The current housing market in the Lower Mainland has got many thinking about whether now is the time to try and make some money in this hot market. Depending on your situation, there are several things to consider before you hammer in the For Sale sign.

Should you sell and move elsewhere, fix up the home you are in, or sell up and rent for a while? Or are you thinking of building or buying new?

kitchens are the best bet for your renovation dollar

kitchens are the best bet for your renovation dollar

Consider Finances FIRST!

No matter what you decide to do, making sure you are financially prepared is most important. ANY renovation or relocation is stressful, and added money pressures will NOT ease the situation. Talk to your financial advisors and see if remortgaging is wise. Get clear about what you can afford and find ways to save costs and take advantage of rebates.

These links are a great start to your research:

Location is Everything

As many real estate experts will tell you, it’s better to own the worst house in the best neighbourhood than the best house in the worst neighbourhood. If you are in a well-established or growing area, close to schools and amenities, your home will sell quickly whether renovated or not, but you might be better remaining where you are and spending money to upgrade the home to suit your family’s changing needs. After all, you chose to live there for a reason—why give up the best spot?

It is sometimes easier to create the perfect home where you are than to go through the upheaval of a move and hunt for what you hope will be a better one.

Renting to Family

Renovating existing properties to increase revenue through a rental suite or secondary dwelling might be the wisest choice. And it can be the best option for families allowing them to comfortably share accommodation so multiple generations may stay together under one roof.

Each family is different. If your children are now teens, you might want to reconfigure rooms so that you and your children have more privacy. Your teens may be approaching adulthood and we all know how difficult the rental market is. Renting to your adult children might be the best option for all of you—as long as you get along!

Or your older parents may be looking to downsize and rent rather than own, and having them close by reduces travel time to visit them and provides peace of mind knowing they are in comfortable accommodations.

Basement suites, Carriage and Laneway Homes, Granny Pods and sleeping cabins are becoming more popular as solutions to the changing needs of families.

Check out this amazing design by Ken Dupin of MEDCottage. These 12′ x 24′ Granny Pods solve so many problems for the elderly and their loved ones. The pods sit conveniently in the back yard, offering privacy and security with high tech options and safety features! MEDCottage is located in Virginia.

How Can We Help?

At Jomi Construction, we think it is important to learn about our clients and ask the right questions so we can provide the best possible service. We want to work with you to create the perfect home for you and your family for years to come.

The decision to buy or build, sell or renovate can be daunting . . . but it doesn’t have to be! Sit down with your real estate agent or construction contractor and go over the options and have your questions answered by someone in the know. Trusted experts will help you figure out what is best for you and your family.