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Dear Friends,
Equity is the difference between what your home is worth
and what you have left owing on your home. I would
think that it's safe to say that you've gained equity in
your home, just by calling it your own! The fact
is, if you've owned a home in the recent past, and with
the thriving housing market in
most of Canada, your home has made you money just by
"being" there for you.
Obviously, "where" you are plays a huge part in how much you can
attribute to your equity gains. The old adage
"location, location, location" has not changed.
However, have you ever wondered if there are ways that
you could assist in making GREATER equity gains in your
home? If you haven't, think about it - there's
potential in your "potential". I will show you
some ways to accelerate equity gains in your home!
What would happen if you had an
appraiser come into your home today? A strong
indicator to what your home is worth today is
directly related to what the surrounding homes,
comparable to yours, have sold for. What
contributing factor (or factors), in your opinion, would
NOT benefit towards the maximum potential to the value
of your home?
Dented walls? Bad floors?
Need a paint job? Some projects help you sell your
home faster - yes, but what project could
you perform in your home that would INCREASE
its value? The following is a list that, if
done correctly, will make your house grow in value even
greater:
1.
The Kitchen:
This is the part of the home that is usually
"non-negotiable" to the individual who spends a lot of
time in the kitchen. And let's face it, who
doesn't use their kitchen? If the cupboards need
to be redone, or the floors need replacing, it's almost
a certain guarantee that you will make money on this
home renovation.
The kitchen tops our list for one of the greatest
returns on investment. Depending on the extent of
the renovation, your typical return on it will be
between 110% - 125%.
2.
The Bathroom:
Nothing is worse than going into a "grungy, dirty"
bathroom. A nice tub surround or a new floor with
new faucets, really cleans up a bathroom! It's not
only more cosmetically appealing, but it gives a great
sense of "clean" to the rest of the home. By
putting an addition onto the bathroom, you increase your
return by as much as 122%, whereas a remodeling job can
bring 110% return.
Again, not all renovation projects will create a greater
equity gain. Some projects, such as the ones
listed below, will create a greater sense of value but
will likely only break even on the investment.
3. The Master Suite: The place of restitution.
Your "re-charging" area. Whatever the master suite
means to you, it's a worthwhile investment to put your
time and effort into making it look nice! You can
typically see all of your investment returned back to
you on this one.
4. Replacing Windows: If they're new, no
matter how much they cost, you are likely to almost
ALWAYS see 100% of the return on window replacement.
5. Family Room Addition: What couldn't be
greater than more square footage with a brand new room?
Truth is, it's likely that you'll break even with the
amount of money you throw into it. Nice - yes!
Worthwhile? Maybe. Great return on investment?
Probably not...
So as you can see, it's not just time that
creates equity in your home. There are certain
ways to generate greater returns faster! Don't
have a home to call your own yet? Let us know -
we'll help to start in building your future in equity
gains through your own home!
Sincerely,
DAN MASS,
AMP Broker/Agent
Canada First Mortgage
direct:
403.294.0033
cell: 403.710.1505 fax: 1-866-902-4910
email: dan@canadafirstmortgage.com
website:
www.canadafirstmortgage.com
Box 32 Site 15 RR9 Calgary, Alberta, Canada T2J 5G5
242058 Whitepost Lane Calgary, AB
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