7 Renovations That May Be Worth it for You… But that Won’t Influence how Much Your Home is Worth!

7 Renovations That May Be Worth it for You… But that Won’t Influence how Much Your Home is Worth!

We may personally prize all kinds of renovations that make our homes more comfortable and beautiful for us. Unfortunately, not all upgrades represent an investment that will add value to our property.

It is important that you improve your home first and foremost to please yourself; however, if you’re carrying out work in your residence for the purpose of increasing its market value, it’s better to spend money on things that will actually allow you to list it at a higher price. Wondering which renos offer little (or no) financial advantage? Here are a few!

1— Setting Up a Home Theatre 

A room dedicated to the moviegoing experience will be considered a plus for many buyers. Especially if it has comfortable seating and an optimal sound system. However, home theatres are costly to install and it will be difficult to include all the expenses incurred in the sale price. Typically, the return on investment is only between 25% and 50%.

2— Removing the Shower or Bathtub

When it comes to redesigning a cramped bathroom, some owners decide to remove the bath or shower. This is not recommended. Having both these options in the same room is important to most buyers (much more than a spacious layout). Conversely, renovating the bathroom, with the aim of maximizing storage while keeping the tub and shower in place, is always a worthwhile investment.

3— Installing a Pool

In-ground pools are pricy … and totally useless if you will be leaving your home in the next few months. You are never going to get your money’s worth. Plus, whether this addition does indeed attract buyers is a roll of the dice. Many view a pool as an expensive object to maintain as some of its components deteriorate over time, such as the lining tearing or chipping paint, in the case of concrete models. Only fully stainless-steel pools require little care and are durable. However, even if you do install a stainless-steel pool in your backyard, you will still not recoup the costs. But if you’re not planning on moving, why not splurge!

4— Adding a Skylight

While an abundance of natural light in a residence is a plus (a dark home stays on the market longer), you won’t be able to boost your asking price simply because you installed a skylight. However, if this will help you to sell your property faster, go for it! Some renovations may not be lucrative yet are still worthwhile.

5— Choosing Renovations to have a Family Room Over a Washroom

Can you only afford to complete one room in the basement? Pick the washroom. A family room or a home office will not generate the same financial benefits. Laying the floor, erecting walls, the finishes and paint are expenses that won’t be reflected in the property’s value. However, homes offering a turnkey basement can generally be listed at a higher price.

6— Adding on an Oversized Garage

On the one hand, an average-sized garage will add value to a property; on the other, you won’t get your money back if it’s oversized. And while the increase in storage and space the extra square footage is important to most buyers, you won’t be able to raise your price accordingly. But if this is your forever home, why not treat yourself?

7— Going all in for Luxury Materials

Making high-end additions or renovations that do little to improve the overall appearance or usability of the home will have no impact on its value. In fact, if you’re thinking about moving, carry out the work your house needs before you put it on the market with good-quality materials, just don’t go overboard. This way, you will be able to recover all the money invested when you sell the property. So, if you want to incorporate, for example, marble or quartz, do it … but only for yourself!

Your home is unique and some of the above-mentioned points may not apply. Again, some renovations may not pay for themselves, but they will benefit you significantly. Feel free to consult your RE/MAX Broker for advice and guidance on this topic!

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.