Top Renovations To Increase The Value of Your Home
Friday Aug 27th, 2021
Thinking of placing your home on the market soon, but unsure what renovations would be best to undertake?? Out of the renovations you would like to get done, what is going to make the most return for what you invest into your renovation budget??
According to the Appraisal Institute of Canada, there are a few suggestions that can be made based on the Return of Investment (ROI). This is expressed as a percentage of the renovation investment that is realized in an increase in the value of the property.
Paint – While one of the most understated of the possible renovations, it is possible this one can make the most impact for the amount of work required. A fresh coat of paint in the right tone and finish can make a surprising difference in a space. There is up to a 60% return of investment from this type of renovation placing it right near the top, especially since it requires relatively low effort and investment. With the attention to detail of a professional, or a careful homeowner, it can help instill a feeling of freshness and being new; while putting the space at its best show quality!
Flooring - One of the hardest wearing and best investments to make is an upgrade to flooring. With many options available from laminate to refinishing existing hardwood, this is a great way to update a space. Again, attention to detail is key here as the quality of the install can make a huge difference to the overall finish regardless of the grade of materials chosen. Carpets are a prime target for renovation, since it is likely that the new owner will remove or replace the carpet upon taking possession; why not update the look and save them the hassle?? Not to mention, depending on your choice in flooring, you could see 100%-150% ROI for this particular renovation!
Kitchen - An update to some or all of the features of the main meeting hub of the family could be the best investment return. This area of renovation can yield 70-100% ROI, making it the highest return for a single space. While it is seen as a massive undertaking, the project can be scalable based on budget. A quick replacement of countertops and select stainless appliances, and a fresh coat of paint on the cabinetry can make a huge difference in refreshing the feel of a home.
So when getting your home ready to sell and you are going through the renovation list, I hope these suggestions may give some guidance!
Contact me for more information, or to find out how best to apply these tips to your own property.
Real estate Salesperson
Royal LePage Escarpment realty