By Justin Walters
July 20th, 2020
BURLINGTON, ON
Having your own home is a big accomplishment and it allows you to take a step toward a secure retirement and financial independence. Adding value to your home often gives you a better return on your investment than a savings account can. By making the right improvements, you can get more than many other investment methods. Plus, you’ll also get a feature that you can enjoy while you’re there.
Install a Home Lift
In the past, only rich people have had home lifts, and although they’re much more affordable today, they still have a prestige value. It’s not common to have them, so if you’re selling your house and have one, many buyers consider it a huge bonus. Having Canadian home lifts makes realtors more likely to put the house at the top of the market. Many people are getting older, and with arthritis and other aches and pains, it can be harder to climb stairs. Whether you want to sell or age in place, an elevator might be the perfect solution.
Upgrade the Exterior
If you have a yard, consider changing the landscaping or giving it a theme to make it stand out from the rest of the neighborhood. If your yard is currently dull-looking, plants can give it a new look. Plus, if you do the work yourself, you can save a lot of money. Another cost-effective method of making your home more valuable is by adding an outdoor eating space. If you add a deck or patio, it’s easy to add on later by putting a roof or awning over it. That makes your home more popular since these spaces are very popular.
If you want an entirely new look for your home while protecting it from environmental damage, consider getting siding. There are a lot of options that do more than just protect your home. They also let you add some texture, color, and personality to your house.
Upgrade Your Garage
A lot of people don’t use their garage for parking. Instead, it often becomes a storage room. As long as you have parking space elsewhere, consider converting your garage into a bedroom. If the garage portion is one level, consider adding on to the top. Don’t forget to check your local bylaws to get the necessary permits and sign offs on the regulations. If you forget this step, you can’t call it a living space when it’s time to sell.
Add a Pool
Depending on where you live and what the neighborhood is like, a pool might add value. There are a lot of costs associated with it but think about how it might add to your quality of life. Maybe you have children who will enjoy playing in it. Or it could be the perfect place to host gatherings in the summer. Many people find that having a pool is what makes the hottest months more bearable. And if you’re planning on staying in the same house for a long time, it can definitely be a worthwhile investment.
According to the Toronto Sun the days of owning your home as a retirement investment are limited: https://torontosun.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research