Make Smart Choices When Renovating Your Home
Renovating your home has become a very popular trend as of late. According to the National Post, renovation spending has risen for 15 straight years. In 2013 it reached an all-time high of $63.4-billion.
Renovating your home is Cost Effective
So why the big surge in renovations? With housing prices in the Toronto area on the upper end of the scale many homeowners are choosing to renovate to get top dollar for their property at this time. Boosting the value of your property through renovation is a great choice, if you choose what you are going to change wisely. Some renovations will give you a better return on your investment than others.
Inexpensive Renovation Options
Most realtors and potential buyers would agree that curb appeal is one of the best places to improve your home. If a buyer is shopping for a home they won’t even bother to look inside if they don’t like what they see outside. Fortunately, this is often an inexpensive fix.
Property owners should make sure that nothing is obstructing the view from the street and that all the trees, shrubs and flowers are in tip-top shape. Stand in front of your home and see if anything looks shabby too. A coat of paint, a new door, a new mailbox and a new light fixture are quick ways to spruce things up.
If your home is more than a few years home, painting the interior is also highly recommended. The average cost to paint the inside of a home is about $700. Your return on that investment is about 200 percent.
Kitchens
The kitchen is certainly an area that always needs to be in good shape, but don’t get carried away. Spending a lot of money on custom cabinets or stainless steel appliances isn’t really necessary. There are plenty of prefab cabinets that can be designed into your existing space. Use a reputable cabinet company and spend the extra money on stone countertops instead. There are also less expensive options that are attractive for countertops such as high-end laminates.
Bathrooms
Another great way to increase the value of your home is to change the fixtures in your bathroom. A renovated bathroom will give you a good return on your investment. Invest in a quality sink, toilet, shower head, faucets, draw pulls and even the switch plates for the lights. Don’t forget about the light fixtures and door knobs. These can all make a tired bathroom look brand new.
Also consider investing in high-quality tiles, a big shower or a soaker tub if you can afford it. Keep the design clean and simple. Bathrooms are smaller so you can do a lot without breaking the bank.
Flooring
Lastly, think about putting in hardwood floors. Hardwood looks great, it’s timeless and it is the number one request of homeowners because it is easy to keep up and keep clean.
So before you start knocking out walls and building income suites, consider what you can that is a little less expensive and a lot less stressful to up the value of your home. Why spend money on huge renovations unless you know that it will increase the selling price?
If you insist on increasing your square footage, talk to a good realtor in your area. They can tell you if you will be able to get the money you invest in your home back out when you go to sell.
Have a question about financing your next renovation project? Contact one of our mortgage professionals today to learn about renovating your home from a financing perspective.