Home renovations are big business these days, likely fuelled by television shows and magazines that show homeowners how they too can change their homes. If you are looking to add space or increase your home’s worth there are five renovations that you should consider, as not all improvements will lead to a larger payout when you go to sell.
The most popular home renovation is the addition of an income suite, that is, a stand alone apartment, usually in the basement of a home. Construction of a one or two bedroom unit complete with bathroom and kitchen can fetch some serious money when you go to rent it out and this can be applied to your mortgage, reducing it or even eradicating it entirely. Best of all, having an income suite means that your home is cash flow positive, which is great for you as well as any future buyer.
It has been said time and again that the kitchen and bathroom are the most important rooms in your house when you are looking to entice potential buyers. They can be the most expensive rooms to renovate, but an updated and modern kitchen and bathroom can add profit and give potential buyers that all important wow factor.
In the kitchen a renovation can include a full gutting and starting from scratch or can simply be replacing the cabinets, fixtures and countertops. Adding an island, increasing the size of the room itself and adding a breakfast nook are all other things that can go into a kitchen renovation. Likewise, a bathroom may just need to be taken back to the studs and redone completely, or a new bathtub, bathtub surround or a new vanity may do the trick.
The fourth most popular renovation is fixtures. That is, you change out simple things like taps, countertops, switch plates, faucets, lighting and toilets to upgrade your space and make it more energy efficient. Small improvements can go a long way in making your space more desirable.
The fifth best renovation to tackle is the floors. Nothing says durability and sophistication like hardwood flooring, but there are many other options on the market like bamboo, cork and tile that also modernize your space.
The key to any good home renovation is that is makes your home look fresh and updated without going overboard and pricing yourself out of the housing market. When in doubt call in the experts who will have all the home renovation answers that you are looking for!