Modern Mississauga presents Ask The Contractor - How should I reinvest the equity in my home?

Modern Mississauga and Marko Furlani of Urbanest Construction have come together to present an ongoing series called “Ask the Contractor.”
Submit your questions to info@modernmississauga.com for Marko to answer.

This week’s question is about reinvesting home equity.

How should I reinvest the equity in my home?

With the market the way it is and housing prices soaring through the roof, there is a very good chance that the equity in your home has increased, possibly by a significant amount. Curious to find out by how much? Well, one trick I have used in the past is to surf through the app, HouseSigma, to see what’s going on in your surrounding neighbourhood. Check out who is selling and see what their listing prices are. Another option is to request an appraisal from your mortgage provider or financial institution. There can be a cost associated with this service, but you will be provided with an official value estimation of your home and have a good idea of how much equity you have in your home. With this information, you can apply for a Line of Credit or Loan based on the equity and use those funds to plan some home renovations. If you’ve received a formal appraisal from your mortgage provider or financial institution, this will be used to establish the amount of credit available.

Here is how you can reinvest that money back into your home:

Kitchen

This area has become “home base” in many homes and the focal point for entertaining guests. Kitchen renovations often offer the highest return on investment (ROI) compared to any other room in your home. You could choose to go big and do a complete tear-out and re-build. This type of renovation can be costly, but can also offer you a great return on investment when you are ready to sell. On the other hand, a simple reface of cabinet doors and new counters can also make a big difference. Changing door handles, faucets and light fixtures for a fresh “face-lift” or maybe upgrading your appliances can still bring a lot of additional value to your home. Any of these options will work in your homes favour.

Bathroom

Sometimes overlooked, a bathroom renovation is another great way to increase your homes value. Bathroom renovations are generally not as costly or as complex as a kitchen renovation and can often cost much less. Simple renovations such as changing the tiles or the vanity in a powder room are a good start. A larger scale renovation like remodelling the master bathroom may be more costly but can definitely be more appealing to future buyers!

After your renovations are complete, you would have the choice to go to market or wait and enjoy your beautifully upgraded home. Either option is a good one – depending on the state of the market and just how much you love your new home!

About Marko Furlani:
I am the President and Creative Director of Urbanest Construction, a turnkey Design-Build renovation company in Mississauga and the Greater Toronto Area. I’m a proud BILD member and RenoMark contractor.
Along with a desire to create unique and custom living spaces, the team and I pride ourselves on helping our clients to love where they live. I’ve been a contractor in the GTA for over 15 years.
I invite you to connect with me on Instagram @urbanestconstruction or email me marko@urbanestconstruction.com