There are many motivations for renovation your home: making it more spacious, more energy-efficient, or simply keeping up with the times. One of the main motivators is to improve the value of your home. However, when comparing your Return On Investment (ROI), they can also potentially leave you digging deeper into your wallet and wishing you had left well enough alone in the first place. Here are a few of the top best and worst home renovation projects of 2016 to help steer you in the right direction for the next time you consider a reno project on your home.
The Best Home Renovations in Ottawa
1) Resurfacing Your Home with Stone Veneers
We all know that the first thing people clearly notice is the façade of your home. So adding stone veneers or conducting some sort of resurfacing to the outside of your house can work wonders for transforming it. By covering up that outdated brick and concrete you can have your house looking fresh and modern, while plumping up the resale value of your home. In general, any project that improves the curb appeal of your home is worth it.
2) Kitchen Remodelling:
The kitchen is one of the most utilized rooms in a home, so it’s important that you keep it up-to-date. However, this doesn’t mean you need to carry out a massive kitchen renovation. Look for particular areas that you can focus on. For example, instead of replacing your entire cabinets and counters, invest in the countertop and consider simply adding a coat of paint or stain to freshen up those cabinets along with new handles. Save the money you would have spent on custom cabinetry and invest in new high-efficiency appliances. Either way, adding a few renovations to your kitchen will always be a worthy investment.
3) Insulating Your Attic:
Finally, adding insulating fibreglass in your attic will have invaluable benefits and savings for you in the long run. Aside from it significantly bumping up the value of your home, it will also allow you to save on those energy bills by helping to keep your home warm and cozy during those winter months.
The Worst Home Renovations
1) Bathroom Addition or Remodelling
This may come as a surprise since we are always told how important the bathroom is for reselling purposes. However, the cost comparisons for your overall investment and resale value simply do not make a bathroom renovation worth it. If you do feel that it may need an update, look for quick solutions that you can apply, such as adding a fresh coat of paint, and maybe a new vanity for the sink to give it a lift. You can buy a dual flush high-efficiency toilet for under $300, well worth the price if your toilet has seen better days.
2) Master Suite Addition
Adding or up-scaling a master suite has also proven to not be worth the hassle. Save your money and time by simply adding in a few new features that may modernize the space instead. For example you can buy a wall-mount electric fireplace for under $300 to add a touch of elegance to the space, and a custom wood armoire will be breath-taking but a lot more affordable than knocking down walls to create a walk-in closet.
3) Adding a Deck
While it may seem like an appealing addition to you, the fact is that a deck is not a significant factor in the potential selling value of your home. So, unless it’s for your own benefit and use – save yourself the money.
Home renovations can be overwhelming and leave a dent in your wallet, so be sure that you do some research and know what the ROI is before you move forward with any project. The last thing you want is to go through the hassle of an upgrade, only to find out it won’t get you that bump in your home value like you thought it would.
For over 30 years, Geoff & Bobbie McGowan have been providing expert advice to Ottawa home buyers and sellers. If you are ready to sell – or in the market for that perfect upgraded house, get in touch! Our Ottawa REALTORS® are ready to bring you home.