If you’re planning to renovate your home, it’s important to consider how this project will impact its resale value. You may think, “I’m staying in this house for the long haul. Why can’t I just renovate according to my personal taste?”

Even if you don’t plan to sell your home in the near future, maintaining a good resale value can help you get more return on your investment. Below, we’ll discuss the importance of resale value, how renovations affect ROI, and why Peak Improvements is your first choice for Edmonton renovation contractors. Keep reading!

Why Does Resale Value Matter?

A higher resale value will make your home stand out more in the market, making it easier to sell. Your home’s value can also contribute to building equity, which you can leverage for other major purchases in the future.

For many homeowners, their house is their biggest investment. Well-maintained homes will increase in value over time, providing more return on their original investment. If you select the right project, a significant amount of your renovation cost can be recouped from future buyers, resulting in a higher property value.

Renovations that Increase Your Home’s ROI

Many home renovations will help increase the value of your house. For instance, older houses with updated electrical work, HVAC, and plumbing will experience an increased lifespan while maintaining the style and character of their original build.

Some other renovations that increase a home’s ROI include:

• Garage door replacement: This renovation can boost your home’s curb appeal and recoup up to 194% of its cost.
• Midrange kitchen remodel: Updating your kitchen’s appliances and electrical work is a great way to maintain its functionality and look without too many alterations.
• Midrange bathroom remodel: An updated bathroom with features like ceramic tiles and solid-surface countertops strikes a balance between cost-efficiency and style.

Renovations to Avoid

Some renovations that homeowners consider valuable can actually make a house harder to sell. This often comes down to the price point and style of your neighbourhood. Luxury renovations in middle-income neighbourhoods often don’t align with the preferences or budget of the local demographic. Styles and colours that follow a niche aesthetic are also difficult to sell, as they don’t appeal to the average buyer.

Some home renovations to avoid include:

• Luxury bathrooms: High-end features like designer bathtubs and marble countertops can overinflate construction costs without guaranteeing a return, especially if they don’t align with the buyer’s preferences in your neighbourhood.
• Walk-in showers: While a walk-in shower is a great addition to a two-bathroom house, families looking for homes generally want a full-size bathtub in the main bathroom. 
• Bold or dark paint colours: Colours like black, deep red, and yellow cater to very specific niches and are traditionally harder to sell compared to neutral palettes featuring beige, grey, or brown.

Hire Top Quality Edmonton Renovation Contractors with Peak Improvements

With the right team by your side, you can renovate your home to suit your taste while also maintaining its resale value. If you’re not sure where to start, consult our team at Peak Improvements. Our designers and contractors are here to help you achieve the home of your dreams and get the most out of your investment.

Contact us today to learn more about our six-step process.