Has it been years since your home has had an update? Are you sick of the dated fixtures and flooring? Are you eager for three-pane windows so you can avoid the cold during the winter? Maybe it’s time to renovate. But renovations take time and money. And, when it comes to your home, you’ll want to ensure you are renovating in a way that will pay off should you ever decide to sell.
Are you planning to stay long?
If you plan to sell in less than 10 years, the renovation should take into account potential sale value and focus on what buyers would want more than what you might want, decor wise. If you’re planning on staying longer than that, you might as well make it exactly what you want, as the renovation will need an upgrade in another 15-20 years anyway.
Bathroom or kitchen?
If your budget is small, you might have to choose between the two. Again, if you’re moving sooner rather than later, factor in what will appeal more to potential buyers. An upgraded kitchen is always appealing to buyers, but it doesn’t always provide the biggest ROI. If your budget is smaller, you can always focus your renovation on replacing cabinet doors and hardware, instead of installing expensive new cabinets. You can do the same in your bathroom to give it an entirely new look for a much smaller investment.
Renovate instead of moving?
Sometimes it makes more sense to renovate your current home than move. In expensive cities, if you already own a home, downsizing to a condo might not actually save you that much money in the end. Renovating your home to meet your current needs instead of moving will save you real estate fees, legal fees, land transfer taxes, mover fees and more. A real estate professional will be able to tell you what the best course of action is.
Renovating when you plan to move?
While you may want to make your home just as you want it, if you do plan to move, making certain changes, such as eliminating bedrooms or parking to make room for more unique options, can backfire when it comes time to sell. The best investment you can make if you plan to move is finishing the basement, which will automatically appeal to families looking to have a potential rental unit.
