We all want to live in homes that reflect our taste and lifestyle, but when it comes to renovating your Toronto property, it is important to consider the investment you are making, value of your home and gained equity. While many renovations will increase the value of your home, there are some to consider with caution because they have the potential to do more harm than good.
Over Personalized Toronto Home Renovations
The first rule of thumb when renovating your Toronto home is to never personalize things too much. While you might love bright flower wallpaper, painted sub-floors, black counters and cabinets or outlandish lawn decor, the list of buyers who have the exact same taste as you may be short. Today’s buyers want move-in ready homes that are blank slates, and when they look at your home and see a lot of work to be done, it can decrease their offers or willingness to make offers on the property at all. Play it safe by adding color and personality with accent pieces and keeping renovations less specific.
Renovating Your Toronto Kitchen
Toronto kitchen renovations are popular. They increase usable space in the kitchen, and make it a more enjoyable room to cook and spend time in. Before proceeding with a kitchen renovation, take the time to understand the cost versus value. Over the top kitchen renovations that include Italian marble tile, expensive granite and gourmet cooking spaces are costly and sometimes more expensive than your property value can sustain. If buyers coming to your neighborhood are not expecting these kinds of spaces, they might not be willing to pay for them. This can quickly negate the investment you put into your Toronto home and even cause buyers to pass on submitting an offer.
Bathroom Renovations
Second on the list of popular spaces to renovate in Toronto are bathrooms. Homeowners love to create spa-like retreats off of their master bedrooms and beautiful secondary bathrooms that are welcoming for friends and family. When renovating your bathroom, remember that the current trend is eco-friendly renovations that conserve resources. If you are installing a large Jacuzzi tub or a shower with multiple jets and shower heads, it might be a turn off for potential buyers. Unless you are planning to stay in your home for years, think modest, sophisticated and comfortable when remodeling your Toronto bathroom to increase profits and appeal.
Pools, Hot Tubs and Outdoor Living Spaces
The views in Toronto can be beautiful, and many homeowners choose to enjoy them in their elaborate outdoor living spaces. When renovating your outdoor areas, keep in mind the changing seasons. Pools and hot tubs are popular additions that many homeowners consider, but they drive down the value of homes in some cases. These types of renovations are vastly unpopular for families with young children, may not be useful year round and they can also reduce usable space in a yard making it less appealing. If you do decide to install a pool, only consider an in-ground pool as above ground pools are largely unpopular and almost always diminish resale value.
Renovating Bedrooms
Finally, take caution if you are planning to renovate a bedroom in your Toronto home. While it might sound appealing to turn a third bedroom into the walk-in closet of your dreams, marketing your home as a two-bedroom house rather than a three-bedroom will decrease perceived square footage and resale value. Even if the home is technically still a three-bedroom bungalow in Toronto, always stage each bedroom, rather than leaving them as your home office or gym, to maximize buyer interest.
Alair Homes is a professional design and construction team specializing in Toronto home renovations. With years of experience and an award-winning reputation, we know the neighborhoods within this great city and help homeowners on a daily basis to renovate with property values in mind. Our professional general contractors will meet with you, learn about your visions of the perfect home and make recommendations that provide the lifestyle you want while also protecting your home investment. To learn more, contact us to schedule your free, no obligation Toronto home renovation consultation.