Marilyn McCulloch, 'The Personal Touch'
Sales Representative
Coldwell Banker Home & Family Ltd.
1515 Rebecca Street, Unit 20
Oakville, Ontario L6L 5G8
905-825-7777
marilyn-mcculloch@coldwellbanker.ca

Housing Needs for the Sandwich Generation
Home Improvements Don't Always Raise Resale Value 
 
Housing needs for the ‘sandwich’ generation 
 
Many of my clients are now finding themselves in that growing demographic group called ‘the sandwich generation’. This name applies to those thirty-something individuals who are stressed out from providing care for both children and aging parents. There are several million people across North America who are either currently in or approaching this demographic group.  Maybe you’re one of them. If so, then you’re probably finding that it’s tough finding enough hours in the day to meet all the responsibilities you’re faced with. Some people in ‘the sandwich generation’ are responding to this situation by arranging for live-in help -- either from another family member or a paid employee -- to assist with childcare and household chores. If you’re one of the many who are going this route, then it may mean that you’re thinking about housing with a nanny suite, “granny flat”, or even an in-law apartment.
 
Sometimes, the needs for live-in help are most easily accommodated by moving to a new, more suitable home. But a great many homeowners try to manage with some modest renovations. If you’re in this situation, here are a few things to keep in mind as you make your decision.
 
An effective ‘nanny suite’ will be appealing to its resident, while at the same time giving you some privacy. The key is to accomplish this without putting too much strain on your budget.  A good benchmark to help you determine what improvements are worth doing, is to measure the cost against the expected lifespan of the expense. For example, putting in a new 4-pc bathroom can be relatively expensive. Its cost may not be warranted if you only see a nanny suite  being needed for three or four years until all the kids are in school full-time. In a case like that, you might consider a compromise, such as adding a sink and counter to a bed-sitting room, that could later evolve into a den with a wet bar.  On the other hand, if you can see the nanny suite being used later as an in-law suite or a more private space for one of your children as they get older, then you may feel the cost is well worth it.
 
You should also consider that the number and location of both bedrooms and bathrooms are important factors when determining the resale value and buyer appeal of a home. If your renovations are professional looking, you have a good chance of recouping at least a portion of their expense when its time to sell. As your local Coldwell Banker® real estate professional, I’ll be glad to advise you on how such improvements may impact the value of your home. I can also help you ‘crunch the numbers’ to see how much home you can afford, and show you examples of what other homes are available in your price range that can accommodate your needs. You may find that, instead of renovating your existing home, it’s in your best interests – both functionally, and financially – to choose a new home that’s more suited to your current lifestyle. Why not call and let me help you weigh your options as you decide what’s right for you and your family.
Home improvements don’t always raise resale value
 
Home improvements are very popular with homeowners today who want to add to their enjoyment of their home. If this is your only goal -- and you have the time, inclination and budget to do it -- then why not? However, a great many homeowners also want the improvements to increase their home’s resale value. If this sounds like you, I’d like to offer a word of caution. You may be planning renovations that will look great, but will not result in a good return on your investment. Remember, just because an improvement may appeal to buyers doesn’t necessarily mean that its cost will raise the value of your property. In fact, I can think of a few examples where the opposite is true. Some very costly improvements such as swimming pools, refitting a home to accommodate special needs, or converting residential space to business purposes can actually limit the number of prospective buyers who might consider your property.  And reduced buyer interest can translate into a lower resale value, especially in a highly competitive market.
 
When thinking about your home’s resale value, you should keep in mind the old saying about the three most important factors in real estate – location, location, location. If homes have comparable features, lot size and square footage, where a home is located is generally the most important factor in arriving at its value. In other words, your home’s value will tend to be determined more by the street, than about its wall coverings, flooring or appliances.
 
Some homeowners make the mistake of over-improving their property. They invest far more money into upgrades and renovations than they could ever hope to get back when the property sells. As your local Coldwell Banker® real estate professional, I can help you avoid the danger of over-improving. How? By providing you with current information about what similar homes are selling for in your community.   I can also provide you with an estimate of what your home
might be worth in today’s market, and give you an opinion of how a planned improvement may influence its resale value.    
 
Depending on your market area, some improvements may turn out to be too much of a good thing – at least when it comes to your home’s resale value. Call me to find out more. You may even be surprised to learn that a better strategy in terms of a good return on your investment would be to put the additional funds towards upgrading to a better property. Make sure you consider all your options before you decide. Let’s talk. I’m here to help!