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Getting Ahead on the Property Ladder (Part 2)

Selling your starter home is easier said than done. Having children, befriending neighbours and basing your daily routine around where you currently live can be compelling reasons to stay put – even if you’ve outgrown your property. Here are some things to consider when deciding whether to stay put or move up:

  • Can we make this house fit out changing needs? From adding a bedroom to expanding your kitchen, there’s no shortage of renovation projects to transform any space. But you want to make sure the work is done properly. Shoddy work could alter the structural safety of the house.

  • Is it worth the expense? Construction costs can be difficult to keep in check. But even if you can afford it, additions or even tear-downs may not give you the return on investment. Avoid over-improving for the neighbourhood. Keep the size and quality of your house on par with your neighbours. If you put $1 million into your house, but properties in your neighbourhood are only selling for half that, you likely won’t get your money back.

  • Look around the block. You may be able to find a bigger home in your price point just a block or two away. In some cities, property values can drop drastically separated just by one street. Look around and you may get everything you need, but still stay within the neighbourhood you’ve grown to love.

Design and 3D rendering in this segment courtesy of Sefarian Design www.seferiandesign.com

Tuesday, May 22, 2012

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