We just went through a pretty extensive renovation of a part of our home and oh boy! Can you learn from this process! We know what it feels to go from inception to the final result and in our personal experience it is very important that when considering renovations to your home, YOU go through the following self -“screening” questions, to ensure a positive outcome (and a happy family):
- Are the home renovations I plan to do truly necessary?
- Can minor upgrades improve the use of space or enhance the use of space?
- Have I quoted with 2 or more contractors the work that needs to be completed?
- Will the property (type and location) support the investment the project entails?
- If planning to stay home while the property´s renovation process, have I assessed the impact it´ll have on my everyday life and my family´s health?
- If not, have I budgeted for alternate accommodations during the renovation process and accounted for any possible delays?
If you have already made up your mind and you’re ready to “take the [renovation] bull by the horns” as a good friend of ours used to say, the following 4 improvements can be prioritized.
1. Finishing your basement: It is a fact that there are unfinished basements that can be used and lived in “as-is” condition. However, it is also a fact that most of the time an unfinished basement can create issues down the road, and you will want to identify and deal with these sooner, rather than later. By finishing your basement you are not only increasing the liveable space in your home without affecting the lot coverage of the property, but you are also making your home more appealing for when the time to sell comes. The differences between a property with a finished basement vs. one with an unfinished one, can have a significant impact on your home’s value.
2. Upgrading/fully renovating kitchen and bathrooms: Having a functional kitchen with updated appliances, storage space and good lighting adds value. Same goes for having a bathroom with improved functionality, upgraded fixtures, a better bathtub/enclosed shower and improved ventilation. The level of renovation will depend on the quality and age of the most recent update. Be mindful that sometimes you might not need the full home renovations. Minor hacks can help you improve the look and feel of these areas greatly, when done correctly.
3. Tuning up/Changing the roof: As houses age, it’s important to keep an eye out for the wear and tear that they can experience, especially in high exposure areas like your home’s roof. This is particularly important in locations with extreme weather conditions like the ones we experience. Super low winter temperatures combined with shifting weather, where cycles of ice, snow, hail and rain are common, will surely put your roof shingles to the test! Make sure to inspect your roof once a year and address any current or potential issues proactively.
4. Updating the flooring: Newer or upgraded flooring can help increase not only the aesthetics of your home, but also its value. Make sure to focus on the quality of the materials and its installation. If possible, go with a look that is timeless and/or that speaks to the architectural style of the property.
While the true Return on Investment (ROI) of these changes is hard to measure, we know they have the highest impact in the perception of a buyer if/when you decide to sell your home, and therefore can help reduce the time of the sale and improve your odds at attracting more buyers.
For a full list of the renovations that can return the best value, contact us and we’ll provide you with our in-depth guide. This list also includes ‘hacks’ that do not imply a full renovation, but that can significantly help you make your home look updated without incurring in higher costs. Follow us on social media to stay updated on all things Toronto real estate.