19 JUN 2019

Here is an article written by a colleague, 4 Improvements that will pay you back!!

Some home improvements provide more of a payback when you sell the house down the road.
Here’s a list of the four home improvements which will provide the biggest payback when you sell.

1. Adding square footage – while this can be a very expensive project, adding to the size of a house can re-coup between 50-83% of your initial investment. Putting a bonus room on top of your front facing garage increases the square footage without having to enlarge the foundation.
2. A deck addition – adding a deck makes a house feel larger and allows you to enjoy your backyard during the warmer months. Typically you can get between 65-90% of your investment back .
3. Re-modeling the kitchen – one of the most important rooms in the house is the kitchen. A well done project will get you between 50-120% back when you sell the house but remember not to over-do the project. A million dollar kitchen in a $500,000 home won’t be fully appreciated by future buyers.
4. A bathroom addition – the second room buyers check out is the bathroom. While re-modeling a bathroom will recoup a lot of the renovation costs adding a second bathroom to a one bathroom home is huge. Many home owners find that they get between 80-130% of the cost of the project.

If you are thinking about buying a home or renovating your present home, speak to your Dominion Lending Centres mortgage professional about how they can help you to finance any of these projects in your mortgage and pay low interest rates.

David Cooke

Dominion Lending Centres – Accredited Mortgage Professional

Here are some good tips written by a Dominion Lending Centres co-worker:

14 JUN 2019

5 REASONS TO CONSIDER BUYING A CONDOMINIUM APARTMENT OR TOWN HOME
If you are thinking about purchasing a home in the near future, here are some reasons you may consider buying a condo apartment or town home. You should also be aware there are some cons as well.

Pros

They are relatively inexpensive. As your footprint is small and you share exterior walls with others, the cost for a condo is often far lower than owning a single-family dwelling.
No shoveling or painting. Most maintenance costs are covered in your monthly condo fees as are large repairs such as roofing and hallway carpeting.
Amenities. Often condos have a pool or gym which is included in your condo fees.
Security. for seniors and single women this is a big concern. Living in a building which a locked front door in addition to your own unit door is a big plus.
A sense of community. Often condo boards have an annual picnic or event where you can meet your neighbours. This helps to develop a sense of community.
Cons

Restrictions on pets. How you can paint your front door or what you can do to your balcony can see like restrictions on your lifestyle . Be aware of these restrictions by reading the condo documents in advance.
Maintenance may not be done when you would like for it to be done. Major projects may be delayed if the condo board has not allowed for large expenses and this may result in a large special assessment payment. Be sure to read over the section of your documents that covers the reserve fund.
Condo fees may go up higher than you can afford over the years. This is a particular concern to owners on fixed incomes.
Be sure to speak to your favourite Dominion Lending Centres mortgage professional before you go house hunting to get expert advice on how to proceed.

David Cooke
Dominion Lending Centres – Accredited Mortgage Professional