THE WORST 6 RENOVATIONS THAT TAKE AWAY VALUE:

You have seen the best renovations for adding value in the previous blog post. Canadian Real Estate Magazine also includes the list of worst renovations.

These renovations will reduce value on rentals, and can have a negative effect on sale price as well. 

Carpets

Although some people like the warmth of a carpet over cold flooring, carpets are very impractical for rentals and a house you plan to sell soon. They get warn down quickly and have to be replaced every few years, they stain easily, absorb odours, and are more readily damaged by pets and cigarette smoke.  If you don’t want to walk directly on hardwood or tiles, consider throw rugs to provide ease of installation and replacement. 

Installing cheap flooring 

It is tempting to skimp, especially on rental properties, but cheap flooring may come back to bite you in the long run. Cheap floors look it, and so discourage potential tenants. They also lack the durability of better quality flooring. You will be forced to replace it frequently in order to satisfy tenants. In other words, you will save now, but pay later. 

Landscaping 

If you have left over money from other renovations that you have completed, than this one can in fact be useful. Landscaping can do its part to attract tenants and potential buyers. In terms of total value however, landscaping is your lowest priority and should not take the place of better renos. 

Fancy light fixtures

Although you might enjoy chandeliers and hanging lamps,  our taste may run contrary to that of potential tenants and buyers. You are better off installing standard lighting and/or pot lights and leaving any fancy fixtures to be the responsibility of tenants.  

Wallpaper 

Wallpaper becomes dated very quickly. It is more expensive and difficult to replace than basic paint. You are better off sticking with paint, and using furniture accessories to play with bold patterns and colours. 

Bold colour schemes 

Like wallpapers, what is enjoyed by one will not necessarily appeal to another. By leaving the colours a neutral colour, your property appeal reaches a larger audience.

Best Renovations

If you ask most people on the street whether or not renovating your house will raise its value, chances are they will answer yes. What they should be answering is “it depends on the renovation”. This is true regardless of whether you are talking about your own home, or about a rental property you own.

The December 2011 edition of the Canadian Real Estate Magazine did a great article about the best and worst renovations you can do on your property. Without further ado:

The Best 7 Renos:

Create Warmth

This is the least expensive renovation. You can do it yourself, or hire a professional, both with relative ease. The idea is to create a space that is welcoming to potential buyers or renters. It is also a great way to quickly cover up little problems like cigarette smoke damage and unwanted odours from past tenants.

Luxury Countertops

Installing stylish countertops in your kitchen can serve two purposes: practicality and appearance. The right countertops can make your kitchen look modern, stylish, and appealing.  The right countertops, especially something like stone, are also hard and durable enough to last a while. If you are planning on renting out your home for example, this will reduce the need to replace or repair them between each tenant.

Install Hardwood Floors

Hardwood wins out over carpet due to its durability. A light varnish won’t show scratches as obviously. Maintenance on hardwood floors is a lot easier.

New Bathroom Tiles

If you can’t afford to completely redo your bathroom, but want to give it a facelift, changing the tiles can be a relatively inexpensive and creative option. Tiles come in a variety of colours, including mirror, and can go on both floor and wall.

Swap out the vanity.

Good basics in a bathroom can go a long way towards improving the value of your home. Bathtub, toilet, sink, not to mention tiles, can all be switched out to turn your drab bathroom into something more inviting.

Add wow factor to your kitchen

The popular trend for kitchens right now is open concept, stainless steel, and modern appearance. If you want to go that extra mile to really stand out, add an attractive backsplash. If you don’t have a big budget, a splash of paint on the cabinetry and a new faucet can also add that extra touch to make your kitchen stand out.

Waterproof the Basement

How much would you pay for peace of mind? Even if floods are not a usual concern in your area, this precautionary renovation could potentially save you money in the event of a broken pipe, clogged drain, or many other small mishaps that can cost you thousands in damage. This renovation might not add measured value to your home, but buyers will like that this “major” will already be done, and tenants will appreciate the peace of mind.

Funny Real Estate Listings?

Don't you wish all sellers were this flexible?

Happy New Year

Hello Everyone,

Just wanted to wish you a happy new year. Blogging will resume soon.