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.
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.