How to Get the Best Return on Renovations

October 23, 2018

How to Get the Best Return on Renovations

If you are considering selling your home in the next few years, you are probably looking around and deciding what changes you can make to improve your chances of a quick sale at a good price. It’s important to balance the outlay of expenditure against the profit you can hope to make at selling time. Not all renovations are created equal, so let’s look at how you can get the best bang for your home improvement buck!

You don’t need to redo your home from top to bottom before you sell- focus on the quick fixes which will boost your home’s appeal and give you the best return on your investment!

Kitchens and Baths

We all tend to think of a sexy kitchen or bathroom as a must-have for a quick and profitable sale, but don’t get too carried away! The average return for a renovated bathroom or kitchen is only about 70%, so it doesn’t make sense to undertake a $50,000 total renovation of your kitchen where a relatively minor facelift might suffice. Look at replacing worn formica countertops and refinishing or replacing cupboard doors rather than ripping everything out and starting from scratch. A new vinyl plank floor will impress potential buyers without breaking the bank! This sort of renovation will return about 81% on the investment.

When it comes to bathrooms, consider adding an extra one rather than renovating the current one. If your home only has one bathroom, adding an extra washroom may help your home sell, but you may only get 60% return on the investment. If you are renovating or adding a bathroom, the current trend is for oversized walk-in showers, so keep that in mind when planning!

Curb Appeal: Doors, Roofs, and Siding

Curb appeal matters, and when it also means that the buyer won’t have to replace or repair basic infrastructure you can expect to sell faster at a better price. Replacing your dingy vinyl siding with stone veneer can recoup up to 97% of your costs! Even new vinyl siding can pay back about 83% when you sell. You can expect to recover 62% of your costs for a new roof.

Garage doors take up a lot of visual space at the front of the average home, and so it’s not a surprise that a good-quality garage door is a wise investment before putting your home on the market. You can get up to 98% of the expense of a new garage door back. A new front door can recoup up to 91% of its cost, making it a great choice for a renovation job.

Additions

Only you and your family can truly determine what you need to do to make your home a haven of happiness in this chaotic world. First of all, you need to live there for awhile before you can really know what works for you and what doesn’t.

Adding new space to your home can boost your chances of making a good sale. You could see the value of your home increase by 30% for every 1000 square feet added. Attic bedrooms don’t require increasing the footprint of your house, but can return up to 80% of the money spent. Building on a family room or sunroom can also boost its value- and add considerably to your enjoyment of your home while you’re still there!

Adding a deck to the exterior of your home can be a big selling point. Even a simple deck of pressure-treated lumber can return 75% of your investment at selling time, and a deluxe outdoor kitchen may increase your home’s value by between 100-200% of its initial cost!

Paint

Paint is the easiest and most affordable way to increase the value of your home.

Don’t go with quirky shades if you’re hoping to sell in the near future- a Zillow analysis of 2017 sales trends found that homes with pale to periwinkle blue bathrooms sold for an average of $5440 more! Meanwhile, greige living rooms upped a home’s value by $1926, and a similar exterior colour added close to $3500 to the selling price. Whether you hire a professional to complete this job, or undertake it yourself, a fresh coat of paint is really important when you’re planning to put your home on the market.

Last but far from least, Flooring

Whether you go with the darker hues that have been so popular in the last decade, or opt for the more classic pale tones of oak or maple, you can be confident that the effort and money that you put into installing new flooring will pay off when you sell.


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