The Return on Investment for your DIY Home Renovation
Think you want to take on a reno on your own? Consider doing what you can yourself and get some help where you shouldn’t take risks.
When you are thinking about renovating your space, no matter your circumstance, homeowners are always wanting to compare the amount going in to the amount coming out; they want to know what return they will see on their investment. It isn’t uncommon for us to talk to Niagara homeowners who want to refresh their home on a budget and want to maximize their own skills to do it. Often these clients are handy, may have some past DIY experience and/or have connections to friends and family who can save them a few dollars. Renovations can be costly, and so you want to make sure that you’re making a worthwhile investment.
Projects with the greatest return on investment
It seems obvious that you can increase your home’s value when you put your own time and money into home renovations and ultimately, you’re going to save money when you do the project yourself. However, no matter what your approach three fundamental principles apply to about ROI: workmanship, materials, and design.
Workmanship: Adding a deck
Adding a deck to your home can be a straightforward project that not only adds value but adds living space to your home. For skilled DIYers, this is a great project that can cost a fraction of what it would cost to hire a pro. When it comes to ROI, Remodeling magazine’s Cost vs. Value report states that you can expect an 80.5% ROI on a deck built by a professional, but a 490% return when you build it yourself! This sounds fantastic, however, the key to getting this type of return is workmanship. Professional or not, if the deck is built poorly, you will not see a good return. Take the time to do the project right and good workmanship will pay off.
Materials: Bathroom Renos
For a DIYer, upgrading your guest bathroom, which usually measures around 5 feet by 7 feet, can be a great project to tackle. By installing a new bathtub, toilet, tile floor, shower surround, vanity and sink, you can make big strides for little money. You can do it all yourself with a bit of help from a plumber to install or repair plumbing connections. When you hire the project out, you will see a 70% return on your investment, but if you do it yourself, you can see upwards of 170% return! The principle to consider with this one, is materials. With the DIY approach, you often are able to shave off a considerable amount of the cost by creatively sourcing your materials through sales or through Kijiji. However, what will maximize your return is quality. It’s hard to sell a new bathroom when you’ve used cheap materials to do it. Look out for quality plumbing faucets, and solid vanities to maximize your return.
Design: DIY doesn’t mean you’re alone!
And just because you have decided to take on a DIY renovation, it doesn’t mean you have to tackle your project on your own. When it comes to maximizing your investment, your number one key to success will come in good design and planning. Slapping a deck to the back of your house, or throwing up some paint in the bathroom may add value to your home, however if you want to make the largest return on your investment, you need to think about design.
Now, when we use the word “design,” we’re not taking about the latest, greatest fashion trends. We’re talking about maximizing your space, resources and time through careful design and planning.
To do this, you want to find a design and planning company who specializes in custom home alterations. A good design and planning company, will understand that you are working with a strict budget and will help to design a renovation that you can afford. At first blush, taking the time to plan out your renovation step by step may feel like a delay to swinging the hammer. However taking this time and investing your resources in this way will allow you to personalize your project based on your skills and your connections, create a full budget that will maximize your resources and will give you a step by step plan that will make sure your renovation doesn’t run out of control.
After that, once the hammer begins to swing, with the right design and planning company, you can even turn to them for help, giving you support where and when you need it, using their expert knowledge, advice, suppliers and tradespeople and ensuring your project goes smoothly with and without the pros.
