Dos and Don’ts for Adding Value With Home Renovations
So, you’ve recently bought a house, you’re looking at a fixer-upper, or are contemplating selling the home you already own and either up- or down-sizing. What improvements and renovations would add the most value to your house, what adds the least?
Don’t forget the cardinal rule of renovating: don’t spend more money than you’re going to get out of it. You’re looking to increase the value of your property, to invest in it, not to outdo everyone in the neighbourhood.
Renovations that add value to your property
Here are the top home renovations that add value:
- Anything that makes your house look better and this, luckily, can often be low-cost items such as painting, changing the wallpaper, and updating the carpets or curtains.
- Renovated kitchens and bathrooms are most likely to increase your house’s value, with the living room and master bedroom coming second.
- Install energy efficient appliances or any items that can help reduce the cost of utilities.
- Also, keeping up with general repairs – a little at a time – means that you can avoid doing all those repairs at once. You can’t avoid doing the roof or furnace forever.
Renovations that don’t add value to your property
The top money wasting additions:
- Swimming pools are expensive to install, not to mention expensive and time consuming to keep running, and unlikely to make you your money back.
- Really high-end appliances may look great, but won’t necessarily impress homebuyers.
- Don’t overspend to get “curb appeal”, spend just enough money so that your house looks attractive.
It’s important to keep your house in good shape, not just for the resale value, but for your own enjoyment. When selling, you can’t do everything, so don’t try.
Happy renovating!
