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Do you renovate to sell?

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Why do you renovate?

Whether your renovation involves tearing out the kitchen or painting the walls, there had to be a reason why you started.

According the CMHC, Renovation and Home Purchase Report, published in 2012, renovation spending was at 20.9 billion in 2011 (taken from ten major surveyed centres across Canada).

Maybe you need to add extra space because your nest has been outgrown, you want to give the home a fresh look, or maybe you just enjoy renovating.

Do you fall into one the three categories? The same report states that people chose to renovate to update, add value, or prepare to sell, homes need repairs, and to become more energy efficient.

Maybe it is not so surprising that the number one reason includes preparing to sell. Gone are the days (for most) where people bought their first home to grow old in, therefore not caring about renovating to their tastes. Now, people tend to buy a home with intentions of selling in the next five to 10 years meaning renovations are carried out to sell.

According to the report 74 per cent of home renovators do so to update, add value or prepare to sell, while 42 per cent said their homes needed repairs and 29 per cent wanted to make their homes more energy efficient.

Why are you choosing to renovate?

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