Maximizing the value of your home in a number of different ways is bound to prove to be beneficial in today’s housing market. One of the things home-owners and investors are looking to are add-on features and renovations. After all, many homeowners have had to rely on their dwellings more than usual over the past few years because of the pandemic.&nbsp;&nbsp;People have found new creativity in transforming their living rooms into offices, classrooms, gyms, and libraries. Many went on to expand their living spaces, both indoors and outdoors.&nbsp;According to RE/MAX Canada, 29% of Canadians renovated their homes for non-essential reasons, such as recreational use or aesthetic purposes. These people fall into the category I; adding gyms, pools, classrooms, offices, or even expanding spaces, not including those who renovated for essential reasons such as roof repairs, etc. Up to 16% of the respondents said they renovated to increase property value, with plans to resell within the next 3 years.&nbsp;&nbsp;But do we know what renovations are best and would be valued more by the prospect buyers?&nbsp;The most common renovation project is reportedly a full bathroom remodel. This includes, but is not limited to: tub, shower, sink, toilet, vanity, and tile replacements, light fixtures, replacing plumbing, and more. According to Mike Holmes from Make It Right Canada, 75% of your investment on a full bathroom renovation can be recovered. That’s not bad.&nbsp;Projects that aim to modernize and plan ahead for factors such as the aging population by adding shower benches, safety handled and replacing flawed, outdated designs with more trendy ones are a great idea.&nbsp;&nbsp;Ensure that you choose energy-conserving and durable design options to avoid spending money on energy wastage and replacements.&nbsp;&nbsp;A less common but profitable option is window replacements. Homeowners were shown to save 12% on energy bills after window replacements because of updated protection from the elements. This plus the 80% return expected shows that window replacements are a good option.&nbsp;&nbsp;Outdoor renovations, such as balconies, patios, fire pits, gazebos, and more, are all good options that add value. A balcony or a sun room are more expensive options, but returns are very healthy at around 80-87%.&nbsp;&nbsp;On the other hand, some ideas are not as profitable. A common project people look to are swimming pools, which add about $30k in value on average. However, when considering installation and maintenance costs, it may not be worth it. Realtor.com says that the average cost of a pool is $40k. The annual maintenance cost is around $1,500.&nbsp;Realtor’s Terry Williams suggests getting an appraiser before committing to a splash pad. This involves comparing your property’s value pre- and post-installation, and comparing those numbers to similar homes. She says, “If the home is valued at $300,000 without a pool and $335,000 with a pool—but the cost to install the pool is $65,000—then you know the installation of that pool will not add value.” Back to Mike Holmes, he says that it is a good idea if you want to have fun but does not recommend it if the end goal is gaining value.&nbsp;When planning renovations for your home, consider energy efficiency, maintenance and installation costs, repair costs, as well as durability and suitability of new features for the home design and location. Being wise about home improvements will truly pay off.&nbsp;

Renovations and Returns. What types of home improvements are likely to increase the value of your home?

Maximizing the value of your home in a number of different ways 

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