Whether you are wanting a quick reno to help sell your home, or are looking to turn it into a million dollar mansion, getting the best return on investment is one of the top factors when deciding on which home renovations to do. Here are our top 5 home renovation projects to help you improve the value of your home.
If you have brand new kitchen cupboards, fresh paint in the living room, or a new open concept layout, but have the same old, well-worn flooring, the entire home will look outdated or unpleasent. On the other hand, by re-doing the flooring you can improve almost any room significantly, which in turn will increase your return on investment. While hardwood flooring is one of the tops requests from potential homebuyers, almost any type of new flooring will help improve your home. Tile, modern carpet, and laminate are all popular choices and will bring new life to a new space while improving the value in the home.
4. Bathroom Renovation
Powder rooms, main bathrooms and ensuite bathroom projects can make a huge difference in the value of your home. Consider adding new cupboards or painting the existing ones and adding new hardware. New tiles, modern flooring and new faucets can also help increase the return on investment. If the home’s layout allows for it, consider extending the counter space to have double sinks. Doing so will not only increase the value of your home, but it will help you sell or rent it out much quicker!
A fresh coat of paint on the walls and trim goes a long way when it comes to your return on investment. If you are planning to live in the home, consider high quality paint both inside and out. Not only will it help protect the surface, but with a higher quality paint you won’t have to worry about re-painting every few years. If you are selling your home, change the colour throughout the house to a neutral colour. Many buyers are looking for move-in ready homes and do not want to change the colour themselves. By not painting they will likely use this as a bargaining chip to help lower the price.
Kitchen renovations can be costly, but they don’t have to be. The key here is to set a budget, stay within it, and know what your “must haves” and “nice to haves” are. While items such as stainless steel appliances, granite countertops and custom cabinets can increase the value of your home significantly, they can also cause you to go over budget. If you are on a tight budget, consider painting or re-surfacing your kitchen cupboards, updating appliances, and adding small things such as new cupboard handles and modern light fixtures.
1. Basements/ Income Suites
The best renovation you can do to increase your return on investment is to add an income suite to your home. While basements are the most common type of income suite, loft conversions, coach houses and third floors are improving in popularity. Adding an income suite will help you add equity in to your home while helping you pay off the mortgage.
If you are looking to increase the value of your home through home renovation projects, call us today at 604-968-3076.