AYN Advice

Is renovating your home a good investment?

RENOVATING YOUR HOME - A Good Investment?

Well we think that if the renovation is a ‘smart one’ it could be quite beneficial to you.

The ones that add value:

COSMETIC IMPROVEMENTS:
Painting, new rugs, curtains - this improves the look of the house with very little cost to it, adding dollars to the sale price.

NEW OR REJUVENATED KITCHENS/BATHS:
big time value, just picture yourself going through a home and what is important to you - nine times out of ten it’s the kitchen. Why? because that’s where the action is happening when entertaining and you want it looking it’s best and most functional. Resale value is very high and adds dollars as well to the sale price. Baths are secondary but still add plenty of appeal especially ensuite bathrooms.

HEATING/ENERGY EFFICIENCY:
Very important these days considering the cost of gas/oil etc. If you have a very efficent furnace or better yet a dual energy system (wood, gas, oil etc.) buyers are looking for this in a house much more than ever. Also updating your thermostats so that they run more efficiently i.e. automatically setting the temperature lower when not necessarily needed (sleep hours) and raising it when waking up in the morning. Often government programs help reduce the costs of making a home more efficient. You should check in to this.

Renovations that don’t add much value:

SWIMMING POOLS:
doesn’t add much value so don’t invest too much money here. If you’ve already got it fine, somebody who has an older family may love it but don’t get it installed to have more money in your pocket - you won’t.

EXPENSIVE LANDSCAPING:
Don’t go overboard here either because most people today find it a burden to have to manage a huge amount of gardens. If they are self-sufficient (perennials, shrubs etc) they are more attractive to the buyer rather than have to have a gardener in to do the job. Extra money that the buyer would have to pay out.

These are just a few things that add “Smart Value” to your home.