Rejuvenation or Renovation: Which Is Best for My Home?

Like any physical asset, properties are susceptible to the effects of wear and tear over time. This especially rings true for rental properties that see a high rate of tenant turnover and homes occupied by families that have pets and younger children. Not only can wear and tear make a home look dated and unsightly, but it can also have an effect on resale value and appeal, too.

One question that you might have as a homeowner is whether to renovate your property or simply update the features that already exist. Each option has its own pros and cons and will ultimately depend on your budget, time and overall goals.

For instance, owners of rental properties who simply want to keep their home in a good condition may favour a touch up here and there, opposed to undertaking larger, more expensive alterations.

On the other hand, people looking to add a lot of value to their homes for a better resale price might look towards big renovations.

No matter what your goals are, your first step should be to consult a real estate agent for advice on how to improve your home and what it could mean for its value and selling appeal. After all, changes to your home can cost time, effort and money so it makes sense to see which ones would be the best for your individual property.

Knocking down, building up

Depending on the type of renovation you make to your home, you could end up adding a significant amount of value to your property. The key is to look toward features that appeal to a wide range of buyers. It makes more sense to add an extra bedroom to a small home rather than tack on an unnecessary triple-car garage, as bedroom space can be a big buying factor for many home seekers.

One of the biggest risks that is associated with renovations is overspending, so make sure you have a clear picture in your mind of what you want and a strict budget to stick to.

Refreshing and rejuvenating

If you only have access to limited finance, you could spend more money updating existing features rather than risk paying for low-quality renovations and DIY jobs. Rejuvenations, such as interior and exterior painting, laying new carpets or installing new appliances and fixtures, tend to be less invasive for occupants, too. This means that investors won't have to disturb tenants too much and may not even require occupants to move out of the home. However, if your rental property requires significant work that will impact on the tenants' quiet enjoyment of the home, you might offer a rent rebate or reduction during the renovation period.