If you need to upsize or you’re simply ready for a change, it’s tempting to consider a major renovation. After all, renovating means you don’t have to go through the process of selling your property and buying another more suitable home. You just fix up the one you’ve got!
However, you need to carefully consider the pros and cons of renovating before going this route. You don’t want to invest in a costly renovation only to end up with a home that still doesn’t meet your needs.
Of course, there are many circumstances in which a renovation may be the best way to go. If you don’t like your kitchen, for example, upgrading it may not only get you the kitchen you want, but also add value to your property when you decide to sell.
Typical Percentage of Investment Recovered Upon Resale:
75-100% - kitchen upgrade; bathroom upgrade
50-75% - interior painting; replacement of roof, furnace, A/C, windows and doors; hardwood floor installation; finish basement; build garage; add fireplace; add deck; addition to home
25-50% - new fence
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