Home renovations will improve the comfort, function, and aesthetics of your home. They will also increase property value. Because your home is an investment, you want to make sure you are spending money on your home that will improve that investment.
Many home renovations can improve resale value. Others might not add the same monetary value, but could still be worth it if you’re planning on staying in your home for a while. Platinum Construction & Consulting Ltd. in Edmonton shares examples of both:
Upgrading your basement or developing an unfinished space can improve the value of your home. A basement renovation can almost double a home’s usable living space. You can add bedrooms, bathrooms, a rec room, family room and plenty of storage. Having this extra space is worth the investment. Not only will it improve your quality of life while living in your home, but potential buyers will pay more for a home that has a professionally finished basement too.
For savvy investors, adding a secondary suite in the basement can create an additional revenue stream. This can help cover other home expenses and will pay for itself with the rental income over time. More than that, homes with a legal secondary are sought after by other real estate investors. This will help you tap into a niche market when your home is put on the market down the road.
Master Suite Additions
Master suite additions are wonderful, but they don’t add too much to your home’s value. If you want to treat yourself to a beautiful oasis, complete with a full bathroom and all the luxurious finishes, please do. It’s worth it if you’re going to live in your house for a while and will really enjoy it daily. If you’re renovating with just investing in mind, skip this one for now.
Kitchen renovations are the most popular home renovation and they also are one of the most valuable renovations. This is because the kitchen is the most used room in the house. It’s considered the heart of the home, which is why it’s so important to potential buyers. If you’re sick of using your dated or dysfunctional kitchen, a kitchen renovation will greatly improve how you use and enjoy the space. If you decide to sell down the road, you can expect your renovation investment to pay off. Remodeling Magazine reported over a 77% return on investment with minor and midrange kitchen renovations.
Upscale Bathroom Additions
Adding a second bathroom in a space that exists in your house is more affordable and has a decent return on investment. An example of this would be adding a bathroom in a space the basement where there wasn’t one before. An upscale bathroom addition that is added to the footprint of your house does not have a great ROI. If you have a growing family and need that bathroom, it’s worth the cost. If you are renovating to sell; put the money instead into upgrading the bathrooms you already have.
General Contractors in Edmonton
Platinum Construction & Consulting Ltd. can transform your dreams into reality. From inception through completion, Platinum’s experienced and dedicated team delivers consistently high-quality projects on time and on budget. Sit back and enjoy the renovation while their team takes care of all the little details, with the utmost respect for your property. If you’re thinking about a renovation, trust the professionals at Platinum Construction & Consulting Ltd.