What Renovations Add Value To Your Home
Renovations are really big business. Many of us are investing in our homes to add value for later sales, as well as add value while we live there! (If you remember, we are going to renovate our basement; unfortunately, finances have temporarily put that on hold, as we unexpectedly found ourselves investing in a new car.)
We're still going to renovate, but it will likely be later this year. Can we expect to get the value our of our extra basement living space?
Well, basement renovations do pay back but not as much as you might think. While it does create more living space in the home, your payback potential is between 50 and 75 percent. In fact, your best payback potential lies in bathroom and kitchen renovations, followed closely by interior and exterior painting.
The lowest paying renovations? Well, don't expect to get a lot of money out of landscaping, interlock, fencing, paving the driveway, adding a swimming pool, or installing skylights. If you have plans for any of these, you better be doing it for your own enjoyment.
There are actually trendy renovations at the moment. The top ones are: adding a home theatre (but you need serious cash to do this); installing hardwood in the kitchen; adding a main floor laundry; non-neutral interior paint; installing a whirlpool bath; building in your kitchen appliances; creating a ground floor office; and, adding an island in your kitchen. While these are the top current trends, it still doesn't guarantee that you'll get your money out of them.
We may not see all our money out of a basement renovation, but we sure need the space. The youngest member of the clan is just learning to crawl, and once she gets going I'm sure that Number 1 son will not be pleased.