Applying custom renovations to your home can have many payoffs. When considering the resale value of a home, many decide to renovate in order to boost the value of a house before putting it on the market. One of the biggest mistakes made throughout this process is the assumption that every dollar spent on a custom home will be translated into a dollar of profit once the home has sold. Knowledge on the custom home resale value in Etobicoke is important when making these decisions. Every home market is different, and there are a variety of attractive qualities homebuyers look for within each area. Therefore, if resale is the ultimate goal for your custom home renovation, your tastes and visions may not be the most profitable ones.

 

There are the obvious enticements to renovating that make your home more modern, comfortable, and functional for you and your loved ones. However, there are also financial benefits that should be considered for long-term profitability. Homes are investments; they are most likely to be the most expensive purchase made in a person’s lifetime. The ultimate goal of a home is to create a pleasing space for you as an individual, and by extension your family. However, it is wise to be aware of the financial implications these alterations can have. Renovations tend to be expensive, time consuming, and often times stressful in a person’s life. It is incredibly important to have the right team of professionals behind such a project to make a custom home venture a successful one.

 

 

It is crucial to plan extensively before entering into any major custom renovations. In Etobicoke, the housing market prices of a home are largely reflected in the state of the bathrooms and kitchen areas of the home. Kitchens are the number one return on investments dollars for a renovation.  If these areas are modern and aesthetically pleasing, it shows potential homebuyers that the home has been updated and would not require extensive work, which is a quality many buyers seek. That being said, minor renovations and staging in the other areas of the home can provide potential buyers with the illusion that there has been work done in all areas of the home.

 

Having the option to rent by having an accessible rental apartment within a home has become another highly sought-after selling point of a house, which usually requires some custom renovations to an existing structure. If this is your goal, consult the building regulations for the home’s structure.

 

Investing in energy efficiency throughout a home can prove to provide profits later as buyers desire modern methods that are both environmentally friendly and cost conscious.

 

Finally, the most important thing to remember while renovating for the purpose of resale is to avoid amateur or shoddily done jobs, so you don’t negatively affect your custom home resale value in Etobicoke. While it is attractive to hire cheap labour in the hopes of saving some money that can be spent elsewhere, the implications of doing so can be more costly than anyone can foresee. The housing market in Etobicoke is a competitive one, custom home renovations can give a seller the edge needed to profit from such a substantial investment.