So as a homeowner, I bet you have hundreds of ideas that you could be doing for renovations
around your place, so we got expert advice from four licensed contractors and renovation
experts to share with you the types of renovations that do and don't add value to
your home.
Let's jump in.
If adding resale value to your property is important as you consider renovations, a
swimming pool tops the list of sinkholes for your money unless you're installing it
because you wish to enjoy it, a swimming pool is an impractical addition to the property.
This is because they can cost anywhere between ten thousand to one hundred thousand
dollars to install and you usually won't recoup that investment.
And while you may enjoy a swimming pool, most buyers don't share your interests and thus
won't see it adding value.
Buyers are often more interested in having actual space so they can decide what to do
with it themselves.
Extensive landscaping may also ward off potential buyers, as lovely as you think your
property looks with all the amazing shrubbery,
not everyone wants to devote their free time to upkeep of groomed walkways or expansive
flower beds.
They're more likely to view it as a burden or an extra expense if they need to hire a
gardener to keep all this extensive landscaping looking fresh.
Once upon a time, people dreamed of having wall-to-wall carpeting in their homes.
Today, it's an investment that generally won't pay for itself.
Installing extensive carpeting can be expensive, and it's likely that it won't
boost your property's value.
In fact, many buyers would actually consider this a liability as a factor in the cost of
replacing that carpeting with something that more suits their taste.
People are much more conscious now of the chemicals and materials used in the
manufacturing of carpets.
Not to mention these carpets can hold allergens for years.
So for those reasons, installing a hardwood floor may be a much more desirable choice.
Now let's go over the renovations that will add value to your home.
Mike Holmes, the contractor, says "anyone doing renovations should consider practical
upgrades along with value increasing changes." Anyone buying a home will often expect the
furnace, air conditioning, plumbing and electrical systems to be in good working
order. So it's important to ensure that you address any deficiencies in your home
systems. You can consider these investments as part of your home's regular maintenance or
use your renovation money to make sure they're in all working order.
While this isn't the most fun upgrade, it can really add some value to your home and can be
a cost-effective way to spend your renovation money.
Bathrooms are second on the list of renovations that provide a return when you
look to sell.
Although you shouldn't compromise bedroom space to add a bathroom, look for the unused
space in your home that could accommodate a three-piece bathroom.
If you add a bathroom with a toilet, sink and shower to your home, it will noticeably
increase that sale price. One bathroom tip: use glass walls for the shower and it will give
the illusion of having more space in the bathroom.
And while it may carry a five-figure price tag to replace your bathtub, tile, toilet and
other bathroom fixtures, you stand a great chance of making it all back at resale,
plus more.
The second top renovation that offers the best return when you sell your home is the
kitchen. Homebuyers assess kitchens and bathrooms first when they're considering a
purchase. And kitchens today have become the central gathering places in homes.
Open plan layouts place the kitchen at the center of activity and are highly valued by
home buyers.
The experts agree:
The kitchen and bathroom are some of the highest value renovations that you can do
before selling.
So the key to getting the highest return on investment for your home improvements is to
actually minimize the amount of money you spent.
For example, do you really need to replace all the kitchen cabinets or could a new paint
job do the trick?
Focus on basic upgrades that have a big impact.
The renovation that will have the biggest payday is adding a separate suite.
Whether you finish your basement and turn it into an apartment or create one on a whole
other floor of the house, a separate suite will provide regular income that can offset
your mortgage payments or pay for that winter getaway.
The attic is another great place to consider a separate suite conversion.
You can revamp it and turn it into a new bedroom, which adds terrific value to your
home, sometimes earning you even more than what you spent on it.
But if you're going to convert the attic, just make sure the attic insulation is
properly installed first.
And if you have any other questions about home improvement tips, make sure to check out
these other guides and videos.
So now I hope you feel fully equipped to make the right renovation choices.
Thank you for watching and I hope you found this helpful.