There are many reasons why you might renovate your home. Perhaps you’re tired of it’s outdated look, things need to be repaired and replaced, you have to renovate to accommodate a growing family, to sell your home or to just increase your personal enjoyment of your home. Whatever your reason is, choosing renovations that increase your home’s resale value is a smart investment. Whether you’re planning on building long-term equity in your home or hope to put it up for sale, knowing the right renovations to invest in will ensure you’re getting the most value for your hard earned money.
RenovationFind shares three renovations that have a great return on investment:
Kitchen renovations have one of the highest returns on investment than any other room in your house. In fact, even a minor kitchen renovation can recoup 83.1 percent of it’s cost at resale. According to Remodeling Magazine’s Cost vs. Value Report for 2016, if you spent $20,000 on a kitchen renovation you can expect to add nearly $17,000 onto the value of your home.
This kind of kitchen renovation would include leaving your original cabinet boxes but replacing the hardware, door and drawer fronts. Upgrading to new energy efficient appliances and replacing your laminate countertops, sink and faucet with mid-range options. It would also include a fresh coat of paint on the walls and trim and a flooring replacement.
Beyond adding monetary value to your home, it will also help your property move quickly on the real estate market. Other than the home’s exterior, the first thing home buyers look at is the kitchen and a dated kitchen could be a deal breaker. The second thing they’ll look at? The bathroom.
An updated bathroom can go a long way when you’re trying to sell your home. If you still have a pink toilet or an olive green bathtub, then it is definitely time to renovate! Though the return on investment is not quite as high as a kitchen remodel, updating your bathroom will still increase your property value, make your home more attractive on the real estate market and could recoup nearly 70% of your initial cost.
When renovating your bathroom, choose styles that make you feel relaxed and that won’t go out of style. Soothing colour palettes, clean lines and updated mid-range faucets and fixtures will make your bathroom more enjoyable for your family, and easier to sell in the future.
A finished basement has tremendous value, both in resale and in the value it will add to your family’s life. A basement remodel can nearly double your home’s living space. You can add things like a bedroom, home office, fitness area, home theatre, rec room or a play room for the kids plus space for additional storage. Not only will this useable space increase your enjoyment of your home, it will be very attractive to potential buyers.
A basement remodel will recoup 70.4% of the renovation cost, according to the Cost vs. Value report. It will increase your home’s value and make for an easier sale.
If you can spare the space, adding a secondary suite in your basement is an even better investment. A basement suite will greatly increase your property value AND it will provide a steady stream of income to help you with other expenses. Plus, savvy investors seek out homes with more than one suite and are willing to pay more for them.
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