Getting The Most Out of Renovations

Refurbishing and renovating are very pricey, yet, because of the rise of home decoration shows, lots of property owner believe that a renovation will instantly add value to their home.

The problem is that you cannot rely on a dollar returned for every dollar invested. To help you make better financial choices, here are four pointers to assist you in planning effective house restorations.

1) Repairs first! The most economical way to add value to your home is to just fix what has to be fixed. Focusing on areas that are in desperate need of attention will provide the highest ROI for your restoration dollar. For instance: dealing with a leaking roof, replacing broken tiles and rewiring an outdated electrical system add value even if they do not look sexy. A fresh coat of paint can do wonders and shows prospective buyers you care about the look and upkeep of your home. It is recommended to hire a professional Vancouver painting company for this.

  2) Remodel based upon YOUR needs Plan to remain in your house a minimum of 5 years after renovating. Refurbished kitchen areas and restrooms will certainly increase your home’s value, but not by as much as the renos cost. This doesn’t mean you shouldn't consider restorations, but you need to think about the reasons for the reno. So consider your current and future needs and then plan your renos based on these requirements.

  3) Build an add-on Larger restorations, such as an addition, are lengthy and pricey but can be a smart option for a house you wish to stay in for a long time. Think about working with a professional organizer to identify if you're using your current space to optimal potential. If, after organizing and de-cluttering, you feel there's insufficient room, you may want to add a second floor or a ground-level addition to your house.

 

  4) Go green More than just reducing your carbon footprint, going green can put cash back in your wallet. By renovating for optimum heat and energy performance you can conserve hundreds, even thousands on your heating, electricity and water costs.

Even better, there are usually tax breaks for undertaking this kind of remodeling. It is worthwhile having an Energy Audit done prior to remodeling. The cost of an audit -- typically $200-to-$800, depending on where you live – is worthwhile as it will provide a reasonable idea of which upgrades will benefit you most both financially and in regards to comfort and resale.