Home Renovations That Provide the Biggest Return on Investment
As builders, we often get asked, “What type of home renovations provide the biggest return on investment?” Since there are so many factors that impact the decision to renovate, we find that a very difficult question to answer. With our backs against the wall, our opinion is… it depends.
Most of us dream about how endless resources would turn our humble abode into a magazine-worthy dream house. The reality is, it’s not that simple, regardless of budget. And since we live in the real world, budget arguably becomes the biggest contributing factor to what renovation projects you can and will take on. But, it’s not the only factor. In our experience, three main factors affect your decision to renovate:
Getting the “biggest bang for your buck” all depends on making informed decisions while knowing your limitations! Determining what you are prepared to pay, how much work you can realistically take on, and when you need the work completed will form the foundation of your renovation plan. Whether it is a small budget project with a quick turnaround or a large renovation that could take many months, these three main factors need to be clear before any work takes place in your home.
DIY and Small Budget Construction Projects with Short Timelines
Some of the most impactful renovations are those you can either physically do yourself or require only one or two trade professionals to complete, managed directly by you. These projects can be quite small in scope but have a big return. They freshen up your home or make it more comfortable with a low budget and a quick turnaround time. And while they don’t change the footprint or impact all systems in the home, they can provide a much-needed rejuvenation of the space.
Small budget projects include: replacing light fixtures or adding pot lights, paint, flooring, adding insulation in easily accessible areas, fencing/decks, landscaping and upgrading small items like doorknobs, hinges and faucets. New baseboards, window and door trim are generally small projects but, can easily become a medium-sized project when issues or changes lead to scope creep.
Construction Managers for Medium Budget Renovation Projects with a 2-6 Month Timeline
Medium budget renovation projects generally require a construction manager, unless they are stand-alone projects, such as windows, doors or siding replacement. As a homeowner, sourcing and working with one or two trades at a time may be easy for you to manage. However, medium-sized renos tend to be more complicated and multiple trades may be required to complete the work. An experienced construction manager, involved from concept to completion, can help you get through the process without a hitch! They have a team of proven trades and vendors whom they work with consistently and make sure everyone adheres to building code and other compliance requirements.
By hiring a construction manager, you can help prevent unnecessary mistakes and delays that can quickly extend your timeline and increase the budget. A medium project typically affects all home systems, can take months to complete and more often than not, will require more time and expertise than you may readily have available.
Medium budget renovation projects include: door replacement, window replacement, siding installation, roofing, kitchen renovation, bathroom renovation, basement renovation, landscape construction, and new outdoor buildings.
Full-Service Construction Management for Large Budget Renovations with a 12 Month+ Timeline
While large home renovations can stretch your finances, when done well, they have the biggest return on investment. These include all the features of small and medium projects and the completed work tends to completely change how your home looks, feels and operates. Professional service providers including designers, engineers, and construction managers are always involved in these renovations. The time to complete design work and acquire building permits can take months, and construction duration is often double or triple that of a medium-sized project. Despite the time and effort involved, the rewards for such projects are striking! Large renovations, once completed, offer the feeling of having a completely new space, designed by you, specifically for your unique needs.
Large projects can turn a bungalow into a two-storey home or a choppy main floor into a flowing open-concept main floor. If you’re looking to make a big change to your existing home and have the budget, ability, and can manage the duration, a large project is well worth the effort in terms of returns.
Larger budget renovation projects include: new build, structural additions, full-scale gut and upgrade mechanical and support services to current standards.
All home renovations add value.
Whatever renovation you decide to take on, be it small, medium, or large projects, all add value to your property and most importantly to your daily life. And as long as you get comfort, efficiency, and joy from your space, isn’t that the biggest return on investment anyway? Start dreaming up those spaces whether large or small, and we can work together to help you love your home again!
Contact us today, and we can guide you through the “biggest bang for your buck” projects!
Love your home again
Dan is happy to meet with you, listen to your ideas and provide you with a free site quotation no matter where you are in the renovation decision process. No charge…with no pressure, no obligation and no strings attached. We promise. We simply want you to have all the information you need to make the best decisions related to your Toronto home renovation or addition.
FREE SITE QUOTATION – NO OBLIGATION
Free renovation worksheets
Considering a home renovation or addition?
Whether you want more space for your growing family, or crave a space that reflects your vision better, Dan Robinson is here to help transform your dream into a reality.
Regardless of where you are in the process, contact us, and we’ll call to arrange a no-obligation consultation at your convenience. We will come to your home, discuss your vision and begin the process of helping you love your home again.