As a realtor/investor, I am constantly doing renovations on homes to either rent them to perspective tenants or for resale. I have a large team of professionals who help me achieve my goals from mortgage brokers who can work magic to the construction team to do the work. This team of people is fully accessible to you when I act as your Realtor. Over time I have learned how to achieve great renovation results while staying within budget.

According to a recent survey completed by Iposo-Reid, two-thirds of homeowners are planning to perform some sort of renovation to their property. Some will spend an appropriate amount on smart upgrades, while others will spend lots of money on upgrades that will not necessarily increase the value of their homes. When you renovate are you simply addressing your needs as a homeowner, or are you adding luxury into your home for yourself? It is important, even if you do not want to sell your home for some time, to still consider the increase in value your home will have after the renovation.

According to the Appraisal Institute of Canada surveys say refurbished kitchens and bathrooms yield the best return on investment. This is, of course, keeping in mind that spending $20,000 on renovating a kitchen you need to be smart when making choices about the upgrade. You are wanting to make the home more of your own. However, if making it your own is changing the cupboards to orange, be prepared to change them again, to a more neutral pallet down the road if you choose to sell.

A home that has been re-modelled will usually sell faster but it must be within the current trends and neutral. The number one rule is: don’t put a $30,000 re-modelled bathroom into a $100,000 house. Your home will not increase in value dollar for dollar just by changing a bathroom. It is also important to stay away from projects that will set your home apart from other homes in your neighbourhood. Why you may ask? Well if the renovations to your home exceed the value of the average market value in your neighbourhood you will not yield much return on your investment. If you buy a fixer upper or a dated home and put money into the right places in the home and bring the value up to market value you will see a much larger return.

The Top 5 Best Value Renovations
Interior painting
Replacing roof
Replacing furnace or heating system

As you can see above, if you use your money wisely and make the right renovation decisions you can add to your homes value. I hope this information is helpful to you. I am always available to answer any questions you may have about renovations.