If you’re upgrading your home with increasing resale value in mind, some home renovations have a higher return on investment (ROI) than others. However, it’s important to note that the ROI of any renovation project can vary depending on various factors. These factors include the quality of materials used, the level of craftsmanship, and the local real estate market conditions.
Blackwood Contracting in Calgary is a full-scale renovation company that can improve your home’s aesthetics, function, and value. They share five home renovations that have an excellent return on investment:
1. Kitchen Renovations
A kitchen renovation can significantly improve the look and functionality of your home, making it more appealing to potential buyers. In addition, upgrading appliances, cabinets, countertops, and lighting can contribute to a higher ROI. In fact, according to Remodeling’s cost vs. value report for 2023, a minor kitchen renovation can add over 85% of its cost to the resale value of your home. That is an incredible return!
2. Bathroom Renovations
As one of the most often used rooms in a house, bathrooms are another area that can greatly benefit from renovations. Upgrades such as new fixtures, tiles, lighting, and adding additional storage space can attract potential buyers and make your home a real market contender. In addition, a mid-range bathroom remodel can recover nearly 67% of its cost at resale.
3. Basement Renovations
Finishing your basement can add valuable living space to your home. In some cases, you can nearly double your functional living space. A finished basement can be used as a recreation room, home office, or additional bedroom. Future buyers will appreciate the complete basement, which adds so much to a home. The most recent data shows basement renovations having a 70% cost vs. value percentage.
4. Outdoor Renovations
Curb appeal is essential when it comes to selling your home. Exterior upgrades like a new entry door, siding, or garage door if you have an attached garage can significantly improve curb appeal. All three of those upgrades can recover 100% or more of their cost at resale, according to the cost vs. value report.
In addition, upgrading your outdoor space by adding a deck, patio, or landscaping can increase the value of your home and make it more attractive to buyers. Everyone loves the idea of spending time in the yard and enjoying the great outdoors close to home!
5. Energy-Efficient Upgrades
Green home upgrades are increasing in popularity. Homeowners want to save money on energy and do their part to minimize their impact on the planet. Energy-efficient upgrades such as upgrading your insulation, installing new windows, or upgrading your HVAC system can make your home more energy-efficient. Additionally, green home upgrades attract buyers looking for eco-friendly homes that reduce spending on rising energy costs.
Learn about the Canada Greener Homes Grant and how some of your green retrofits could be eligible for rebates and other incentives.
Home Renovations in Calgary
Blackwood Contracting can help you create unique spaces in which you and your family will thrive! They offer complete home renovation services, including kitchen renovations, bathroom renovations, and basement development. They’re dedicated to high-quality work, exceptional customer service, and ensuring you’re happy with the finished product.
If you’re ready to renovate, contact Blackwood Contracting today!