When designing a space, I feel it is always important to keep re-sale value in mind. As most of us have experienced, life can throw us a curve ball at any point and to be prepared as we can be can protect us from financial strain or ruin. Before renovating or updating, take into consideration your local market, location, property features such as view or lot size, as well as the home itself.
Consider Your Local Market
Think about who would be buying your home if you were to sell it. A professional? A family? Retirees? Location is also a huge factor. Keep your eye on comparable properties around yours that are for sale. Consider the features and benefits of their space vs. yours as well as monitor how long they take to sell and for what price. Once you get a good idea of your local market, you can start making design decisions that you love but will also protect your investment.
Balancing Personal Style vs. General Market
Stand out but don't be weird. You can really limit your market of buyers if you have a design element in your space that is too odd or different especially one that is difficult or expensive to change. For example, if you LOVE the colour red, maybe have a select wall painted red and accent appliances or furnishings in red. Use it where it can be easily changed instead of a red roof and red siding that would turn off the majority of the buyers because it would be too costly to change.
Kitchens & Bathrooms
If you have limited budget or are not sure where to allocate your designing funds, your safest bet is kitchens and bathrooms. As far as re-sale is concerned, they are #1 in protecting your home value. People tend to congregate around the kitchen to eat, drink, and socialize. Ensure your layout and design are user friendly as well as aesthetic.
I must caution that there is a balance in type of products, and style and character of your space. For example, I wouldn't suggest putting stone countertops on old laminate cabinets or installing a brand new, expensive vanity and not replacing the avocado-coloured toilet and bathtub. Ensuring your allotted renovation funds are used wisely and in the right areas can make your project as opposed to break it.
Where do I begin?
If you are looking at renovating or updating your home either for yourself or for selling in the future, give me a call. I can do a quick consult or a complete reno design package that could end up saving you thousands and making you thousands!