Renos To Boost Your Return on Investment

Renos To Boost Your Return on Investment

By: Nelly De Breze

Tags: Investment, Renovation

 

 

 

So, you’re thinking of selling your home?! That means you’ve also likely tossed around the idea of investing in some home improvements to achieve a faster and higher price on the sale of your home.

However, here are some home renovation ideas to help you achieve the best possible return on investment:

Kitchen:
It is entirely worth it as it is the most-significant and most-expensive room to renovate, but it also gives you the highest return on your investment. Beautiful countertops, cabinets, hardware, updated appliances and new lighting would help a lot. Indeed, buyers are often willing to pay a premium for a home with a brand-new kitchen.

Bathrooms:
Much like kitchens, home buyer will pay extra for the convenience of them already being updated. A bigger, brighter bathroom with custom elements, such as vanity and countertops, unique tile work, fabulous lighting and extras like a steam shower, make-up area and/or a meditation zone can bring in the bucks on resale.

Income Suite:
Adding a Garden Suite and/or a self-contained suite in the basement is also a great idea when considering adding value to your property, especially in pricy urban housing markets such as Toronto. Indeed, home buyers often look to tenants to help them pay off their hefty mortgage, not to mention that multi-generational households can reside together with greater cost-efficiency and privacy.


Finally, some tips you’ll want to remember before you start your upgrades:

- Think about putting quality over quantity since it can actually impact your home’s value.

- It’s important to renovate for your target buyer, not for yourself, so keep in mind to stay neutral.

- Work with an experienced contractor who’s familiar with the type of work you’re planning, check out their portfolio and ask for references.

- Do it by the book. Don’t try to save on costs by skipping permits or taking short-cuts. Although it may feel like it is helping you to save time and money, it could be detrimental in the long run.

To summarize, a fairly-priced home shouldn’t stay on the market for long, but if you are looking to get the biggest return on investment along with the quickest possible sale, tasteful renovations might be exactly what will take your property from being just ordinary to being extraordinary in a Buyer’s eyes.