We moved into our house just over a year ago and haven’t done much work to the house aside from painting. Last summer we built a deck and a shed in the backyard. I have been dying to get started with some renovations inside and this weekend it happened! We stopped saying “wouldn’t it be nice” and instead just started!
Now, before you get too excited, we are starting with our laundry room. I realize this is not the most exciting or most visible room but it is small and manageable as a starting project. We didn’t want to get overwhelmed to start with by biting off more than we could chew. With the laundry room being smaller it will (hopefully!) cost less if we stay on track. It is also a good starting point for us because it is ‘hidden’. We can practice different projects like dry walling and tiling without anyone looking!
As far as an investment point of view, finishing a laundry room does not have the highest rate of return but it is a good place for us to start and get our hands wet with renovating.
The rooms that tend to have the highest rate of return for your investment are kitchens and bathrooms. These rooms often require the most work and money to remodel which turns many buyers off. When buyers walk into a home with these large ticket rooms already remodeled they are often willing to pay more. With that being said, it is easy to get carried away with renovations. It is important to set a budget and do your best to stay within the budget.
If you decide to hire a contractor for your renovations, one way to save money is to do the demolition yourself. If you remove the materials and dispose of them, you will save yourself some money.
If you add features and finishes that are uncommon for your neighbourhood you may face an ‘over improvement’. This ultimately means that you have put more money into the renovation than will be returned upon the sale of your home. Over improving your home may wind up losing you money when it comes time to sell. This means that you need to realistically look at your neighbourhood and determine what improvements will make you money and which will not (i.e. custom cabinetry vs. store bought cabinetry).
If you are looking to update a space but do not want to spend a lot of money, try adding new flooring and paint. This will freshen up any space. It is also a cost effective way to update a space before listing your home for sale. These two smaller investments can have a big return if done properly.
Now, back to the laundry room! I will try and add some pictures as soon as it is complete. Stay tuned!
Feel free to give me a call anytime to help determine your best investment options!