3 tips to ensure your renovation increases your home’s value

Gain confidence by asking friends to recommend top-notch contractors.Renovating should increase the value of your home, but it doesn’t always. Consider three things before you start:

– Your neighbourhood’s market value. Will an expensive open-concept main floor reno put your home’s value above the market value in your neighbourhood?

– Future buyers. Even if you’re not planning to sell soon, it’s wise to think of your project in terms of what most buyers would want. For example, eliminating a bedroom to expand another room may not appeal to every buyer, especially those with families.

– Return on investment. Some renos add insta-value, like updating kitchens and bathrooms, adding square footage, or changing carpet to hardwood. Likewise, replacement renos – like swapping out an old roof or rotten deck – are smart.