Before planning your renovation, there are a number of basic guidelines you should familiarize yourself with. There are a number of renovations that make good financial sense and will increase your resale value, and there are some that simply don’t offer the same return on investment. Here is what you should know.
Best Renovations for Resale Value
At the top of the list for adding resale value are kitchens. Updating from an old kitchen to a modern one is a tried and true method of adding value to your home. When renovating a kitchen, it’s important to determine what your priority is: resale value or design aesthetic. For example, if you are looking to sell the house in the near future, you may be able to afford to tear down a few walls to add some more space.
Next on our list of top renovations are bathrooms. Potential home buyers notice bathrooms, especially the powder room and the master bathroom. You may consider changing the layout of a bathroom, but even cosmetic changes can positively affect your resale value. You could replace an old tub with a beautiful walk-in shower or a luxury soaker tub, for example.
Another smart renovation idea is fixing up the master suite. Updating a master bedroom is money well spent. The typical homebuyers will picture themselves relaxing in their private space, away from the hustle and bustle of their life. If they like what they see, it can create a quick sale.
Worst Renovations for Resale Value
It is in your best interest to make your place attractive to everyone. For that reason, having a playroom (kid’s space) that is blatantly obvious with bright paint and murals etc., can negatively affect your resale value. You may be turning off potential home buyers with no children who have different plans for the room. Keeping a room neutral that can be used as either a playroom, games room, office or bedroom is your best bet.
Next up on our list is a wine room. To people who love wine, this kind of area will be an attraction, but it can be a turnoff to others. Potential home buyers are less likely to buy a home with one room dedicated to something they will never use and may have to tear down.
Now, as a general disclaimer, we recommended you do not remove features. Even though you have no use for the fireplace in your den, it may not mean a potential buyer would feel the same way. You could spend the money to demolish it, and then sell your home to someone who would’ve paid more or considered buying if there was still a fireplace. Sometimes you have to keep the big picture in mind!
Of course, you are free to make any customizations you choose – after all, that’s the beauty of owning your own home. If you plan to be in the home long-term, then you don’t need to worry about appealing to potential home buyers at all. But if you foresee a move in five years or less, then it’s important to keep these factors in mind.
For help and advice for your next Calgary home renovation project, be sure to contact Prism Interiors.