Canquest Mortgage Inc.

Safe Renos


There are two main reasons to renovate your home.  1) You are needing more functional kitchen and updated appliances, the bathroom needs to be refreshed and you can’t stand that ugly carpet anymore and would like hardwood floors installed.  2) You want to live there for awhile and if you need to sell you want to add value in the hopes of getting top dollar. If you’re anything like me, and watch HGTV home reno shows religiously, you may already feel like an interior designer! But there are factors we need to consider before we get started. For example, adding too much customization to your home can put you in a niche market – which isn’t ideal for selling.



According to The Appraisal Institute of Canada, renovations to the bathroom & kitchen offer the best resale value – with a recovery rate of about 75 – 100%of the amount spent. To put it into perspective, a $5,000 renovation with a 75% recovery rate would increase the overall value of a home by about $3,750.



  1. Kitchen – One of the most popular renos is the kitchen - because you can get creative with it. It is also a safe upgrade due to the fact that most, if not all kitchen renos end up paying for themselves when you sell. You don’t have to give your kitchen a complete makeover; installing some granite counters, tiles, or premium stainless steel appliances can completely shift the look of the entire room.
  2. Hardwood Floors – Everybody loves hardwood, especially on a main floor. If you are getting ready to sell and your hardwood floors have become a bit worn over the years, you can lightly sand them and have them resealed – good as new!
  3. Radiator Covers – Metamorphosis! The littlest things in an older house can make a world of difference. There are some pretty creative ways to make something that sticks out like a sore thumb look new and contemporary. (Take a look.)
  4. Premium Broadloom – If you have soiled or out-of-date carpets, replacing them with some neutral, lightly textured broadloom can effectively alter the identity of a space. (Bedrooms are a great place to install.)
  5. Lighting - The lighting can affect the atmosphere, feel, and colour of a room. Old-fashion lighting can look great in a rustic house, but in most cases should be phased out. Note: Investments in efficient use of energy usually have a 60 per cent recovery rate.
  6. Landscaping – Added features such as stone paths, bricks, flagstone, and gardens can improve resale price – especially in smaller homes. If you want to take it a step further, think about adding a full front porch or a deck in the back.
  7. Master Ensuite – If you can afford to spend a bit of money on luxuries such as double sinks, a jet tub, or a steam shower you can inspire interest in those ‘big spending’ home buyers.
  8. Extra Room – A 4-bedroom house can sell for a lot more than a 3-bedroom house. Think about converting a sitting room or den into an extra room, or split a large bedroom into two.

A lot of people aspire to upgrade their home, but don’t feel that it will fit into their budget. They may also hesitate to borrow from their home equity to have the work done. I’m here to tell you that refinancing your home to renovate is what we call ‘smart debt’ and can give you a great return on your investment. Now is the time to consider borrowing against home equity at historically low rates