Five renovations that pay off: Painting is the #3 Reno for ROI

Whether it's inside or outside – and whether you're staying or going – a fresh coat of paint can work wonders on the overall impression of your home.


While it doesn't have the power-tool appeal of knocking down walls, a simple coat of paint can be almost as impactful. In fact, the experts consistently agree that painting pays: money spent on a great paint job is almost always money well spent. In the grand scheme of renovations, painting is a low-cost activity, so you can expect a return of 50-100% of the amount you invest in the project – and a careful DIY job should put you on the high end of that scale! If you've got your eye on selling your home soon, this isn't the time to express your colour creativity. Light and mid-range neutrals tend to appeal to the widest range of prospective homebuyers.


Another tip? Even if you're selling your home soon, it's worth using good quality paint – rather than the cheapest gallon you can find to cover the space. Whether it's your own time and energy or a hired professional, you need to make sure that the work looks highly professional in order to maximize your return.


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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.


The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.


The next rate-setting day is October 22nd.

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