Think That Home Reno Will Add Value? Ask Yourself These 5 Questions First!

Now I don’t know about anyone else, but HGTV is practically a permanent fixture in our household. If the TV is on, whether we are all gathered around in the evening, or it’s simply for background noise while I cook – you can be guaranteed we are drooling over the spaces created by the Property Brothers, Mike Holmes, or Chip and Joana Gaines.

With these shows inspiring us all to take a trip to the hardware store – it is important that, before we undertake any major renovations, we think it through, make plans, create a budget, and really understand what we are getting ourselves into.

Not all renovations are worth it, and if you are looking to make some upgrades to your home, it’s important to understand what will add value and what won’t. 

Before you start your reno, you’ll want to ask yourself these 5 questions first.

Why are you Renovating?

One of the first questions you should ask yourself before jumping into a home reno is why exactly you are renovating in the first place. What is the purpose of the renovation?

Are there structural issues that need to be taken care of? Are you hoping to increase the functionality of a certain room or space? Or maybe you simply want to give the place a little superficial facelift.

Of course, these are all good reasons for a renovation, however, some of these reno’s will add more value to a home than others – and should be prioritized differently.

Buyer’s like open concept living, granite counters, walk in showers, and beautiful hardwood floors – but none of these renovations will really add any useful value if there are leaky ceilings, faulty electrical systems, or unleveled floors.

Which room are you renovating?

It should come as no surprise that some room renovations add more value to your house than others.

While you may enjoy a brand new master suite, or a secluded, sound-proof play room for your children – that isn’t necessarily what buyers will want.

Kitchen upgrades, bathroom additions, or attic/basement conversions, however – that may just bring that value you’re looking for.

If you want to add value – rather than just creating a space to satisfy your own needs – it’s important to consider which rooms you are planning on renovating.

How Much Are You Planning to Spend?

Budget, budget, budget.

When it comes to home renovations, money can add up – reaaaaally quickly. Upgrades, unexpected expenses, you name it.

And not all of this money spent will necessarily increase the value of your home – if you are looking specifically to add value, you will want to make sure you are spending your money in the right place and on the right things.

Money spent on structural issues – good. Money spent upgrading kitchen functionality – good. Even money spent on nicer looking floors or counter tops – good.

Money spent, however, on fancy, designer light fixtures; quirky bathroom tiles; elaborate landscaping; or state-of-the-art appliances (to name a few) may not be worth it.

Can You Actually Afford the Reno?

This is a big one.

Many homeowners who are thinking of listing their home, believe that if they throw money into renovations before listing, they will make more on the sale. While this is possible, it’s not always true.

Don’t look at your renovation as an investment – especially if you can’t actually afford the buy-in. 

Do You Know the Rules?

It’s your own; you own it. You can do whatever you want with it, right?

Not quite.

Before getting into any home renovations, ensure you are up to speed on any HOA rules, local building codes, required permits, etc.

Cutting corners in this regard can lead to a number of issues. Not only can cutting corners lead to poor quality work that only causes more problems than it’s solved, but it can also bring up issues if you try to sell your home and it fails inspection.

Get Reno’ing!

If you’ve asked yourself these 5 questions and believe your reno is just what your house needs to bring it’s value up a couple notches, then it’s time to get working!

Reno’s can be expensive, time-consuming, and even stressful at times – but if done correctly, can definitely add value to your home, whether you’re planning on selling or not.

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