With more and more buyers looking to flip homes or investment opportunities resale value of real estate has become an important discussion factor for all prospective buyers and sellers are keen to get top value. The ongoing debate is always - where is one’s money best spent to increase the value of the home? Budgets play a big part in a renovation unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.
- Cosmetic Renovation: When there are structural or plumbing/electrical issues with the home these are not easy fixes but they should always be a priority when doing renovations. Nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling so make sure you start any renovation with a solid foundation/structure.
- Tackle Disconnects: Redoing your bathroom, good luck, no buyer will pay for poor renovations, especially when they have to be completely redone.
- Budget: Consistent renovations are by far the best bang for your buck. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches and modern baseboards.
- Floor Plan: Changing a traditional floor plan of a home and creating a more functional one is great for resale. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
- Design: when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
- Kitchen: The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the resale of the home so choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.
So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it!