How would performing upgrades or regular maintenance on my home affect my mortgage?
While this strategy may not save you money mortgage-wise, it will allow you to bring more value to your home and possibly garner you a larger profit if/when you decide to sell.
Ensuring that you complete regular maintenance on your home (such as cleaning your furnace and making sure your drains are unplugged) will keep it from falling into disrepair, and will preserve its value. Not only that, but regular maintenance can save you money in the long run if it prevents a larger, more costly problem.
Another great way to make money is to renovate key areas of your home-the rooms that provide the highest return for the investment. The top three value-increasing renovations are kitchen remodels, bathroom remodels, and finishing of any unfinished spaces (notoriously basements). You may be able to refinance your home to do renovations that will add substantial value. HGTV.ca has a handy article that goes into more detail about the renovations you can do, and the projects’ potential return. Check it out!
If you do decide to take on a renovation, keep in mind that you must have all the appropriate permits and should seek professional advice if you’re not so handy.