When a house no longer feels like home, homeowners are left with a big financial and emotional question: renovate or real estate? Love It or List It helps fed-up homeowners decide.
Whether it’s do-it-yourself, or hiring a contractor, everyone is looking to upgrade and update, hoping to add the most value to their home while spending as little money as possible. Certain renovations are a win-win situation, providing satisfaction to the current homeowner and making the home more marketable in the future. Other renovations can cost you thousands, and are less likely to payoff. Here are some of the smartest home renovations you can invest in.
Create Your Dream Kitchen
The heart of the home—kitchens of the new millennium are now the place to be when entertaining family and friends. They are the one space where it’s almost impossible to lose money. Updating a kitchen could be as small a project as adding great lighting and putting nice hardware on your cupboards to installing an island and new granite countertops. Whether you spend $2,000 or $20,000 on your kitchen, you can expect to recover almost all of your investment when the time comes to sell.
Build Beautiful Bathrooms
Whether it’s renovating an existing bathroom or adding another to your home, bathrooms are the next smartest investment in your home promising an almost full return. A soaker tub and a walk-in shower are both great additions. If the budget allows for it, a heated floor is an added bonus. If you are building a bathroom from scratch and you have the space, add an ensuite as this is a huge selling point in any home. Remember not to neglect your powder room if you have one, as this is the first bathroom people are likely to see when they’re in your home. A fresh coat of paint and updated fixtures are a quick spruce up.
Add a Fresh Coat of Paint
The easiest and most affordable way to update your home is painting. It’s a cheap investment, and when done tastefully, it adds immediate value to any home.
Some other smart sellable renovations are:
- Installing hardwood floors
- Putting in new doors and windows
- Upgrading to an energy efficient furnace
- Putting on a new roof
There are a few renovations you should steer clear of if you are hoping for a maximum return on your investment. Adding a pool or hot tub to your property makes the bottom of the list as they appeal to a limited market and require potential homebuyers to take the hassle of maintenance and costs into consideration.
The key thing to remember when fixing up your home is not to over-renovate. Keep in mind that every neighbourhood has a ceiling when it comes to what homes are worth and it’s important to make sure your renovations don’t push your home’s value above that—overspending on renovations is a surefire way to lose money. As long as you keep this in mind, when you renovate your home you’ll benefit twice, once when you are enjoying your beautiful renovated home and again when it comes time to sell.
Love it or List it airs Wednesdays at 9PM E/P
When a house no longer feels like home, homeowners are left with a big financial and emotional question: renovate or real estate? Love It or List It
helps fed-up homeowners decide.
In each hour-long episode realtor David Visentin and designer Hilary Farr compete for the homeowners' final decision to stay or go. David's insider perspective on the real estate market helps target listings to prospective buyers, but Hilary is determined to show homeowners that, within their budget, she can transform their worn-out house into a castle they can love. If the owners decide to list it, Hilary's hard work adds to the home's resale value. It's a tough decision either way. Which choice would you make?
Love It Or List It