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Do Home Improvements Actually Pay Off?

Tembo Financial February 26, 2016 No Comments

You’re considering renovating your home but are concerned whether or not your investment will pay off when you sell.  Though you can never be sure exactly how much of your investment you will get back, kitchens and bathrooms remain the highest in return on your investment.  In hot housing markets, the return can often be greater than 100 percent.

Here are some more tips from Tembo for your home improvements:

  • Do not waste your money improving your bathroom if you only have one.  Instead, use that money to build a second bathroom.  Adding another bathroom has the potential of increasing the sale value of your home more than adding another bedroom.
  • Maintenance is your number one priority.  The forty thousand dollars you put into your brand new kitchen is worth nothing is there’s water in the basement.  If there are maintenance issues, it is important to resolve them first before investing in the luxuries.
  • Consider the exterior of the house as well.  It doesn’t matter how much you spent or how luxurious the interior of the house is, if the exterior is unappealing, you’ll never get anyone inside.
  • Make more room.  Look at building an addition, according to the National Association of Realtors, every 1,000 square feet added ups the sale price of a home by 30 percent.

If you’ve sold your home and could use an advance on your equity, you should contact Tembo Financial today. If you are planning on selling your home but need some money to rennovater/repair before selling,  Tembo offers this unique service to homeowners in the Greater Toronto Area and Ontario. Call Tembo today to find out how you could receive your money in as little as 48 hours with no credit check and no appraisal*.

*Subject to qualification.

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