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Which Renovations Add The Most Value To Your Home?

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 discernable 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.

Charles Bull, manager of a Design Build Construction company in Toronto says: "While it is tough to guarantee a higher asking price, buyers continually cite updated kitchens and bathrooms as key attributes when making an offer on a resale home." Although they are potentially more valuable, the down side is that these improvements also lose value over time.

Why Are Your 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 timeframe 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?

Bull states:

"Royal LePage, a leading real estate service, recently released a survey that showed that installing another bathroom on the main floor would increase a home's return on investment (ROI) by 80-100, renovating existing bathrooms would help by 75-100, while a total kitchen renovation that cost $12,000 - $15,000 could have an ROI of 75-100%." If you anticipate selling in three years, no other improvements will ensure your home is as attractive as possible to buyers as updating these two areas. When carrying out your work, keep in mind that you'll want to appeal to as many potential buyers as possible. That typically means choosing a more classic neutral decor that will have wide appeal. Remember that nothing beats a fresh coat of paint throughout to make a house seem fresh and well maintained (that same survey gave a $1,000 paint job an ROI of 50-100%).

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 (www.cmch.com) offer useful tools such as checklists as well as other valuable information for homeowners; Remodeling Magazine (www.remodeling.hw.net/2008/costvsvalue/national.aspx) has American stats as well as useful articles.

Popular Projects for Resale

Luckily there is a huge range of projects that vary in time, effort and cost that you can consider. 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.

TOP RENOVATIONS: KITCHENS AND BATHROOMS

Adding an indoor or outdoor pool, or building a super deck and gazebo for the backyard may seem like fun and luxurious upgrades that would appeal to anyone, however, time and time again, surveys point to kitchen and bathrooms being the best bang for the buck.

If funds limit the decision to only one project, how do you decide one over the other? The appearance of the kitchen often is the deciding factor for homebuyers of whether or not they want to make an offer. As nowadays the kitchen is designed as the hub of the home for prep, dining, casual socializing, or even a study area, building a gorgeous multi-use room is a no brainer. However, if the kitchen layout and surfaces are satisfactory, it may be more worthwhile to add a bathroom on the main floor (if there isn't one), or, completely remodel one that is grungy and slowly becoming a room you'd rather avoid.

Again, the easiest way to decide is to weigh which room would bring the most usefulness and enjoyment.

What to Consider When Renovating Your Kitchen

It's important to assess what features you desire for your "new" kitchen. Are you happy with the layout and would just like to update the surfaces, appliances, or fixtures? Or, do you also need to improve its functionality?

Perhaps cabinet re-facing will fulfill your needs or, you're planning on going further like adding a new island/dining bar. Here are some materials and features to consider:

Materials: New flooring (hardwood, laminate, etc.); New counter tops, tiling, backsplash, or stainless steel sinks; New appliances or fixtures (plumbing, lighting)

Features: Design - relationship of prep, storage, and eat-in areas

Size - is the kitchen too cramped to work in, does it allow room for casual interaction?

Repairs - are any cabinets, countertops, fixtures or appliances too worn out and in need of replacement? Are older finishes too worn by daily wear and tear?

Problems - are there any structural issues, damage due to moisture, or inadequate electrical outlets? Is there adequate heating, or ventilation? Can energy efficiency be improved?

Once the bones of the project are laid, then it comes to the fun part of fleshing out the details -- selecting the colour scheme, materials, appliances and furniture.

What to Consider When Renovating Your Bathroom

A major home improvement project is adding or redoing a bathroom. Perhaps you have a growing family and simply need the extra facilities or finally have the opportunity to create a dream spa environment; there are many possibilities. Enhance and beautify by considering updates to the following: cabinets, mirror, counter top, vanity, sink, plumbing fixtures, flooring, tiling, tub (large soaker?) or, shower (body sprays?), and adequate heating, ventilation, and lighting.

The Most Important Consideration

In any endeavor, as wise as it is to way your options, it's equally helpful to expect all possible outcomes - you may not make back as much money on your renovation as initially expected. A prudent way of thinking when it comes to renovating is to maintain the upkeep on your home and focus on the upgrades that will bring you personal enjoyment. When it comes to planning for the possibility of selling your home in the short term, prioritize with those options that are proven to show the highest rate of return.

Some renovations, like finishing the basement or building a pool addition are completed purely for enjoyment rather than as an investment, which in of itself may actually reap more intangible, personal rewards (relaxation, family time, etc). Regardless of the intentions behind your efforts, remember to keep your own taste in mind. You'll have to live with the results for at least some duration. Shouldn't it be with great satisfaction?

Article Source: http://www.articlemetropolis.com

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