Tuesday 29 October 2019

Home Renovations that Add or Detract Value

On Thursday, the Times Colonist ran an article entitled “Home renovations with the best financial, emotional return for owners.”

“Dream kitchens and luxurious bathrooms are often the go-to renovations for homeowners looking for the best return on investment, but experts suggest the biggest bang for their buck might be as simple as replacing a garage door,”

Dollar-for-dollar returns tend to come from smaller tweaks. Swapping kitchen hardware, installing new light fixtures or removing outdated decor, such as wallpaper, can help. Kitchens and bathrooms, on the other hand, often don't boost the sale price by the cost of the renovation.

Some additions you might think would be valuable end up being a detriment and could lead to lower prices. For example, personalized design choices such as bright, not-neutral paint colours, or less-common features that can be expensive to maintain like wine cellars, saunas, hot tubs or swimming pools.

Reference: https://www.timescolonist.com/home-renovations-with-the-best-financial-emotional-return-for-owners-1.23986438

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