There are a ton of resources when it comes to home renovations. From renovation company websites to do-it-yourself videos, there is an endless amount of information for you regarding renovations. Whether you are looking for an update to your current home, just purchased a fixer upper or are getting your home ready to sell it can be difficult to decide on your best home reno options. Do you put in the steam shower of your dreams, or do you upgrade the kitchen? If you are fixing up your home to sell, then what you decide to renovate, or upgrade will be different than if you are doing home renovations for yourself. This month’s blog looks at your top 5 ROI home renovations if you intend to sell your home. Enjoy & as always if you have questions, “Talk to Debbie”!
Top 5 Home Improvements for Highest ROI
Paint
I know it doesn’t sound like much, but painting your home is one of the most underrated home improvements that you can do before selling your house. Fixing minor wall damage and a fresh coat of paint freshens up the appearance of your home and makes it stand out in a potential buyer’s mind. Painting might not create the most sensational before-and-after photos, but it helps your home put its best face forward and increases its visual appeal. According to RE/MAX research, a typical return on your investment for a fresh coat of paint is 60%. Whether you do it yourself or hire a professional, make sure you choose colours that compliment and flatter your home.
Consider the Exterior
Buyers don’t want to purchase a home that needs costly repairs. If you know the gutters leak, that the windows and doors are drafty or that the roof has seen better days, chances are a potential buyer will notice it too or their home inspector will. Make sure that your eavestroughs, fascia, and soffits are functioning properly and are cleaned out. Consider installing new energy efficient windows. Replace the old shingles with new. The investment you make today on these home improvements are the selling features tomorrow. Renovations that save homeowners money down the line, will draw a higher return, 75% depending on the size of the reno. *According to RE/MAX research
Countertops
Don’t have the money or time for a full kitchen reno? Why not consider a quick countertop replacement and an appliance upgrade? A kitchen remodel can quickly add up in cost and time, but you can easily refresh a dated kitchen with a new stone countertop. New appliances can make even the most out-of-date kitchen look modern. When home buyers are looking at potential houses, the kitchen is one of the top deciding factors, make sure your kitchen checks the dream home check box. Kitchen renovations are typically your best investment at 75-100% ROI. *According to RE/MAX research
Bathroom
A bathroom remodel when done well can average a 62% ROI. *According to RE/MAX research The first step in a bathroom renovation is to determine your bathroom's most appealing feature and start your renovation there. Be that the vanity, a window, or the bathtub, create your bathroom space focusing on its strengths and minimizing any weaknesses.
Flooring
One word, Carpet! If you are going to renovate only one thing in your home, get rid of the carpet. When potential buyers see carpet their thoughts drift to buying a carpet cleaner or hiring a professional carpet cleaner. They don’t see the warmth and comfort of carpet in a bedroom, they only see the potential nastiness left behind in the carpet. Replacing any aging flooring is a must and can offer a 100-150% ROI. *According to RE/MAX research New flooring can update & transform a space making it more appealing to buyers.
Home renovations can update a house and entice buyers, but you don’t want to break the bank doing home reno's. Choose which renovations make the most sense for your home and budget (cost and time). Talk to your REALTOR® about which home renovations they think would help boost your home's potential.
Stay tuned for a more in-depth look at each home renovation.
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