Renovations That Increase Home Value
Planning your home renovations is an uphill task but also important. Planned renovations ensure you complete your renovations within the stipulated time and budget. Renovations also bring in big returns on investment and hence you must prioritize them.
The reasons why you want to renovate your home can be many. You may want to do it if you want a modern kitchen or bathroom, make a bigger space for a family which is growing, or update your current home to the one that you have been wanting for long. Whatever the reason, spending your home improvement budget wisely is strongly recommended.
The Appraisal Institute of Canada (AIC) lists that homeowners must consider the below five renovations for the best return on investment (ROI):
When it comes to the kitchen, a lot of things can be renovated or upgraded to make a striking difference. These include the granite, quartz, or marble countertops, stainless steel appliances, lighting etc. As per AIC, kitchen renovations usually pay back 75% -100% of their cost, and hence the kitchen is considered the most valuable home renovation investment.
As per AIC the quality of materials and workmanship consistent with the home and the area make a big difference while upgrading or renovating the bathroom. You may not need to replace the entire tub or the shower but something as simple as changing the showerhead or painting the tub or replacing old or faulty faucets with new ones are great. Bathroom renovations just like kitchen renovations pay back 75% -100% of their cost.
It is a simple and useful thing to note that any potential buyer will consider storage space before making up their mind to buy a house. The size, layout, and design of a closet are taken into consideration as a well-designed one with great storage is the selling point you may not have paid attention to. It can also pay back about 50% to 75% of the cost when you put your home on sale.
Any old or chipped or cracked tiles, worn out carpets etc should be replaced with new ones for a warm and new feeling to the home. As per AIC, such repairs can pay back around 50-75% of the cost.
Energy-efficient windows, hydro improvements, sustainable energy upgrades, and a new furnace are trending in home building and renovations. You should also focus on attic insulation as it saves the cost of monthly energy bills and goes down well with prospective home buyers. Such upgrades bring in 50-75% return on investments when the house is sold.
Finish Your Basement
Prospective home buyers look at the usable area in the home when they are out to buy a home. If your basement is finished, it can add value to the price of your home. It should also be protected from moisture and have proper insulation. Finishing the basement can bring in about 75% return on investment.
With all these renovation tips we are certain you will be adding a lot to your ROI. If you have any doubts or clarifications about the same do reach out to us at LendX.