Photo by Craig Adderley
Why do homeowners spend time and money to renovate or make some improvements to their houses or properties? Are there any benefits of painting your house, adding an extra room in your home, or even changing the look of your porch deck?
Canada has one of the fastest-growing economies in the world. Despite the global pandemic and inflation threat, Canada’s real estate market continues to pull through and stabilize. This alone shows excellent optimism in this sector of the economy. Real estate in Canada has seen a steady property value appreciation and rental earnings increase over the past years.
It is no surprise that many people would jump into the real estate investing bandwagon. But then again, others remain hesitant, afraid of the scary unknown that comes with buying and selling home properties – a condition known as a “real estate bubble.”
Canadian rental income can earn investors $1,000 every month. If you purchase a house when the housing market prices are low, you gain when selling them at a time when house prices appreciate.
Now, if you’re looking for a stable and passive source of income, then real estate investment should be your cup of tea.
Why invest in real estate?
Investing in real estate can be risky, but so can every other type of investment. Investing in any kind or type of business always comes with a risk. That’s why it’s always prudent to have a bit of a background when it comes to real estate investing.
Of course, making a good profit always entices people to take steps and join the real estate market. Below are some of the advantages of real estate investing.
Stable & Passive Long-term Investment
Despite the fluctuation of the global real estate market, real estate investment remains a reliable, stable source of steady cash flow for boosting monthly passive income. When you buy properties, you can rent out your space to tenants. House rentals will never go out of the market, considering the increasing number of transients working or studying in the city, especially in a booming economy. Also, property investment poses the lowest risk compared to other investments.
Protection Against Inflation
If you purchase property before inflation, then you made a good move! When house rates are high, so would the property selling values, and rental rates increase.
Real estate investing offers several tax advantages. In Canada, investors can deduct mortgages, defer income taxes through claims of property value devaluation, and write off expenses for running and maintaining properties.
Increasing House Value
Now that you know the payoff for real estate investing, it’s time to move on to how you can increase your property or house value. Investing in a house would amount to nothing if the property isn’t well-taken care of or improved over the years.
Check out the below tips on how to increase the value of your house.
Outdoor Space Improvement
The value of your house’s property isn’t limited to the house structure itself. It would also include the exterior area, which is your garden, backyard, garage, or overall curb. Consider working on upgrading or giving your outdoor space a fresh new look. You can try adding new or improved walkways, adding some shrubs or plants, painting the driveway or curb anew, or even changing or upgrading your exterior doors.
Remember that your outdoor area is always the FIRST thing prospective buyers or house-hunters would notice from the outside.
If there’s one area of the house that 90% of the time people spend their time in, it’s the kitchen. The kitchen area has the highest amount of footprint in the whole house. Hence, a good kitchen renovation is a surefire way to increase your house value. Go for leveling up your kitchen cabinets and storage, or add up space by opening up some areas of your house to expand the kitchen area.
For that excellent professional interior layout remodeling services, 7G Contracting is your go-to construction partner that can provide your kitchen with that fantastic transformation that can fit both your kitchen aesthetic and functional needs, not to mention a renovation service that can give that guaranteed house value booster.
Planning for a basement renovation is a great way to add extra square footage or room to your house. Basements are excellent for entertainment, laundry, storage area, or just an additional bedroom for transient visitors. A house value is also assessed on the number of rooms or storage areas.
Bathroom renovations are also one of the popular home renovation projects that offer as high as a 75% return on investment. If you’re considering giving your bathroom a makeover, go for energy-efficiency improvements. Replace old windows with new windows that can allow most of the natural light to come in. Also, don’t forget to check pipes and plumbing, ensuring that there are no leaks, rusty pipes, or clogged drainages.
Real estate investing is here to stay; that’s why aside from just purchasing houses or properties, make sure that you take time to make some improvements to increase their value. After all, the goal of increasing the value of your property lies in the long-term plan – the pursuit of financial profit and stability.