A good investment in a renovation should increase the value of your home by at least the amount of money you spent, or close to it. A bad one doesn't get you much of your money back. Here are some investments that have proven to return their value, or close to it:
- Low-cost improvements that make your home look better: Painting, new wallpaper, and items like new rugs and curtains help to brighten and improve the look of a home, and add value to your house if they are done close to the time of sale.
- New or improved kitchens and bathrooms: Improvements to your kitchen and bathroom seem most likely to increase the value of your home. Keep in mind that these improvements lose value over time.
- Improvements to the living room and the master bedroom: These are also good investments and will usually return most of the money you spent, if not more.
- Investments in more efficient use of energy: Oil, gas, and hydro costs continue to go up. That's becoming more of a concern when people are looking to buy a home. You can make your home more energy efficient as an investment in its value. Some government programs help reduce the costs of these projects. Also, consider buying appliances that waste less energy.
What are some renovations that add value to my home?
