Home Renovations 101: Tips & Tricks
Whether or not you’re considering selling your home, pre-emptive investing in home renovations to increase the overall value of your property is always a good idea. But which home renovations are the best to maximize the value of your home?
There are two main categories of home renovations: cosmetic and practical.
Practical Home Renovations
Practical renovations are often the best to invest in for the long term: replacing your roof or windows, fixing the foundation of your home, updating your heating and insulation, fixing your plumbing, etc.
Cosmetic Home Renovations
If you are doing cosmetic renovations in order to sell, make sure to use high quality materials and to make sure the job is done properly to avoid further costs down the road. This includes replacing counter tops and cabinets, painting, adding hardwood floors, etc.
Best bang for your home renovation bucks:
1. Kitchen renovations
Kitchen facelifts are the most popular renovations for earning back investment. Replacing your counters, hardwood/high-end tile, new appliances and islands can update the look and feel of your home and, in turn, add value. Kitchen renovations can cost up to 10% of the value of your entire property, but a state-of-the-art kitchen is a huge selling point for homebuyers. The kitchen is the centre of the home – a place where people gather – which makes it arguably the most important room in the house. If you’re looking to do one big renovation on your current property, this is it.
2. Bathroom renovations
Alongside kitchens, bathrooms offer the highest return on investment when it comes to home renovations. Big bathtubs – especially in an ensuite – modern faucets and sinks and ample counter space are big sells.
3. Hardwood floors
This kind of durable and attractive flooring is forever popular with homebuyers. If you already have hardwood floors, consider having them resealed or sanded – even replaced if they’re very worn.
4. Finished basement
A finished basement adds living space to your home, increasing its resale value. Even if you’re not looking to sell right away, a finished basement is a great way to add an extra bedroom or bathroom to your home.
5. A fresh coat of paint
This is an easy and relatively inexpensive one to pull off, but a fresh coat of paint is a potentially huge sell for homebuyers. Stick to neutral colour palettes – they open up the space, are aesthetically appealing and tend to be less contentious to homebuyers.
Where Do I Start?
Once you’ve decided on your home renovation or remodel – when is the best time to put your plan into action? Most importantly, you should have the budget and the time available. Renovations can be costly, and can take time. Budget generously for both (and be realistic) to eliminate stress and unwanted surprises. Do your research and plan carefully.
A seasonal view on home renovations
There are pros and cons of starting renovations depending on the season:
Winter home renovations
While not the most desirable time to begin renovations on your home, winter may be the most cost-effective. Many people don’t want to renovate during this time, with holidays approaching and tricky weather conditions. This leaves contractors’ schedules much more open, and costs (of both supplies and work) way down.
Late spring/early summer home renovations
This is your best bet during contractors’ busy season. Most people interested in home renovations will aim for a bit later in the summer, closer to fall.
Late summer/early fall home renovations
For most home contractors, this is their busiest time of year. If you’re interested in renovating your home at this time, make sure to book workers or contractors well in advance, and be advised that materials and services are at a higher premium.
Our bottom line on home renovations
No matter what kind of home renovation you’re planning, always make sure to budget properly, plan thoroughly, do your research and be realistic! Wondering what home renovations you should consider before selling your home? A home appraisal from Carty Gwilym can help you figure that out. Request your home appraisal quote today.