Make money with your reno – renovation tips from Alair Homes on Vimeo. 

Bernadette: “Hi everybody my name is Bernadette and here’s Veneesh from Xiva Mortgage and we are with our friend David from Alair Homes and when it comes to renovations our clients always wonder, is it going to be worth it? Will I make money when I renovate my home? So, David, could you talk more about that please?”

David: “Sure. Let’s use this home where we are standing as an example. We have our jackets on because it’s freezing. But they had a small home that they outgrew and they needed to make it larger. So, in this case, it was at that time worth 1.2 million, we are doing just over a half a million dollar renovation on it. We have lifted the house to make the whole basement usable, putting an addition on, adding square footage and more space. When it’s all done it will be worth about 1.9 million. So they are making a couple hundred thousand dollars of equity on this renovation, so it’s certainly worth it and they get to stay in the neighborhood that they love.”

Veneesh: “So there you have it. In this example here the clients purchased the house for 1.2 million dollars, spent about a half a million dollars in the renovation, and they built 200 hundred thousand dollars in equity plus they get to stay in the area that they wanted to live in. So in this example, it is definitely worth it. So if you have questions if this is the right fit for you, come speak with David or come speak with us we are happy to help. That’s your tip for today!”

Watch Our Other Renovation Tip Videos:
HOW TO FIND A BUILDER YOU CAN TRUST

HOW TO STAY ON A BUDGET WHEN RENOVATING

MORTGAGE TIPS FOR FIRST-TIME HOMEBUYERS

TO BUILD NEW OR TO RENOVATE YOUR HOME?

TWO-PHASE MORTGAGES TO FINANCE YOUR BIG HOME RENOVATION

MORTGAGES TO BUY AND RENOVATE HOMES

MAKE MONEY WITH YOUR HOME RENOVATION

WRONG FINANCING FOR YOUR RENOVATION? HERE’S HOW TO FIX YOUR MORTGAGE