If you are a homeowner, you have either renovated or are planning a future renovation. A renovation will increase the value of your home and make it look good, so later when you want to sell it, you can make a nice profit.
Kitchen and bathroom improvements increase the value of your property more than most renovations and offer the highest average return on investment.
However, there are others you can do, depending on your budget that can add value to your home:
- Kitchen and bathroom facelift.
Renovations to the kitchen and bathroom are the most lucrative. Kitchen or bathroom facelifts can pay back 75% to 100% of their cost, depending on the renovations you do. Most real estate professionals and professional renovators agree that homeowners who renovate for the purpose of selling their home should focus on these two rooms.
- Painting the interior or exterior of the home.
Painting is an inexpensive and very profitable renovation project. Rolling on a new coat of interior or exterior paint can generate a 50% to 100% return on your investment. If you’re planning on selling your house, choose neutral shades over trendy colors that may not appeal to all buyers.
- Upgrade your home for energy efficiency.
Any renovation that may save you money such as upgrading the efficiency of your electrical system, heating or water heating will be a very attractive bonus when selling your home. These upgrades will make you benefit from an immediate reduction in costs and will make your home noticeably healthier and more livable.
- Give the exterior of your home a facelift.
The front of your home and the surrounding landscape are the very first thing a potential buyer will see, and very inexpensive projects like painting, updating the garden, fixing a broken fence, etc. will make a favorable impact. Though these little projects won’t add thousands to your selling price, they are often worth much more than they cost to perform.
- Roof replacement.
Replacing roof shingles offers a 50% to 80% rate of return, which is quite a nice margin of profitability. Investing in a roof upgrade increases the value of your home and, most importantly, it protects you against various problems such as water infiltration.
Whatever home renovation project you’re considering, if you want to recoup the highest percentage of the cost, remember that the work has to be done properly and the results have to be tasteful.
It is important to get the correct advice when you are buying a home. We have been in the real estate business for over 28 years and know just about everything there is about buying a home. Contact us or call us on 604 695 1000 or 604 913 1000 if you are planning to buy a home.