09 Dec Renos That Increase The Value of Your Property
Renos That Increase The Value of Your Property
Renos that increase the value of your property depend on the overall value of the home and what is typical within your neighbourhood. How much should you spend? Well that depends on your goals and how you look at things.
If you’re going to be living in the property for many years, then the cost of the renos may not be the most important consideration. Style, features, and enjoyment of the property may be a high priority. On the other hand, if you’re thinking of selling, you may want to consider which renovations will bring you the most return on investment. Be careful not to over renovate, as you may never get a good part of your money back when you sell.
If the renovations are for investment purposes it’s best to find the point, where things will look great and costs are kept reasonable. It’s easy to overspend with costs getting out of control. It’s smart to build with quality but to also keep profitability in mind. The best reno payoffs usually come from kitchen and bathroom upgrades, repainting, updates to old furniture, and decluttering.
According to the homeowners’ guide produced by the appraisal institute, basements, decks, and garages are good upgrades if you’re planning to live in the property for awhile. These kind of improvements can increase your enjoyment and overall home happiness.
If your renovation goals are to perk up a home for sale, your best bet is take care of basic home maintenance such as repairing what’s broken, cleaning the house professionally, and maybe adding a fresh coat of paint in neutral colours. Most likely the new owner will want to do major renovations to their taste anyway. According to the appraiser’s institute, replacing the roof, updating climate-control systems, replacing windows and doors, updating electrical systems and repairing structural defects are the most important priorities,
Check out whether your costs vs value makes sense here
Read the report “How to Value Your Renovations by the Appraiser Institute of Canada
Read more artcles on my Montreal Real Estate Blog ONE GOOD EARTH
No Comments