If you have a renovation project in mind – make sure they're renovations that will actually pay you back in the long run. Before you renovate your home it’s a good idea to contact your Realtor. Even if you're renovating primarily for your own benefit, you should try to assess the post-project increase in the value of your home, just in case you ever want to sell down the road.
Best Renovations for the Money
As far as getting a return on your investment, the best money is in upgrading or remodeling your kitchen or bathroom.
- Minor bathroom remodel
- Minor kitchen remodel
- Exterior improvements (vinyl siding, paint, updated front entry)
- Major kitchen remodel
- Major bathroom remodel
- Deck, patio or porch addition
- Basement remodel
- Replacement windows
If you over-renovate for your area, you may not be able to get top value for your renovation dollar. Poorly done renovations may also have no positive impact or could actually reduce the value of a home.
Renovations that are unique and specific to the taste of a homeowner can make a home more challenging to sell in the future. It’s a good idea to consider future buyers when renovating. Does a future buyer really want that soaker tub in the extra bedroom? Will a future buyer see the value in your Harley Davidson themed basement? Does a buyer really want to put that wall you’ve taken down between the bedrooms back up?
Home buyers typically have a hard time looking past very specific and unique features in a home. If they want to change those features it means more work for them. You don’t want a buyer coming into the home you are selling and saying, “Why did they do that?” and “How much will it cost me to change it?”
- Research your renovation (ideas, designs, costs & timeframes)
- Determine your budget (products, materials, labour etc.)
- Get recommendations for contractors
- Ask contractors questions about their credentials
Even if you're renovating primarily for your own benefit, you should try to assess the post-project increase in the value of your house, just in case you ever want to sell. A Realtor can provide you with advice and feedback on the renovations you are considering. They can make suggestions to help save you time, money and avoid renovation mistakes.
Posted by Marnie Campbell on