Is Your Home Renovation a Good Investment? Planning Home Renovation
This is the most important question that people asking when planning home renovation. What are the chances of getting my money back if I decide sell my house? There’s no accurate answer, because the price of the property depends on many different factors: kind of the project, materials and quality finishing, overall condition of the house and average value of houses in your neighborhood. Before starting the project, it is important to have some idea of what your improvements might be worth in future. Let’s look what can bring a real value to your home.
The Rooms Redesign
Usually, when people buying a house, they tend to look at kitchens and bathrooms first. You are getting what you paid for! These rooms might be the most costly to renovate, but they provide the highest return of investment. Kitchen remodeling is a separate topic to discuss. Quality and beautiful painting, refinishing of surfaces and upgraded appliances are the key of house value maximization. Home additions, such as family rooms or master suites, also likely to increase value of the property. It’s simple: bigger house costs more.
On the other hand, it is very difficult to even return the cost of swimming pools. People are not going to pay more for a house with extra “maintenance expenses”. Home offices are usually known as low-return investment, because majority of people simply don’t work at home. Planning home renovation involves prioritizing.
Style and Design
The result of remodeling project should be appealing for most buyers. It is a mistake to make it done strictly to your taste. Sometimes people want to make changes, which potential buyers might consider not suitable for them. Therefore, it is crucial to keep this in mind. When choosing kitchen and bathroom cabinets, counter-tops and flooring, considerations and neutral colours and style.
The Region and Neighbourhood
What part of the GTA you live in affects several remodeling decisions. As everyone knows, prices of Real Estate in Down Town Toronto defers dramatically, for instance, with Brampton prices. In every part of the GTA there is different demand and different price tags. If your property is located in low-demand area, you shouldn’t spend great amount of money on high-end renovation. However there are no strict rules, but keeping an eye on local trends is a good way to ensure will be in demand of house-hunters.
Nowadays, during Toronto real estate boom, the trend shows: the longer you stay in your house, the more likely you are to return your investment, or even exceed it. Currently the prices rising around 8 percent a year, which means your outlay will eventually be transformed into the property’s value growth. Don’t forget that you and your family can enjoy the result of renovations for all these years. Life is changeable, sometimes you have to put your property for sale sooner than expected.
When planning home renovation, treat it like investment and be smart about your choices.
If you are planning your home renovation, welcome to GTA General Contractors, leaders of renovation contractors Toronto!
We ensure all services are provided to clients at the most competitive rates and will suggest solutions to maximize the value of your property, as well as make your home comfortable and upgraded Our team will realize your ideas by providing you a one-time free consultation session. Then we provide an estimate to let you know exactly what will be needed to bring your designs to life.