Which Renovations Add the Most Value?
June 22nd, 2009 | Published in remodeling, renovating | 11 Comments
No matter what your reasons are for home improvement, it’s valuable to know which renovations, whether it’s a do-it-yourself brighten-upper, or a professional overhaul, have a higher rate of return. There are a number of projects that can increase a home’s resale value. Cosmetic projects that can even be undertaken by oneself, such as painting walls, changing fixtures (door handles, lights, etc.), and laying new flooring, can make your home more appealing to potential buyers. Lower cost improvements, such as getting new rugs, window coverings, or a bed kit can even make a noticeable difference. Of course renovating your bathroom and kitchen — often cited as projects with the most return on an investment – can make a huge impact on the comfort and value of your home.
Why Are You Renovating?
Is the intent to freshen up the home? Do you need repairs, want to improve overall energy efficiency, or are you looking to make your home more attractive to potential buyers?
The time and effort from one project to the next can differ greatly depending on why you are making changes to your home. Consider the a time-frame for when you would like to sell your home by versus the length of a kitchen remodel; think of the homeowner looking to sell in 3 years versus 10. Would it really be worth it to redo the entire kitchen for $30,000 yet look to leave in 2 years, or would new hard flooring and cabinet re-facing for a fraction of the cost make more sense?
How do you determine what project is right for you and your home? Consider using checklists. They can help you decide what your priorities are. Websites such as the Canada Mortgage and Housing Corporation offer useful tools such as checklists as well as other valuable information for homeowners; Remodeling Magazine has stats for the US, as well as useful articles.
Popular Projects for Resale
There are range of projects that vary in time, effort and costs that can be considered. Some options that can be either DIY or enlist the expertise of a professional include: installing new hard flooring surfaces (wood, laminate, etc., fixtures (lighting, plumbing) and accessories, or upgrading counter top surfaces (granite, marble), or landscaping (to increase your home’s curb appeal). Projects that demand a higher budget and more likely, professional services are: additions and extensive bathroom or kitchen upgrades that may include a new layout.
Regardless of the project(s) you decide upon, if you have resale in mind, it’s always a safer bet to choose neutral colours and styles that have a broader appeal so that your home will be attractive to a greater number of potential buyers.
July 6th, 2009 at 10:07 pm (#)
Cool!
July 7th, 2009 at 12:29 pm (#)
many times people don’t realize how much can be done by themselves with just a little research. Even in this tough economic climate house can be sold or revamped for personal choice by just a little research and education.
July 8th, 2009 at 1:29 am (#)
Ya i agree with you that Renovation is most important for our home to increase the value of our homes. The links you provide us have really useful information.
July 8th, 2009 at 1:37 am (#)
There is a good way to protect the value of your home with nature green not green paint, mind you, but green space. It’s an umbrella term for the trees, lawn, shrubs and other plantings that can affect not only the salability of your home.
July 8th, 2009 at 9:27 am (#)
One of my favorite affordable home renovation ideas is to replace your cabinet hardware. New models start at $1.00, and you can find something that’ll dramatically change the look of your space- don’t underestimate the power of these decorative touches!
July 14th, 2009 at 4:04 am (#)
Engineered wood flooring fits together with the ease of laminate flooring but the quality of solid hardwood flooring. Highly recommended when renovating if only because of the look and high quality feel as a result.
July 15th, 2009 at 10:34 am (#)
Through my experience with customers (including developers and builders) the two main areas are kitchens and bathrooms. These areas can make or break a property sale. Renovating these to a reasonable standard will pay off in the end!
July 22nd, 2009 at 2:00 pm (#)
A good Exterior Paint Job can pay dividends as well!
June 23rd, 2010 at 2:43 pm (#)
“Regardless of the project(s) you decide upon, if you have resale in mind, it’s always a safer bet to choose neutral colours and styles that have a broader appeal so that your home will be attractive to a greater number of potential buyers.”
That’s great advice. Home renovations with broad appeal add a lot of value to the property.
January 3rd, 2011 at 9:16 pm (#)
Very interesting article, totally agree with author…
August 17th, 2011 at 6:43 pm (#)
Forgot to say, thanks for the useful post!