A common dilemma we hear is should I sell or should I renovate? If you are simply tired or bored of looking at your surroundings, it might be time to renovate. However, if you have run out of space or have too much space for that matter it’s probably time to put up a “FOR SALE” sign.
Refreshing your home can be simple and cost effective; with some new paint and décor, or you can go the whole 9-yards and do an extensive reno; such as opening up walls, resituating windows/doors, a full kitchen makeover including a new design with cabinets, counters, appliances, backsplash etc. Whatever you decide plan it and get at least 3 quotes – you would be surprised at the differences.
Down the road changes you make today will affect the value of your home. So if there are bigger projects you would like to tackle and enjoy yourself then prioritize what you do first and make sure it is finished completely before starting a new project. It is easy to get carried away and start too many things and then feel overwhelmed with it and the costs. If for whatever reason your circumstances change and you need to move, you’ve added value to your home with the completed projects and your home is still in sellable condition.
Make sure you take the time to get it done right, don’t just slap it together as the quality of the work done is a major factor of determining the “value added” for example someone who clearly installed new kitchen cabinets themselves (half crooked and barely hanging on) in comparison to a professionally installed kitchen, won’t have the same value added to their home.
Currently you can borrow up to 80% of the equity in your home to do the reno’s if you don’t have the cash available so be sure to talk to your bank to go through all your options before you begin.
Remember unless the project is for your enjoyment and satisfaction, complete only projects that will add value to your house if you plan to sell in the future. The rooms that will sell a home typically, are the Kitchen, Master Bedroom, Master bathroom and Living room – so focus on these spaces.
Reno’s that add value:
Kitchen replacement (cabinets, counters, backsplash, flooring and lighting, upgraded appliances)
Adding additional bathrooms/ensuites
Upgrade shingles and siding (exterior insulation)
Reno’s that can add appeal but no value:
Install Central Vacuum System
Paint garage floor or exterior concrete
Install a hot tub
With all this said, reviving your home with simple, cost effective projects will probably attract more buyers to your home such as replacing old tired flooring, painting and update key lighting fixtures -dining room, living room, kitchen and master bedroom. Add some inexpensive modern décor items without cluttering the space and your set.
If you have projects you’ve been contemplating and would like to discuss with a professional, we would be happy to give you our opinion and send you a full list of items that will add value to your home.
We would love to hear your opinion and comments so please share them!
Shawna & Robert
We’d love to hear from you, send us your questions or comments.