If you’re planning to remodel your home this year,My Blog this month will help you get the most out of it, regardless of the scale. First I will reveal the three renovations that will provide the biggest return on investment, then some tips to help you establish a budget for your home renovation, whether you’re planning a full remodel or a minor update.
Did you know? Fifty-one per cent of Canadians plan to renovate their homes this year.1 It’s a great time to make improvements, whether you’re remodelling to maintain your home or to increase its value before you put it on the market.
3 renovations with the biggest returns2
1 Painting has a return on investment of 300%.3
2 Kitchens boast a return ranging from 68% to120%, depending on the extent of the work done.
3 A bathroom addition offers a return of 80% to130%, while a bathroom remodel can recoup anywhere from 65% to120% of your investment. Get more out of your living spaces
With more than 40% of Canadians aged 20 to 29-years old living with their parents, it’s no surprise that homeowners are looking to maximize the purpose of each room in their homes.3 Here’s how to make the most of your spaces:
• Maximize your space. Go through the house, and donate what you and your family don’t need or use. This will improve the flow and functionality of your home.
• Transform a room with furniture that does double duty. End tables, coffee tables and seating often feature compartments or drawers to store toys, paperwork, bedding, etc. Additionally, Murphy beds can be pushed into the wall when not in use, freeing up floor space.
• Put small spaces to use. Turn an unused closet or corner of a room into a small office, homework area or laundry room.
Renovating on a Budget Whether you’re planning a small update to a room in your home or a complete overhaul, here are some tips to help you stick to your budget.
What’s your intention for remodelling? If the elements of the room are still in good condition, save money by painting the walls, refinishing woodwork and installing new fixtures. This will freshen the look of the room and prevent you from undertaking a costly overhaul.
38% of Canadian homeowners plan to spend $1,000 or more on home improvements. Source: CMHC
Prioritize the urgency of each project. You may want to renovate multiple rooms in your home; however, your wallet and your sanity may not allow it to happen simultaneously. Start with the project that needs attention right away.
Outline everything that the project entails, including your anticipated costs. The best way to prevent going over your budget is to make a plan for what needs to be done and how much it will cost. Once you have an estimate of costs, set aside an extra 15% to 20% of your budget as contingency cash.
Can you do it yourself or will you have to hire a professional? You might be able to save money by doing some, if not all, of the project yourself. However, if you’re not handy with a hammer or if the project is extensive, you might consider hiring a professional.
Once you’ve made your plan, stick to it. Adding other projects will increase your costs and dig into your budget.
Spruce up your home before you put it on the market For your home’s interior:
• Fill in the cracks in your walls and ceiling, and paint them a neutral colour.
• Fix creaks and squeaks with WD-40®.
• Modernize your kitchen and bathroom cabinets with new drawer pulls and handles. For your home’s exterior:
• Install window boxes with cheerful flowers or plants.
• Paint your window frames.
• Update your light fixtures.
• Replace your house numbers.
Sources: 1. Yahoo! Finance 2. CMHC 3. Statistics Canada: 2011 Canadian Census