Renovations that pay
Before spending thousands of dollars on renovations, it's a good idea to find out whether you'll recover the cost when you sell your home. Start by consulting a knowledgeable Royal Pacific REALTOR® to determine what types of renovations typically offer a good return on your investment in your neighbourhood.
Many Royal Pacific REALTORS® suggest following these guidelines:
- Never "out-renovate" for your neighbourhood. Home prices are driven by a number of factors. Once is location. If you live in a moderately-priced neighbourhood and you renovate your home with a luxurious outdoor gourmet kitchen, you may not recover your costs. Compare your home to others in your neighbourhood, and don't renovate far beyond the area standard.
- Stick to classic styles. In the 1970s wall-to-wall shag carpets and avocado green appliances were popular. In the ‘80s mirrored walls, chrome track lighting and pastel colours were popular. Now interiors like these detracted from home. For resale value stick to neutral carpets or hardwood floors, wood cabinets, and stainless steel appliances.
- Investigate zoning bylaws and permit requirements. If you plan to add a deck or garage or convert your basement to a secondary suite you'll need a building permit from your municipal city hall. Before your begin check the zoning and whether there are restrictions. It's not only dangerous to renovate without proper permits, but when you decide to sell your home, you will have problems.
- Weigh the pros and cons of expensive renovations. The most expensive renovations don't always add value to your home. Large swimming pools and hot tubs could potentially detract from resale value, although smaller pools with exercise machines are increasingly popular with aging baby boomers. Air conditioning and central vacuum systems are expensive to install and may not always pay off as much as inexpensive renovations such as fresh exterior and interior paint.
- Get the job done by professionals. The quality of the renovation will determine part of your resale value. Poor quality workmanship and materials will detract from resale value.
- Do your homework. Long before you start a renovation project, talk to home repair depots, professional contractors and neighbours and friends who have had renovation projects. Here are websites with valuable information.
Here are some helpful links to sites that can help get you started:
Source: Real Estate Board of Greater Vancouver
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