Larger renovation projects to raise value for a property: are they worth it?

When we tend to watch too much Property Brothers or other renovation related series, we will often be gutted to see how much of a change renovation can bring and how it can also increase a property’s value. But, before you start getting into renovation projects we would like to warn you to think again.

What you see on TV is for the show and it’s far from reality

On TV they can turn a house into a wonder home within a matter of weeks. However, unfortunately in real life this doesn’t go this way. If you want to do any larger renovation projects then here is all you must consider:

  • Finding quality contractors who also available will take time and it will always cost more money than you would think. Most contractors will be able to start up a few weeks or even months after the first negotiations have started.
  • You will need separate contractors for most projects, which is unfortunate but it’s how it works in real life.
  • Most construction projects will result in further renovation projects: for instance, if you want to bring down the walls, its for sure you will need to get your floor re-tiled and your walls need a new coat of paint too.
  • When it comes to purchasing new furniture you need to get this arranged as well. Remember, bathroom and kitchen will require the involvement of a plumber and a gas specialist.
  • Works will almost surely take more time and more money than you would think.
  • You cannot rely on the price a contractor tell you first time around. There are more reasons for that: they may find additional things which needs repairing ( this happens 99% of the time) or they will need more of something they need to use.

However, if you start on time and get quality contractors who do a good job, it will pay off. So, if you still want to do some larger renovations here is the list of the most value-raising projects for you:

Basement renovation

If you want to recreate your basement and turn it into a proper living area, in real you would need to start about a year before you start to sell. It will take money, it may run into all sorts of problems which would cause the whole project to stall and it can be challenging in many ways. But a good basement renovation can raise value up to 30% of the total value of the home.

Deck and upgraded backyard

Many family’s top priority is, to have some space to spend time at outside. If you have a backyard, it time for you to upgrade it. Make it lush, get an extra deck installed if you don’t have it it would raise the value of your home by up to 10%.

A built-in loft

Constructors don’t like to do lofts because its risky and gives not that much space in return. Only get this done if you can guarantee a very easy access to and that it has enough space for a proper room at least.

Consider, whether you really have the time, the money and the energy to get involved in such large projects which will definitely bring a huge change into your whole life for a long period of time and will cost you a lot of money too.