Transcript: Scott and CIBC on: Maintaining your investment

[Music plays in the background.]

[Expert advice with CIBC and Scott McGillivray. CIBC logo. CIBC and Scott on: Maintaining your investment.]

[Scott McGillivray and Tim Shwed, CIBC Mobile Mortgage Advisor, sit at an outdoor restaurant table.]

>> Tim Shwed: So Scott, you know what? Recently I’ve have a lot of clients ask me, "What are the best strategies to increase return on investment?"

>> Scott McGillivray: I feel like I get the same question all the time. People are looking to maximize their investment in their home. And whether it’s a kitchen or a bathroom or even just something simple as updating fixtures, there’s some other factors that come into play to make sure you’re maximizing that investment the whole time. And I find that the quality of the work, so like the craftsmanship, who you’re hiring and how they’re installing it, and repair and maintenance goes a long way. I mean a lot of people don’t think about repair and maintenance as a great return on investment strategy. But people can identify whether a home has good bones and whether it’s been maintained over the years. So if you do small minor repairs along the way, you keep the house in better shape, you maintain the value longer.

>> Tim Shwed: I’ve seen that well maintained homes sell quickly. Have you seen that, Scott?

>> Scott McGillivray: Absolutely. We walk through properties all the time and you’re looking at the electrical. You’re looking at the structural.

>> Tim Shwed: So I guess you can always change everything else, but the bones you can’t.

>> Scott McGillivray: Don’t get me wrong. It helps if the decor is nice. And it totally makes sense if you do the right upgrades. Even paint colours help. But behind those walls is where real long-term value sits.

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[Graphic of a house rotates and changes into the CIBC logo.]