If you are considering a home renovation in the near future, it is a wise idea to choose projects that will add value to your house, apartment or condominium now or in the future. Even if you have no intention of selling anytime soon, why wouldn’t you want to choose a project that will help you enjoy your home more and deliver a return on investment?
Which home renovations are good investments?
According to a large group of realtors specializing in the Beaches, Brampton, Oakville and Etobicoke, the best types of home renovations include:
3. Storage solutions (e.g. customized wall units)
A custom designed kitchen with a great layout, high quality materials can be the wow factor a buyer is looking for.
From the hand-crafted cabinets to gleaming granite countertops, a beautiful, inviting kitchen can be the motivating factor that makes them tell their realtor, “I want to make an offer.”
Kitchens have a big impact on the buying and selling process because buyers know that a customized kitchen project designed exactly the way they hoped for is one large expensive project they do not have to finance or oversee because someone else already did it.
Realtors have heard so many times, “this place would be perfect for us if it had one more bathroom,” and, “the master bathroom needs a complete renovation.” Similar to kitchens, when someone attending an open house or a showing sees a professionally renovated bathroom, especially a master suite, it has the power to persuade them to become a potential buyer. Conversely, a custom renovated master suite with a gorgeous crystal lighting fixture, heated floors, an oversized clawfoot tub or waterfall shower can make people never want to leave to go to work in the morning!
Finally, storage solutions, especially in condominiums and apartments, are huge selling features because they maximize smaller spaces. Custom designed wall units can transform almost any room. Realtors across the GTA educate clients on the value (and investment) customized wall units in a family room, bedroom, living room offer because they offer additional storage space.
If you choose a renovation project for your kitchen, bathroom or adds storage to the home, this will make the biggest impact on future buyers…and you get to enjoy all of the benefits for as long as you wish!
Which home renovation projects should you think twice about?
Most of the renovation projects local realtors suggest avoiding have two things in common – they are highly customized to a person’s individual style, and they may result in less return than the original investment than the cost of the project. In some cases, a renovation project is one of the reasons a potential buyer did not select that home!
1. A sunroom
Unless you have always dreamed of a home with a sunroom, it may not be the best financial investment because you probably won’t get back the value you invested. Instead, make use of light wall colours and be careful that you are not using dark drapes or curtains because they can reduce the amount of light in a room.
2. Solar panels
Adding solar panels strictly to attract a buyer isn’t the best choice because solar panels have a long payback term, and you’re not likely to break even unless you install them several years before selling your home.
3. Swimming Pools
If you lived in a warm climate and could use the all year-round, a swimming pool would be a great investment. However, in the Greater Toronto Area, swimming pools can only be used in the summer. Potential buyers may view as an unwanted financial expense or a potential safety hazard.
4. A New Master Bedroom
This area of the home is highly influenced by personal taste. If you would like to make improvements that a potential buyer will appreciate, consider a built-in wall unit, customize closet or good quality lighting/fixtures.
5. Wine Cellars
Not everyone is a wine aficionado! This upgrade will appeal to a very specific buyer. Unless you plan to stay in your home (and enjoy it yourself), local realtors do not recommend adding a wine cellar as a selling feature.
Our team at Tango Design Studio specializes in helping clients enjoy their homes for years to come and getting it ready to sell to local buyers.
Call us today at 416-679-9300 to schedule an in-home consultation to discuss your next home renovation project.