The Renovations That Help (Or Hurt) The Value of Your Home
When it comes time to renovate, we don’t always think about risk. But making changes to our home can accidentally hurt our home’s value down the line. But, being strategic about upgrades could mean ending up with tens of thousands of extra dollars when you sell.
We’ve listed the top renovations with the highest return and the fixes you can skip. Let’s take a look!
Put Work Into Your Kitchen
The National Bank of Canada estimates that while renovating your kitchen may be costly, the return on investment when you sell is 75%. So, it may be time to update dated cupboards and countertops.
And there are still plenty of ways to protect your wallet during your renovation. Laminate flooring will always cost less than hardwood but look identical. Plus, cupboards don’t always need replacing when a new coat of paint and updated hardware will do.
Think of a Home Office
As you can imagine, the number of Canadians working from home increased in the last few years. But just because offices have reopened doesn’t mean that everyone is heading back. A 2022 survey showed that nearly 100% of Canadians want to continue working remotely.
So, showcasing a home office has become more desirable than ever. And you’ve got several options to do it. If you have the room, turn a spare bedroom into an office. You can find Pinterest inspiration for small office space built into a nook or open closet if you don’t.
The Surprising Truth About Your Garage Door
One of the highest returns when upgrading your home is your garage door. It’s true – replacing your garage door has an average ROI of 94.5%. It’s one of the pieces of a first impression when someone pulls up to your home. It may mean upgrading from a manual to an automatic garage door. Updating the colour or adding decorative features like handles works, too.
Stay Away From Textured Walls and Ceilings
If you’re familiar with popcorn ceilings, you may already know what we’re talking about. Popcorn ceilings were once a way that builders could hide imperfections in their workmanship. But now, they make a home look dated and bring down a property’s value. Plus, a buyer may opt for a home that doesn’t need as much work as removing texture from ceilings does.
The same idea extends to textured walls. While wallpaper is more acceptable, use it sparingly as an accent. But if you experimented with sponge-designed walls, we’d say it’s better to paint over them before you list your home.
Avoid Bold Paint Colours
This isn’t a steadfast rule, but excessive bold colours may be too much for potential buyers down the road. According to realtor.com, decorating with orange seems the most abrasive colour. Muted colours are a safe bet, though it doesn’t mean your home can’t have personality. Strategic pops of colour can create contrasts that feel welcoming and on-trend, as long as they’re not overdone.
Beware Too Many DIY Projects
We’re all guilty of seeing a space in our home and thinking we can fix it ourselves. It’s one of the luxuries of being a homeowner, the freedom to do whatever we wish. But while your craftsmanship seems sturdy to you, you won’t always be able to convince buyers. It’s important to show that professionals completed major renovations. That way, they’re reassured of its quality, design, and safety.
Don’t Change the Master Suite
It’s easy to think that upgrading a master suite would be desirable, and it can be an attractive and welcoming feature to show off. The truth is, it’s not worth it to renovate your master suite if you’re looking to make money off it later. Remodeling Magazine’s 2021 Cost vs. Value report showed that renovating your master suite had little impact on your ROI at 48%. If you have issues with functionality that need fixing, make them suit your needs but don’t expect to cash in when it’s time to sell your home.
We hope our list has given you an idea of the renovations worth your time and money. It’s easy to forget that what’s attractive to homeowners won’t always translate to potential homebuyers. But your home is your sanctuary, and you should enjoy it the way you’ve decorated it. If you know you plan to sell in the future, keep our suggestions in mind to help your home shine its brightest.