As an alternative to building a new house, renovating your existing home can be an excellent alternative to get the best of both worlds. Renovating can give you the modern new look with the benefits of your older home - mature neighbourhood, amenities like schools, close to existing friends and so on.
Experts consistently indicate that kitchen and bath renovations offer the best return on investment in your home. The cost for renovating these rooms can be significant depending on how extensive the make over, but recovery rate is often 80% to 100% of the cost of the renovation in terms of added value to your home. This recovery rate is typically high for a couple of reasons:
- Kitchens and bathrooms are essential rooms in your house. There isn't a day that will go by when you are home that you won't spend time in these rooms. How much time is somewhat dependant on your lifestyle, but even those who are not a gourmet chef will spend some time in their kitchen!
- Today many households have such busy lifestyles that kitchen is not only the place where meals are prepared and consumed, but also a family activity center where people come and go, discuss activities, check messages, make phone calls, pay bills, conduct business, and so on. Kitchens are often the activity hub of the home. Kitchens are also a social hub when entertaining with people gathering in the kitchen around islands or peninsulas.
Most people know that remodeling a kitchen, and to some extent a bathroom, is a significant undertaking. Thus they would much prefer to buy a home that has an upgraded kitchen when the renovations are complete than have to undertake this themselves. They know that it is costly and disruptive so if it has already been done for them they will pay top dollar for that feature.
Here is a few resources that you may find helpful in planning a kitchen or bath renovation.
- Canadian Mortgage and Housing Corporation Renovating a Home
- Style at Home
- Style at Home Return on Renovation Costs
- The Right Elements for Kitchen Design
- Top Ten Mistakes in Kitchen Design
If you need some assistance in locating other critical resources such as a general contractor we have trusted individuals and companies that we can suggest.