What Big Home Renovations Should You Invest In?

What Big Home Renovations Should You Invest In?

There are plenty of renovations, improvements and design changes that you can plan for a house, but it’s likely that you can’t afford to do every single thing on your wish-list. The most important part of larger renovations is finding a skilled and licensed electrician, plumber or roofer for example, to help you connect the dots. For smaller renovations this won’t be needed. If you are having trouble deciding which renovations are wise investments, here is a brief list of renovation ideasalong with their pros and cons.

Replacement Windows

Many homeowners may not realize just how much energy they are wasting through their old and drafty windows.One of biggest benefits of installing new windows in your home is that your hydro bills will shrink because this renovation can reduce your use of heating and cooling appliances and make your property more energy-efficient. Remember to get these replacements from a reliable company like Golden Windows-they will have a selection of windows specifically designed to reduce your energy consumption.

Pros Cons
  • Improved energy-efficiency
  • Lower hydro bills
  • Better insulation from outdoor temperatures
  • Reduced noise pollution from outside
  • Higher property value
  • Very little maintenance required
  • Can be expensive if your home has a lot of windows
  • Installation day will be inconvenient and require furniture to be stored elsewhere

A New Front Door

Replacing the front door is considered one of the home renovations with the best ROIs-this means the renovations have the highest return on investment rates and recoup most of their initial costs. While you’re looking into changing your homes door, does your garage door look like it needs some TLC? If so, make sure to consult with a reputable garage door repair company to get the job done and keep insulation first-class not just in your home but in your garage too. The ROI changes depending on the material that the door panels are made of-a new fiberglass door has a 78 percent ROI and a new steel door has a 91 percent ROI. New doors made of energy-efficient materials will add similar benefits with replacement windows, helping the homeowners save money on hydro bills and regulate their indoor temperature.

Pros Cons
  • Better security against break-ins and burglaries
  • Added insulation and protection from cold air leaks
  • Lower hydro bills
  • Increased curb appeal
  • High ROI
  • Very little maintenance required
  • The renovation costs can be higher depending on the door material
  • Wooden doors will eventually need-re-staining

An In-Ground Swimming Pool

Surprisingly in-ground swimming pools are renovations that don’t add value to your property – they can add value in warmer climates, but pools will be unusable for three-quarters of the year in most Canadian locations. While the benefit of throwing a summer pool party sounds tempting, an in-ground pool renovation carries a lot of expenses, responsibilities and risks.

Pros Cons
  • Excellent way to cool off in the summer
  • Seen as a luxury renovation
  • Very expensive-an in-ground pool can cost more than $100,000
  • Additional hydro costs to run the filter
  • Requires regular cleaning, maintenance and upkeep
  • Physical risks like drowning, slips and falls
  • Not useful in colder months of the year

You should always conduct lots of research before planning major improvements or renovations for your property. Remember to weigh the benefits versus the consequences, including whether the costs will be recouped in the future-if the negative aspects outnumber the positive, it’s likely that this is not the kind of investment you will want to make with your money or your home

Kelly Tate
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