Should I Renovate My Home?

Thursday Oct 17th, 2019

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The answer will vary depending on whether you’re renovating to sell your home or to more enjoy your home. It may also depend on your ability to co-ordinate the work needed.
 
Reasons to renovate:
  • Upgrade worn-out surfaces, finishes, and materials
  • Time for a change
  • Adding features to improve livability
  • Attract buyers
Many home owners would rather buy a home that has already been renovated than do it themselves. They find the idea of renovating their home too overwhelming to attempt. If this is you, then look at buying a home with the features you want. Let others do the renovating for you.
 
However, if you want to stay in your home and are up to the challenge, the cost of the renovation is generally worth the time and investment. Most remodelers find they enjoy their home much more afterwards. Especially since the renovations will be done specifically to your liking.
 
Which interior renovations will help you enjoy your home more? (a joy meter, if you will)
  1. Kitchen Renovation - a total redo - there’s nothing like cooking in a space that is equipped with new appliances, pantry, and all the modern conveniences. It is the highest on the joy meter. 

     
  2. Closet Renovation - involves adding shelving, clothing rods, pull-out drawers, hooks and lighting. Not only will a closet renovation increase your home’s value, it will simplify your morning routine and get you out the door faster. 1

     
  3. Full Interior Paint - a new paint job can indicate the start of a new chapter

     
  4. Kitchen Upgrade - repainting the cabinets, replacing worn-out surfaces, and swapping outdated hardware will give your kitchen a modern look

     
  5. Individual Room Paint - add individuality and personality to your space 

     
  6. Basement Conversion to a Living Area - an unfinished basement is like a blank easel. What do you yearn for? Movie nights, play room with a pool table or ping pong, sewing area

     
  7. Hardwood Flooring Refinish - repairs unsightly scratches and corrects discoloration

     
  8. Bathroom Renovation - time to upgrade to the current decade; get rid of the powder blue toilet and make way for the new ergonomic, multi-flush options)

     
  9. Adding Insulation - will make your home more energy efficient and cozy.

     
  10. New Bathroom - you’re not just adding a bathroom, your adding privacy, comfort, and a separate place to de-stress 

     
  11. New Wood Flooring

     
  12. HVAC Replacement - update your heating, air conditioning, and water heater or add a gas fireplace and air quality equipment

     
  13. New Master Suite - appeals more to the home owner than to buyers
Which exterior renovations will help you enjoy your home more?
  1. New Front Door

     
  2. New Windows

     
  3. New Roofing

     
  4. New Vinyl Siding

     
  5. New Garage Door

     
  6. New fiber-cement siding
         
 
If you are looking to sell your home, you may need to do some upgrades to attract buyers and get a better price for your home. Which renovations will appeal to buyers and help you sell your home? Will the cost paid to upgrade your home be a good return on your investment? A few choice upgrades can increase the wow factor for your home.
 
The charts below show the most appealing interior and exterior renovations to buyers compared to the general return on your investment.
 
Indoor Renovations
(by appeal to buyers)
Best Return
on Investment
Kitchen renovation 59%
Kitchen upgrade 52%
HVAC replacement 85%
New Wood flooring 106%
Bathroom renovation 57%
Hardwood flooring Refinish 100%
New Master suite/Owners’ Suite 50%
Add new bathroom 50%
Basement Conversion to Living Area 64%
Attic Conversion to Living area 56%
Insulation Upgrade 83%
Closet renovation 40%

Note: Either refinishing or replacing your hard wood floor has an outstanding return on your investment and it will create a great first impression.

Exterior Renovations
(by appeal to buyers)
Best Return
on
Investment
Roofing 107%
New Vinyl windows 71%
New vinyl siding 63%
New garage door 95%
New fiber-cement siding 76%
New wood windows 57%
New fiberglass front doors 74%
New steel front doors 75%

If you choose to renovate your home please see our Remodeling Your Home - A Survival Guide

Sources:

 

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