6 Renovation Mistakes

Projects that don’t pay for themselves

If you want to get the most out of your home renovation dollars at resale, stay away from the bathrooms.

If you want to get back every dime you put into a professional renovation, think upkeep rather than expensive upgrades.

No.1: Bathroom editions
Adding a bathroom from the foundation up isn’t a project for the faint of heart. Or the shallow of wallet. So have it done years before you sell — so that you can enjoy it, too, he says. That way, you get your money’s worth for the other half, too.

No.2: Master suite addition
Remember those McMansions of the 1990s? “New buyers are turned off by that,” Knoll says. To millennials, a large house just means a lot of space they have to fill and more money they have to spend on furniture, he says. Older generations, especially the ones with money to spend, want more room. “The grander, the better,” says Fichelson.

No. 3: Closet renovation

A $3,500 remodel for a reach-in closet is “a realistic price,” says Matt Laricy, partner and managing broker with Americorp Real Estate. “I don’t think anyone realizes how expensive closets are.” Knoll agrees. “They can be spendy, for sure.” But it’s a check in the plus column for potential buyers. “I think people like it — as long as it’s customizable,” he adds, because buyers want to be able to move shelves and features so that your perfect closet will fit them, too.

No.4: Bathroom renovation

Buyers love bathrooms — the more modern and luxurious, the better. But while a sumptuous bath may spur a browser to buy, it probably won’t garner 100% of what you spend on it. A more realistic estimate: a little more than half. And while you don’t want to renovate just to sell, keeping the house up-to-date as you live there will pay off at resale time.

No.5: New wood-frame windows

Windows are like roofs: If everything’s going well, you probably don’t think about them.

But when it comes time to replace them, you need a pile of money.

And spending $26,000 on a houseful of new windows is “conservative but realistic,”. You could easily spend more — $40,000 to $55,000 — depending on the scope of the project and the windows you select.

No.6: New fibreglass front door

When it comes to resale value, a fiberglass front door might not be your best buy.

A steel front door costs $500 less and returns the same amount — about $1,500 — at resale, according to the NARI/NAR report. Depending on the maker and the door, some wood or steel versions could even cost “a couple hundred dollars more” than similar fibreglass versions. While a new front door can freshen up the look of the house, that doesn’t mean buyers want to pick up the entire tab for the project.

Tip: If you’re replacing a door, opt for one that matches your home’s architecture and enhances its character.