Home Renovations That Add Value to your Home: When to Save and When to Splurge.
When deciding to renovate our homes, we want to choose the products and styles that are the most aesthetically appealing and practical. We want to renovate our homes in a way which will add value to the property, as well as create a living space that suits our needs and is comfortable. But which renovations will add value to our homes, and which should we avoid?
When considering purchasing a new home, a prospective buyer will often first notice the
New Paint - Good Investment
Although Benjamin Moore lists a vibrant shade of red- Caliente AF-290 - as it’s most popular
Flooring - Good Investment
Along with paint
When redesigning a home, two areas to consider renovating are the kitchen and the bathroom. This is because redesigning these two areas provide the highest percentage of value recovered upon resale, at 75 to 100 %. Along with being visually appealing, these two areas should be designed practically.
Kitchen Renovations - Good Investment
Popular additions to the kitchen area include a kitchen island and built-in appliances. Regarding current kitchen trends,
Storage in the kitchen and functionality are features which are also very appealing. Colourful and unique backsplashes and sinks are also very popular. Brass fixtures are popular, and bleached wood cabinets are replacing all-white cabinets.
Popular brands of kitchen appliances include Frigidaire Professional, Jenn-Air, and KitchenAid. Regarding the look of the appliances, stainless steel and black are popular
Bathroom Renovation - Good Investment
In the bathroom area, the addition of a whirlpool tub is ideal. Other popular features include tiles- such as porcelain or ceramic- and wood features, such as a hardwood floor. And- like other areas of the home- storage in the bathroom area is ideal. Functionality is key when creating an appealing bathroom, and making the space both practical and luxurious will create an alluring space.
There are a variety of other ways in which a homeowner can add value to their home and make the space enjoyable. Some other features that have the potential to increase the value of the home are, first and foremost, proper upkeep- including the maintenance of the roof and a furnace that is in excellent condition- is an important feature. Because prospective buyers want to be assured that they are moving into a home that is safe and in good working order, investing in the overall functionality of the home is a critical step toward ensuring that the property will sell for a desirable amount.
Home Office, Upper-Level Laundry, Home Theater, Decks - Good Investments
Some other features that are important to potential home buyers include a main floor office and laundry area, an entertainment room, such as a home theatre area - and functional outdoor space. Although landscaping is not a primary source of value for the home, additions such as a deck can increase the value of the home, with 50 % to 75 % recovered upon resale.
Dated Decor - Bad Investment
Although there are many ways that we can increase the value of the home, there are also features which can decrease its value. These include vertical blinds, carpeted bathrooms, dirty carpeting, and general uncleanliness. Also- unless someone is willing to tackle an extensive renovation project, outdated features, such as old appliances, countertops, and flooring are unappealing. Also, old windows can be a drawback for home buyers because, if the windows are not in good condition, they may create an environment that is not as energy efficient, therefore decreasing the cost-effectiveness of the home. Updating the electric wiring and plumbing of a home are also ways to increase its value.
Swimming Pools - Bad Investment
Another feature that does not appeal to home buyers is the presence or addition of a swimming pool. Although some people may find the addition of a pool appealing, depending on their personal preferences, it will not necessarily increase the value of the home, with only 10 % to 40 % recovered upon resale.
Renovating a home can be a daunting task to undertake, especially when trying to consider which features will add value to the home and which ones will not. What is clear, however, is that practicality, style, and good maintenance of the home are notable features when deciding when to save and when to splurge.
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