Renovating during an economic crisis

During an economic crisis, is it wise to renovate one’s kitchen? Why not?

These days, news about the economy are not very reassuring. However, how often are they, really?

Before making such an investment, you must be certain that you can afford it. If you have the money at hand, good for you: all that’s left to do is make your choices and establish a budget in accordance with the value of your property.

In Quebec, if you want to recover your investment once you sell your house, within five years, you can’t spend more than 10% of the property value on your kitchen cabinets. Not investing enough is like wasting your money because it won’t add value to your house. The opposite is also true: by spending too much, you might please yourself, but you have to accept that you might not recover your whole investment.

A functional kitchen plan and a nice decoration are definitely a good way to go. If you don’t have funds available and you know that your salary isn’t in any danger, it’s a good time to raise a loan, whether it’s a renovation loan or an added amount on your mortgage.

In many countries, people buy a kitchen like they buy a car: by planning a monthly amount according to their budget. At the moment, interest rates are to your advantage. It’s therefore profitable to invest in real estate. In fact, renovating your house to increase its selling price is better that putting your money in the bank where the interest is very minimal. Thus, renovating, and then waiting for a good time to sell, is a good way to make an interesting profit on your investment.

Life is short, let’s spoil ourselves a little! We spend so much time in the kitchen, the heart of our household, and comfort makes people happy. Let’s be positive and remain confident towards the future.

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