RETURN ON HOME RENOVATIONS 

We all look at reality home shows on DIY, etc. to see what’s new and to get some inspiration.  They are called reality shows but believe me they are not REALITY shows.  Every project even the simplest of ones take 3x longer and usually cost 3x more than budgeted for.  Just recently, I asked my husband to add a good sized closet in our garage for our day to day coats, boots, etc. (we use the garage entry as our main door).  In my head, how complicated can it be right?  Three walls, a couple of doors and away we go!  NOT – First you have to frame it, then you add the gypsum, then the mud, then the lighting, then the shelving, then the rod to hang the coats and then the painting and finally the door handles.  Total Cost:  $890.  This did not include labour.   I thought it would cost under $400.00.  My return on this investment would probably be $200.00.  WHY you ask – well not everyone would like a closet in the garage, not everyone would like a large closet in the garage, this is a personal choice to add a closet so you don’t get a return – so don’t be surprised. 

Added Value or NOT for Future Buyers 

When doing a reno always ask yourself if this is something the general potential home buyer will like or is this for my own personal enjoyment i.e.  converting a garage to a family room; turning a 3 bedroom house into 2 or reducing the size of room for other purposes.  When the time comes to sell your home – you might not make the final list.  Some buyers won’t even look at homes that don’t have 3 bedrooms even if the space can be converted back to its original state.  People don’t want to start renovating as they move in. 

Sometimes, smaller projects will bring you more of a return i.e.  freshly painted in neutral colours; new garage and front door; upgraded light fixtures; a neutral backsplash in the kitchen – for more information give me a call (613-858-1151) and we can discuss the upgrades. 

Another thing you might want to consider is your neighbourhood.  This is very important when considering large renovations – every neighbourhood has a price limit that buyers are willing to spend.  A $75,000 kitchen upgrade in a neighbourhood where the homes sell in the range of $300K might not be a great return on your investment. 

So if you want to get an honest opinion on the value of your home and what renovations will bring you the highest return, give me a call (613-858-1151) or send me a quick email ( [email protected] )  and we can chat about it.