Ah, renovations! Such an important and complex subject.

I started renovating, designing and building homes 20 years ago and I can confidently
say that doing the right renovations in the right way, is one of the best ways to increase
the value of your home in any market.

As a Realtor, my clients often ask me, which renovations add the most value when it
comes time for resale?

The simple answer is: Kitchen, Bathrooms, Flooring and Paint.

These are the four areas that have proven to instantly add the most value to your home.
But there are a few important points to consider.

Workmanship. The quality of a renovation or update is so important because shoddy
jobs and homemade looking renos often depreciate the value of your home. Buyers will
automatically reduce an amount that they think it would cost to redo the items that they
are concerned about or that don’t look well done. They may also question the quality of
other improvements that were done in the home and sometimes lose confidence
completely.

Choosing Finishes.When selecting finishes, it is important to consider what will
appeal to the widest range of Buyers and not only what appeals to your personal taste.
I’ve seen homeowners who have painted their walls neon green, installed flooring with
large gaps or dated colours, chosen unusual bathroom vanities or older styled kitchen
cabinets, which unfortunately made it difficult for them to sell for a price that a newly
renovated home deserved. It is especially important that the colours and finishes make
the home feel fresh, new and current. It is a very delicate job. If you are not sure, I
recommend consulting someone with expertise and a proven track record.

Budget. Be careful not to overspend on your renovations. By this, I do not mean pick
the least expensive quote. What I mean is, do not put a $50,000 kitchen into a property
where a $25,000 kitchen would work. Also, projects do not always require complete
replacement and there are many creative ways to increase the value without starting
from scratch. For example, in some cases, you may be able to reface kitchen cabinets
without pulling out the entire kitchen.
When full replacement is necessary, a renovated home has a maximum renovated
value. That maximum is different for every home, but if you spend more on the
renovation than that potential appreciated value, you may not be able to recoup the
investment.

Picking a contractor. Choosing the right contractor is not easy. Make sure they come
recommended. Try and speak with their previous customers to get an idea of their
experience.

Was their job completed on time and within budget?
Did they return to complete any
deficiencies, if necessary?

In terms of pricing,
from my experience, a
good contractor will not quote the lowest
price. If the price sounds too good to be true, it usually is and will land up costing you
much more in the long run.
Finally, a good contractor will give you a detailed and clear quote in writing.

I wholeheartedly believe that a renovation is a worthwhile and rewarding investment if
done correctly.
Just make sure that you have a clear vision and understanding of the
process before you get started.

Written by:
Nicole Beinert B.Sc., Salesperson
Royal LePage Signature Realty, Brokerage
416-443-0300 (office)
416-841-2237 (direct)
Nicolebeinert@royallepage.ca
www.NicoleBeinert.com
“Not just another Realtor”