3 renovations that are a total waste of money (and 7 that aren’t)‏

When you own a house, you want it to look great! You know about regular maintenance such as replacing worn-out plumbing components or staining the deck, but you might also want to renovate that tired bathroom; or replace those old, drafty windows; or redo the basement to create more living space. Some of those projects are wonderful if you plan on living in and enjoy your home for many years to come, but if you are considering selling in the near future and think these renos will increase the home’s value, think again. Some will, some won’t and some will never even recover the cost that went into it. Here are seven renos that are pretty good investments and a few that just aren’t worth the money.

Swimming pools are so not worth it

A snazzy swimming pool is nice to have but, surprisingly, not very valuable to buyers. Many home buyers think they’re dangerous if you have young children in the family and an overall pain to maintain. In-ground swimming pools can cost upwards of $100,000, plus there are the annual maintenance costs. So don’t bother dishing out on a pool unless you plan to retire in your current home. If you sell you definitely won’t recoup any of the costs, and it will likely be harder to sell.

Don’t glam the garage

Some people turn garages into family rooms or play rooms. Most people want a garage to stay a garage. Buyers want to protect their cars of course but they also want a place to store outdoor stuff, like lawnmowers, leaf blowers, shovels and garbage cans. Again, if it’s a home you are going to live in for a while and you need the extra space, then go ahead, but come selling time, it might be smart to convert it back to a garage.

Don’t overbuild

You may be tempted to undergo large, expansive remodelling projects – like adding an addition because you think it will increase the home’s value. But if the house is sitting in a neighbourhood of small, one-storey homes, then you’ve wasted your money. If the average sale price is $200,000 for example and you’re trying to sell for $300,000, it’s going to be viewed as overpriced for the neighourhood it is in. Make sure your reno fits the property. But if you plan to live out the rest of your years there, then by all means, expand away!

Revamp the bathroom

Every year, the Appraisal Institute of Canada surveys its members and compiles a list of renovations that yield the best return on investment. Year after year, refurbished kitchens and bathrooms head the payback list. So let’s look at bathrooms first. An old toilet that’s cracked or dirty or doesn’t work properly is a turn-off. Vanities should be eye-catching and practical. Good lighting boosts value. Better yet – add a window if you can to get natural lighting. If you want to save some money consider re-glazing the tub, rather than getting a new one.

Hot Trends: Whirlpool baths, freestanding tubs, dual-flush toilets and handheld showers

Bathroom upgrades can be anywhere from $6,000 to $25,000 however you will recoup 75% to 100% of the initial cost.

Upgrade your kitchen

A kitchen overhaul often sits at the top of any reno list. It's the heart of a home and the room where families spend most of their time. So where do you start? Be careful, this is the reno that can overstretch the budget because there are so many neat things you can add to a kitchen. If you’re adding high-end upgrades such as stainless steel appliances make sure they’re not sitting on vinyl flooring or sitting against worn-out cupboards. High-quality upgrades generally increase the value of high-end homes, but not so much for mid-range houses where the upgrade is inconsistent with the rest of the home.

Hot Trends: Hardwood floors, islands, built-in appliances

Kitchen upgrades can cost anywhere from $10,000 to $75,000, however you will recoup 75% to 100% of the initial cost.

Invest in a sprinkler system

People love owning homes but sometimes there isn’t a lot of time to maintain the property. While a beautifully-landscaped garden, with lovely trees and flowers will increase the home’s value by 10-15 per cent, green grass is something everyone wants. Adding a sprinkler system that automatically turns on and off is a good investment and will add more value as will other landscaping improvements such as patios and decks. Just don’t over landscape because it may be too much work for a new owner.

Hot trends: Barbecue pits, ponds, outdoor kitchens

Sprinkler systems costs are dependent on many factors and range anywhere from $1,000 to $10,000, however you will recoup 50% to 75% of the initial cost.

House needs a roof

This might not be the most exciting or sexy reno but it does have its perks. A dry house, for one. Curb appeal for another. Roofs aren’t cheap but they last a long time. A roof insulates your home, making it more energy efficient. It also protects the home from damaging elements like bugs and squirrels as well as rain and ice. If it’s old, worn out or damaged then replace it.

Hot Trends: Eco-friendly roofing materials, warm, earthy colours

A new roof can cost anywhere from $14,000 to $30,000, however you will recoup 80% of the initial cost.

Try a coat of paint

This is your best bet to increase the value of your home. Real estate experts agree. Paint is one of the easiest and cheapest things you can do to freshen up your home and add zip to it. The most appealing shades are neutrals: yellow-based tones such as off-white, mushroom, medium brown or taupe. Don't try to experiment with accent colors or accent walls; use one colour or a couple of related colours throughout the space. This guarantees smooth flow from room-to-room.

A paint job will cost from $100 up to $1,000 for a large house, however you will recoup 100% of the initial cost.

Finish the basement

A finished basement is very attractive to buyers. Not only does it increase floor space but it can be a place for the kids and/or a place to put extra stuff. However adding a room that caters to your specific hobby may not be so beneficial. Also, some people might like the idea of a wet bar, while others may not. A walk-out is much more-desired than stairs, but you can’t have everything.

Go for new windows and doors

Doors and windows are the first impression visitors have of your home. You can boost curb appeal and add value to your home by upgrading. You win in a few ways -- energy efficiency, minimal dust and draft, home comfort, safety and they look darn good.

Hot Trends: Impact-resistant windows

New windows and doors will cost from $3,000 up to $15,000, for a large house, however you will recoup 75% of the initial cost.

Hot Trend: Basement wet rooms – a fancy term for a bathroom but a nice trendy one.

Basement renovations can cost from $3,000 up to $$50,000, depending on the size and what you add, however you will recoup 75% of the initial cost.

By Gina Monaco