The latest from our Heart and Soul

Contest Dates: March 12- June 28
Draw Date: July 15, 2009

Renovation - $13,000

• Home Renovation
• Paint? Wallpaper? Tile? You decide! Design your own Renovation!
• Royale will work with the lucky winner to provide up to $13,000 towards a Home Renovation project – of your choice!

Vacation - $7,000

• Spa Trip for 2 to Atlantis Paradise Island, in Nassau, Bahamas
• Return Air Transportation
• 3 Nights Accommodation
• Spa Services valued at $1,200.00 CAD
• $1,000.00 in spending money

Home Renovation Strategy
Renovating your home takes more than just planning: it takes strategy. Your greatest risk? Spending too much on the wrong things. It’s hard to believe, but you can spend big money on expensive fixtures, fancy floors or an in-ground swimming pool, and still add nothing to the value of your home.

How Much is Too Much?
Figuring this out is as easy as grade school math. First write down the amount you paid for your home. Then add the cost of your planned renovation. OK, now it’s time for some homework. Take this $ figure and explore the current real estate market in your area. Compare it to the sale price of homes similar to yours (after your reno, that is). If your $ figure is consistently higher, then you’re overspending and won’t recoup your cash come selling time.

Don't Just Add ... Add Value!
If goal is to improve your family’s quality of life, and you plan on keeping your home indefinitely, then by all means let your heart rule your renovations. Otherwise, focus on the things a new buyer would most likely want to fix up. Here’s five:

• Painting:
  
  • It’s fast, relatively cheap, and you can even take a shot at doing it yourself.
• Bathroom Upgrade:
  
  • This adds immediate value to your home, and makes going to the loo a little nicer too.
• No Space Unfinished:
  
  • Be it the basement or a backroom, finishing these spaces increase your livable square footage without having to build.
• New Windows:
  
  • It’s all about energy, or rather the cost of energy. Like kicking tires on a used car, prospective buyers are sure to stick their nose in your window jams.
• Deck it Out:
  
  • A deck in the back yard adds value to your home, and it’s easily removed if a buyer doesn’t want it.

Contractor Skills
You’ve heard the nightmare stories. Potential profits can become catastrophic losses overnight as a result of incompetent or unscrupulous contractors. Here’s some tips to prevent it happening to you:

• Check References:
  
  • If your contractor does good work, he or she should be happy to show it off.
• Look at the License:
  
  • Make sure you see it, and make sure it’s up to date.
• Read the Contract:
  
  • It should list the materials to be used and the work to be done. Don’t pay anything above the quote unless agreed to in writing.
• Pay By Installments:
  
  • Get a detailed work progress / payment schedule. If a contractor wants more than 20% up front, keep looking.

Is Your Contractor OK?
Check the records to find out. The best places to look are:

The Better Business Bureau of Canada www.ccbbb.ca

The Canadian Home Builders Association www.chba.ca