Believe it or not, some renovations can have zero net effect on your home’s value or even a negative effect. No homeowner wants to lose money on renovations – at least no homeowner with an intent to sell. A lot of it comes down to understanding what the renovations are that will contribute maximum value and what isn’t worth your time. It’s also about being smart with how you spend your budget.

Here are some tips to ensure your home reno does not take your money and run.

Thinking about selling your South Etobicoke home? Click here to find out what today’s buyers are looking for.

Do Select Renovations Only

Put some money and time into a few of your property’s most-needed renovations but don’t necessarily do everything that you can. Focus on what needs to be repaired or what’s sorely in need of renovation. This ensures your budget is cut down to only the essentials. Do some research about what renovations will add the most value to your home when deciding.

Need more helpful advice on renovating your home? Explore these other blogs from our site.

Finance Your Home Renovation Correctly

Consider not using your own cash, savings, or investment accounts to fund a home renovation. Instead, finance your reno through a personal loan, line of credit, zero-interest credit card, or by using your home equity. Safeguard your emergency savings for a rainy day.

How you finance a renovation can be the difference between profitability and non-profitability.

Attempting An Entire Home Renovation Yourself

Home improvement projects that cost a lot of money to fix if you get in over your head. A project as simple as tiling the bathroom floor can go wrong in a number of ways. An amateurish remodel will only disappoint you and likely cause you to pay more to have it redone now or in the future. With a renovation, call in a professional. Pay a little extra to have it done right the first time.

Hire The Right Contractor

The wrong contractor could give you a delayed or poorly done project. Not every contractor does amazing work. Find yourself a pro. Look for reviews online and references. Ensure they are licensed. For any quote they provide, get it in writing. A contract you finalize should also be signed with the details on materials and supplies, work timeline, and how to pay.

Renovating because you want to sell your home? Check out these seller-focused blogs next!

Sell Your House To A Buyer As-Is

Sometimes the best way to save money on renovations is to not do them. Sell your house as-is instead. Some buyers won’t find an as-is property or a fixer-upper as they get to choose for themselves how renovations are carried out. The downside, however, is that selling a house as-is will mean the offer you receive and accept will likely be for less money than a renovated property.

Don’t Chase Any Trends

Trends come and go in renovating a house. What’s trendy today may not stick around for five or ten years. Don’t be the house where someone does an update or renovation and future guests or homeowners tell you what year that update took place in. Instead, focus on features and renovations that are common and valuable in your neighbourhood or area.

Wherever you find yourself in your journey, if you aren’t sure if a renovation is worth it, just remember that if it’s not going to add significant value to your home’s price, it might be worth leaving for another date or homeowner.

Looking for the best local South Etobicoke Realtors® for your next sale? Email us today at info@adrianandrea.com or call us directly at (416) 319-6893.