What Home Renovation Can Add Value To Your Home?
RENOVATIONS THAT ADD VALUE TO YOUR HOME
Home renovations can be expensive, time-consuming and messy, so you must understand the project's scope and research before starting any home reno.
Homeowners renovate their homes for many reasons:
They want to love their home, so it should be comfortable and welcoming
They need to address some safety issues
They want to improve the home's value
They want to increase the home's functionality and energy-efficiency
They want to update the look and feel of the home
They want to prepare the home for resale
What reno gives you more "bang for your buck"?
Home renovations can increase the value of your home, and the most popular rooms are:
Interior/exterior painting, and
Basement renovation completed by Mershire Group, Unit 349
Before starting any renovation, I always recommend homeowners declutter. Don't underestimate the power of decluttering. I suggest decluttering twice a year – you'll be amazed at how much-unused space you can find when you get rid of things you haven't used in ages!
But how much is too much?
Don't go overboard! I know it is exciting to renovate and have everything shiny and new, but be sensible about it, as all those over-the-top finishes and fixtures can add up fast. Prioritize your wants and needs sensibly, and spend your money wisely. You should spend money on essential things like a leaky roof or basement or replacing your old furnace first.
What Should You Consider When Planning Your Budget?
Consider the house's age, the project's size, and project complexity. Is it primarily cosmetic, or do you plan on moving walls and rearranging electrical and plumbing? I always suggest adding 20 percent to your budget for the unexpected.
Estimated costs for home renovations to help you budget for your next project. Illustration by Restovate Ltd.
What's this going to cost?
For general home maintenance, homeowners should budget a percent of the value of their home. So, if your property is worth one million, save $10,000 annually for the unexpected.
For specific renovations, I always tell homeowners to do their homework, research the project, get estimates, list must-haves vs. might be nice to have, and look into material types and range of finishes – these all add up and will affect your bottom line.
Most reputable general contractors will charge for a detailed estimate as it takes time to visit the site and put together an estimate. If the job is successful, they will credit the sum against the final charge. Estimates range from $250 to $500, depending on the project size. When signing a legally binding contract, ask for a precise estimate if you receive a general ballpark. Also, before hiring somebody, request a sample payment schedule.
Every renovation component should be listed in a detailed estimate, including the materials, brands, fixtures, and permits used. By comparing estimates, you will understand in detail why one contractor charges $100,000 while another only charges $85,000, allowing you to compare the products or brand names each contractor offers.
The kitchen is often considered the heart of the home, so upgrading this space can significantly impact its value. To create a functional kitchen, consider upgrading countertops, cabinets, appliances, and fixtures. However, if you want to keep the layout the same, this could significantly decrease your budget.
I am talking about not moving the fridge, stove etc., keeping the same electrical and plumbing. Although, I suggest getting existing electrical, plumbing, and venting reviewed by a pro depending on how old your home is, as it is in your best interest to do some upgrades.
Kitchen renovation completed by Italian Art Interior, Unit 149
Essential Tips to Consider When Renovating Your Kitchen
These tips aren't just for your kitchen or bathroom; they can be applied to most areas in your home. Some information may not apply, but reviewing this list is a good guide, so you don't overlook anything.
#1 - Establish a Budget – precisely what you can afford, and don't skimp on the essentials like high quality building materials and products
#2 - Plan your Layout – consider the flow and functionality of the space, taking into account the size and shape of the space, and location of appliances, if applicable, storage and workspaces. Remember if your designs call for any structural changes (removing or adding a wall) or changes or additions to HVAC or example – these types of changes will require architectural/technical drawings and permits.
Kitchen Renovation Completed by Symphony Kitchens, Unit 30
#3 - Choose High-Quality Materials & Building Products – kitchen surfaces should be durable and easy to clean. I love granite or quartz for countertops. Flooring should also be durable, especially in a busy household with kids and pets.
#4 - Think About Storage – having lots of storage makes our lives easier and helps keep us organized so think about storage when renovating any room, especially a kitchen or basement. Think about cabinets, and drawers and what you will be storing. For a kitchen, do you want a pantry, pull-out or hidden spice rack or built-in wine rack – remember these extras will add to your budget and yes, they might be nice but think about the practicality within the space.
Kitchen Renovation Completed by Symphony Kitchens, Unit 30
#5 - Consider Energy-Efficient Appliances – there are many energy-efficient appliances available today that offer to save you money on your energy bill but choose wisely and do your research and measure, measure, measure – the number of appliances and the size of them will have a direct impact on your overall layout so making sure your measurements are correct is essential and can cause a lot of headaches with last minute changes
#6 - Lighting Can Make or Break a Space – there is nothing worse than a poorly lit room and proper lighting is essential for functionality and safety. For, optimal lighting, consider ambient, task and accent lighting to ensure your space if functional and well-lite for anything
Kitchen Renovation Completed by Luxeme Kitchens, Unit 214
#7 - Ventilation - the ventilation in your kitchen and bathroom is essential for health and safety. Properly installed range hoods and vent fans are key to getting rid of moisture and cooking smells. Bathroom ventilation focuses on extracting moisture from your showers and baths. No matter what, all ventilation fans need to exhaust to the outside and not inside a wall, or attic space.
How Much Does A Kitchen Renovation Cost
A kitchen renovation with mid-range finishes can cost anywhere from $30,000 to $50,000 or more. Features like easy pull-out and close drawers, spice racks, and specialized garbage and recycling compartments can increase costs.
Don't forget about upgrading to energy-efficient appliances, durable countertops and a high-quality exhaust fan — these all add up. If you can, consider increasing your budget if you are renovating your forever home and keep mobility and accessibility in mind.
How Much Does A Bathroom Renovation Cost?
A bathroom that has been remodelled and modernized is a significant selling element for any house. Think about changing out the fixtures, improving the shower or tub, and installing new flooring or tiles.
Bathroom Vanity by Canaroma, Unit 231/250
Renovation costs for a three-piece bathroom should be between $20,000 and $30,000 and for anything more elaborate the budget goes up and up. Bathroom remodels typically include a new bathtub, shower, toilet, vanity, sink, faucet, tile, flooring, countertop, and lighting fixtures. Moving plumbing or electrical systems calls for permits and licensed professionals. Invest in a decent air extractor/exhaust fan, a tile membrane that is water and mould resistant, and use high-quality building materials.
A basement makeover will cost between $50 and $75 per square foot but err on the side of $75 just to be safe. Again, I can't emphasize enough how crucial it is to spend money on high-quality building supplies. Keep in mind that a basement has the potential for dampness, so you should make sure it is watertight before undertaking any significant improvements. I would also advise using a connecting subfloor beneath any flooring, but for basements, I would only suggest using tile, laminate vinyl, or carpet.
Basement Renovation Completed by Sosna, Unit 372
If you are considering remodelling your basement to become a legal rental basement apartment, be ready to have a sizable budget as well as a list of zoning and safety criteria. Work with your contractor and contact your city building department to find out what is required for a legal rental suite. For, a legal basement apartment, you should plan on spending between $75 and $125 per square foot.
Outdoor Living Spaces
Adding an outdoor kitchen or living area to your home can be an excellent way to utilize wasted space and provide a functional and comfortable environment for hosting friends and family. An outdoor space can be categorised as a patio, deck, barbecue area, sitting area, dining area, pool, hot tub or any enclosed area – if fact it can be anything your imagination wants it to be.
Deck completed by TruNorth Decking, Unit 194
In most cases, the same general rules apply and will require a plan that includes design, layout, main function, equipment and materials. When designing an outdoor living space, you must consider how it will interact with mother nature. The design must complement your home's style, as well as what features you want, like a patio, a deck, perhaps a pool and hot tub, and landscaping.
Designing An Outdoor Kitchen
The most practical location for an outdoor kitchen is on a deck or patio that already exists however you may have to make some adjustments – that includes doing a load calculation to see how much weight your deck can hold. This will be especially important if you intend on adding an outdoor kitchen and hot tub.
Typically, the closer you are to your indoor kitchen, the easier it will be to connect to your home's electricity, water and gas services. Of course, this depends on the complexity of your outdoor kitchen and entertainment space. Just remember, if your outdoor space is a fair distance from the house, connecting to your utilities gets more complicated and lines will have to be insulated under the ground, which of course, will add to your budget.
Outdoor Kitchen by GT Kitchen & Bath, Unit 28, 29
Choosing a selection of durable, weather-resistant materials is crucial because outdoor kitchens and living areas are exposed to the elements. The best options include stainless steel appliances, weatherproof cabinetry, and stone or concrete surfaces.
Ensure your cooking tools, grilling equipment, and accessories have enough storage space. Shelving, cabinets, and drawers can keep your outdoor kitchen neat and organized.
The atmosphere of your outdoor cooking and living area can be improved while also increasing safety with proper lighting. Make sure to include ambient lighting for a cozy and welcoming atmosphere as well as task lighting for the kitchen and eating area. Walkway lighting or motion-controlled lighting can help prevent trips and falls too.
Using landscaping components like plants, bushes, and trees can aid in creating a unified and welcoming outdoor area. For shade and solitude, think about including a pergola or canopy. Also, remember to incorporate a lighting component within your landscaping as it can help highlight focal points, like trees or a water feature.
Interior and Exterior Painting
A house can be totally changed by painting. Hire a professional if you intend to repaint your entire home. They are organized, have all the necessary tools, and work quickly and effectively. A 2,000-square-foot house should cost between $9,000 and $14,000 to paint the interior spaces and will likely need 5 gallons of paint – high-quality interior house paint can range from $50 - $80 per gallon.
However, this is a great DIY project if you are only doing one room or an entrance door. A room measuring 10 feet by 12 feet should cost between $500 and $600, including labour and paint. The average cost of painting a home's exterior is roughly $ 3,200, though prices vary substantially. Depending on your location, homeowners may spend up to $7,000–$8,000+ for a high-quality exterior paint job.
Take Your Time, Do Your Research, & Have Patience
Updating and renovating your home with selected projects is a great idea, and will add value to the home. However, these improvements must be the right choice for you and your family. These projects also need to be researched and examined.
Some home improvements come with hefty price tags, so you want it to be done right. The most important thing you can do is have a good contractor or team guiding you and a clear concept of the project, materials and costs. Take your time, research, and have patience; and everything will fall into place.
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What Home Renovation Can Add Value To Your Home?
Home renovations can be expensive, time-consuming and messy, so you must understand the project's scope and research before starting any home reno. However, home renovations can also increase the value of your home.
Working with Your Contractor and Planning Your Home Reno Project
Home renovation projects are not always easy, they required good planning as well as budgeting —and it all starts with hiring the right team. Here’s a guide on how to find the right contractor and plan your home renovation project.