If you are planning a renovation to increase your home value, there are a few places that you should invest your time and money. Here are four renovations that will return on your investment and three renovations that are better left undone.
Redo Your Kitchen
Ask any expert and they will tell you the same thing: kitchens are the heart of the home. Kitchens are where families gather, where friends are entertain—renovating your kitchen should be at the top of your list.
Upgrade your appliances, install granite countertops and add in more storage space by giving your cabinets a face lift. The devil is in the details and making these seemingly small changes can make all the difference.
If you are looking to make a more substantial change, consider opening up your space completely. Say goodbye to a wall or two and connect your living room to your kitchen, giving the space a more open and spacious feel.
Upgrade Your Bathroom
As the second most important room in any house, investing in your bathroom is a great way to increase the value of your home. If your tile is outdated or your toilet and fixtures have seen better days, it’s worthwhile to tackle those renovation issues.
Another way to boost your home’s value is by ensuring your bathroom has plenty of natural light. Extend the existing window or work in some overhead lighting to illuminate the space.
Kick it up a notch by turning your one bathroom home into a two bedroom home. Consider adding a three-piece bathroom—you’ll see a dramatic increase in the market value of your home.
Reconsider Your Flooring
Never underestimate the importance of flooring. Carpet, tile, hardwood flooring—every flooring has its place.
The installation of hardwood floors will immediately increase your property valuation. If you already have hardwood floors, consider refinishing the floor to restore it.
Replace dingy carpet with some new, fresh and stain resistant carpeting. For the bathroom, tile is all but necessary and retains its value very well.
Finish Your Basement or Attic
If you have an unfinished basement or attic, it’s well worth the effort to capitalize on the square footage. Whether you are turning your attic into a spare bedroom or your basement into a games room for the family, adding more livable space to your home will help increase the value of your home.
Don’t Put in a Pool
While it may seem like to dream for a family, the realities of a pool are much different. Pools come with a lot of liability and a lot of regular maintenance. Especially in southern Ontario (think Toronto, Mississauga, Oakville and the GTA), where pools will only be functional for 3 months a year, the investment will not be worthwhile.
Don’t Convert a Bedroom
Never underestimate the value of an additional bedroom. Taking a bedroom that you may not be actively using and turning into a room that is specific to your interests—think wine cellar, library, or craft room—is a risk. Because the next owner may not see the value in having their own library or wine cellar, the space becomes less valuable.
Don’t Redo your Garage
A large, open garage might scream opportunity to you. You may see family rooms, play rooms or an adult game room. But before you start renovating, consider that most people want to be able to use their garage for its intended purposes. Especially in the GTA, with winter weather, it’s important to be able to have a place to keep cars safe and to store lawnmowers, sn