When Judy and I first bought our home it was always with the intention to do some renovating. We wanted to paint every room, change the flooring, completely renovate the ensuite bath and finish the basement. Over the past 6 years we have successfully accomplished all of this. They have all improved not only our home’s image but also our home’s value. We knew from the beginning that this was not our ‘forever’ home, but not only did we want to improve the image of our home but also to increase the value of the property so when we do decide to sell we’d turn a profit on our hard work.
I’d like to share with you our latest reno. We’ve always be partial to an open concept floor plan, but when we bought an older home we thought open concept living wouldn’t be something we’d enjoy until our next home. Well, Judy is a person who gets bored easily with her surroundings. After painting and redecorating the entire house twice now, she asked if it was possible to tear down the wall between the kitchen and the dining room. Here’s the results.
It’s important to know that not all renovations will increase the value of your property. Any improvement you do will improve the overall image of your home. A Realtor can tell you what additional value would be added to your home in whatever type of remodelling you’re thinking of doing and whether any improvements you make are out of step with your neighbourhood.
Here are some projects that generally have the best financial impact;
Bathrooms: Making your bathroom the best it can be will generate a 56% higher return on investment that the average return on other popular renovations. So go ahead and disappear into your personal spa.
Landscaping: Landscaping the front and backyard of your home will give you a 7% better return on your investment dollar. It could be as simple as adding containers of brightly coloured flowers or a simple backyard water fixture to add ambience. It all starts at the curb and everyone knows the value of a first impression.
Kitchen: Kitchen upgrades can really deliver, with a 44% higher return on investment than the average return on other popular renos. The kitchen is the hub of every home and it’s a room with real value for every family.
Flooring: Great looking floors are a strong feature of any home. This reno can generate a 22% better return on investment.
Paint: The dramatic effect paint can have on any living environment is often overlooked. But simply repainting the walls gives you a 29% better return on investment.
For more info on renovating a home check this out: Renovating A Home
Your renovation looks great, but how do you justify that kind of upgrade in a older home, especailly if you plan on selling at some point?
Thanks for your comment, we are very happy with how it turned out. First, I’d like to mention that whenever you’re doing this type of renovation you should never expect to recoup all of your costs. Your primary goal should be to make your home better suited to what you want and the secondary goal should be to improve the value of your home.
We had a dining room that was used very infrequently and we wanted an open concept plan so we decided to make better use of our existing floor space. We feel that the end result is a great open concept main floor that will be a great selling feature.