Thinking of a Home Renovation?

Yeah, yeah - you've heard it all before.  Kitchen and bathroom renos yield the most return.  That's why you didn't install the skylight or the pool.

But there’s more to it than that.

Fixer-Upper Obsessed

We've seen the shows (like Property Brothers, Love It Or List It etc.) and we are obsessed with renovating, but there is so much more to consider before you start ripping out walls:

• The expense for the project must be relative to the price of your home (for instance, a $30,000 improvement doesn’t belong in a $100,000 property).
   
• The projects you undertake mustn't differentiate your home from other homes in the neighborhood too drastically (for instance installing large ornate driveway gates when every other home on the street is modest).  Your home will end up being "that" house without increasing the overall value.
   
• This is important so read it carefully or twice to get it -- You will recover a higher return from renovations if the pre-reno value of your home is below the neighborhood average; those same renovations will yield significantly less if the value of your home already exceeds the average.  Now read that sentence again.....
   
• Renos that should have been done years ago and are part of regular routine maintenance are not considered to add any particular value but will certainly DECREASE the value if they are not done.  When your roof needs a repair, repair it!  Don't expect a higher sale price --- buyers will expect a half decent roof.   Even though you may not recover the actual cost, you probably will get an offer sooner than if it wasn't done.

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• Stick to your plan and don’t get too consumed with the idea of transforming your home from top to bottom. Take it one project at a time and always keep the cost-to-value ratio in mind. 

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As always, if you're not sure which reno project is best for resale, please call me for a no-obligation consultation.  No two homes are alike and each neighbourhood is different, so let's get together and talk about YOUR personal plans. - Susan :)