Renovations are a part of homeownership, but not all projects are made equal. Before you approach prospective construction companies about your home renovation, it’s important to know which updates will reap the most benefits. This strategy will put more money in your pocket down the road, when you’re looking to sell.
So which projects are dead weight and which ones will give you the most bang for your buck? According to Remodeling magazine’s 2019 Cost vs Value report – an annual report for the U.S. construction industry that compares home renovation costs and their return on investment (ROI) at resale – upscale major kitchen renovations only recoup 59.7 per cent of costs at time of resale.
The reason is because homeowners have very different ideas of what their dream kitchen should look like. What you think is magazine-worthy might be considered a gut-job by someone with differing tastes for design and colour. The subway tile backsplash that you painstakingly picked out, the marble countertop that sparks joy in you every time you smooth your hand across its cold surface; they may not be the prospective buyer’s cup of tea.
The same can be said for bathroom overhauls. Remodeling’s report found that upscale bathroom renovations only average a 60.2 per cent ROI at time of resale. It’s a sobering stat.
Instead of sinking your hard-earned money into an expensive kitchen or bathroom overhaul, consider creating new space in your home. This can be achieved through basement renovations and the addition of a new bathroom or bedroom, which all translate into a satisfying ROI when you decide to sell.
On average, renovating your basement will give you a return of 70 to 75 per cent on your investment. Adding more livable space to your home is a great selling feature and an extra bathroom and/or bedroom will attract greater interest from homebuyers. Slick flooring, beautiful lighting and freshly-painted walls will make your new space a favourite in your home, a place where you can snuggle by the fire and enjoy the fresh feel of a cozy new room – that is, until you’re ready to sell.
When taking on home renovations, let Alberta’s professional home renovation contractors ensure your project runs smoothly and efficiently. Skilled home builders in Calgary will deliver the quality and craftsmanship you’re looking for, both on time and on budget. Get the most out of your home renovations by choosing value-adding projects done right, by the experts!