Top Renovations That Increase Home Value

Collage: Wo-Built's Renovation Projects: the Ranch and the Tower
Interesting Bungalow Additions with Architectural Merit.
Credit: MS Office ClipArt: Silhouettes

With warmer weather the spring bug strikes. … people start thinking about ideas to improve their homes.

Most often asked is whether money spent renovating can be recouped in increased property value, and which projects increase value the most ???

The key factor is to ensure that renovations increase at least two of three elements: comfort, convenience, luxury. Both aesthetics and function should also be improved with the work.

Return on investment is tied to increasing the desirability of a property to buyers. In established neighborhoods - the character of older buildings, complete with modern conveniences, is most desired.

Renovated Homes sell better than less expensive ones that require work……Few want the inconvenience of upgrading.

If you are brave enough to do it–the investment pays off !!!!

The top renovation areas that increase home value are :

1. Upgraded kitchens and bathrooms.
2. Upgraded architectural elements- windows, porches, skylights, front entries.
3. Upgraded Lifestyle features that:
a. Add comfort - whirlpool tubs, fireplaces, heated floors.
b. Add convenience laundry rooms on a main /upper floor, extra storage, walk outs.
c. Add luxury - steam shower, body jets.
4. Upgraded materials & finishes - wood floors, granite countertops.
5. Upgraded landscaping - decks, patios, water features.

Cost vs. Return on Investment

Adding an extra bathroom: quickest, and highest level of return…. A bathroom on each level is most desirable.

Updating a kitchen: the investment is returned completely in a short time - if reasonable quality items and good design are used.

Upgrading a bathroom: provides an excellent return over time, - especially adding luxury features - separate shower, whirlpool bath.

Additions vs updating existing areas - more space adds most value…. unless existing space is unusable-i.e. unfinished basements.

Now you know your money will be wisely spent there is no reason to hold back ... get out the measuring tape and begin your plans ... Happy Spring.

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Sheila Doris has been an interior designer for over 25 years and is a member of A.R.I.D.O. She specializes in residential work, and writes about design and renovation. Her company S.I.Design offers a tips & techniques newsletter @ s-I-design.ca.
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