We all know that the Vancouver real estate market is one of the hottest in the world and so there are a large number of homeowners who buy and flip houses by doing a few renovations. But how do you know when you should renovate to flip or renovate to live?
Living in a well designed space can increase your overall enjoyment of the home for both you and your family, and if your plans are to stay in your home then a change is probably a good idea! So, which rooms do you get the most use and the most enjoyment out of?
Here's what we've found.
By far the room people love the most (and get the most use out of) after a renovation is a kitchen. The kitchen is usually the space you entertain in, start your morning with the kids and your significant other, eat in or maybe even work at the kitchen bar top. A kitchen renovation also adds the most value to a home, and a good rule of thumb is to spend approximately 15-20% of your home's value on a kitchen renovation.
Have you ever walked into a hotel or spa bathroom and just said, "Wow"? We take great pride in and love to bring that same feeling to our client's homes. Whether you are looking to remodel or add a whole new bathroom, renovating your bathroom will add the second highest value next to the kitchen to your home.
Depending on the age of your home, your basement may have been designed as a dark area relished only for storage. If your home is newer, perhaps the basement just needs a touch-up and a few changes. You could create a home theater space, maybe add another bedroom or two or, depending on the size and local building regulations, you could even build an entire suite for some rental income or for the grandparents or teenagers. The possibilities for a basement are endless and if you can add a significant amount of square footage without leaving your own home, why wouldn't you?