with the basics at the lowest possible cost. Ensure the amount spent on the renovations does not lead to you out pricing other similar houses in your neighborhood. Most importantly, consult. Real estate agents in your neighborhood should be able to tell you what buyers are looking for; they know what is likely to appeal to buyers and what may be too much for the neighborhood in question. Think about the sale price before commencing the home renovation. Ensure the selling price fully covers the expenses involved.

Home renovations in Vancouver, however, like any other investment is simply a gamble. You may end up reaping big or losing out, it all depends on the timing.