Home Renovations with a Great Return on Investment

Even if you love your space, at one point or another, most homeowners have thought about making changes…“I love our kitchen, but what if we added an island?” or “our ensuite bathroom is great, but I’d love double sinks” or even “our basement is so spacious, I wonder what it would look like finished”. If this sounds familiar read on!

“When we decided to sell our first home for an opportunity to ‘move up’, we knew we needed to update the kitchen and bathroom to attract buyers and get the price we wanted. Once the renovations were competed, it looked so great (and our house sold quickly and for the price we wanted!). My only regret is that we didn’t do it sooner so we could have enjoyed it ourselves!” – Stephanie (Seller)

Home renovations can truly revamp a living space and make your home more enjoyable to live in and if you’re thinking of resale, can actually add value to your home and give you a great return on investment!

Let’s start with the bigger budget renos:

• Let’s get cooking! It’s agreed upon by most that a kitchen remodel is the number one room to renovate in your home – especially when it comes down to adding a little extra value. By adding some new (neutral) cabinets, a coat of paint, and some stainless steel appliances, the value of your property is bound to certainly increase.
• Add a little modern flair to your bathroom.  Second to your kitchen, updated bathrooms will certainly appeal to potential homebuyers (and visitors). Let’s face it no one wants to walk into a dingy or dated bathroom. Start with the main level bathroom or your ensuite for the biggest impact.
• Say goodbye to carpeting! Speaking of outdated, let’s dive into carpeting. In short, carpeting gets stained (especially with kids and pets, right?); needless to say, carpeting becomes rather difficult to keep up with in terms of keeping it clean. However, by replacing those floors with something like hardwood, laminate or vinyl, you’ll be adding substantial value to your home (not to mention crafting a little modern charm to attract home buyers in the market).

On a budget? No worries! Here are a few tips for home improvements that won’t cost you a fortune. Here are a few tips to add value to your without spending a whole lot of time and/or money.

• Introducing three small words: paint, doors and trim. Adding a coat of paint to a room (and to your trim) can actually go a long way in terms of brightening a living space. And in that same breath, updating main doors throughout your home can really modernize your living quarters (don’t forget hinges and handles!), adding some worthy return on investment when selling.
• Hardware and more: keeping with the idea of changing up a few small things to make a big difference, switching out bland hardware and light fixtures can make any room feel more at home. Add new hardware to your kitchen cabinets and drawers, handles to your doorways, pot lights to an open concept living space – the list goes on!
• Do it yourself.  Since the invention of YouTube and Pinterest, DIY projects have never been easier! While you should always hire a professional for things like electrical and plumbing work, there’s a how-to video on almost every home improvement project!  Learn how to tile a backsplash, install a floor and everything in between, if you’re not afraid of a little hard work, not having to pay for labour can save you significant cash!

By putting in a little time renovating your home, you’re sure to get back a little investment in return with each project you take on. In fact, sometimes such renovations (as listed above) can have a return value of 5-6 x what they cost.  Now, that’s something to write home about! Time to dig up those tools and pull out those drawing boards. Happy renovating!