By Andrea Haines
Life has a way of sneaking up on you sometimes. Things change. Sometimes they change in the blink of an eye.
You can be happily living in your home without any worries about upgrading. “Why should I?” you reason. “Nothing’s broken!” Your house is the way it has always been – the way you have always been comfortable with it.
But then something happens to force you to sell your house before you thought you’d be ready. Perhaps your spouse gets sick or dies.
You find yourself having to sell, and all of a sudden you realize your home is way behind the times. It has 30-year-old shag carpeting, let’s say, or outdated flooring, or olive green appliances.
And you come to the awful realization that no one wants those things anymore.
So, in order to get fair value for your home and to sell it in timely fashion, you realize you have to upgrade. Right away. It’s overwhelming. You’re in a situation where you have to do everything quickly and all at once.
Flip this scene, and instead see yourself upgrading your house bit by bit, one thing at a time. You renovate in stages, before you have to. Suddenly the price doesn’t seem so daunting, and the thought of selling doesn’t make you panic.
If you’ve looked at all the beautiful new homes being built these days, you might have noticed the beautiful bathrooms, kitchens, hardwood, landscaping.
This is what modern home-buyers expect. And if your house isn’t up to their standards, it will be left behind or imprisoned in yesterday’s prices.
It’s wise to think “step by step”, project by project, and refinance with that kind of plan. Eventually you’ll get your money back, sometimes twofold.
Renovating as you go buys you more than current updates.
It buys you the luxury of time.
Andrea Haines is the Eastern Ontario Regional Manager for Magenta Investments.