Not all renovations are created equal at least when it comes to the return on investment. You need to make sure you’re using your dollars in a way that maximizes the increase in your property’s value. While it’s never a bad idea to update neglected areas of your home, it’s a better idea to make informed decisions. Whether you’re getting ready to sell in the short term, or simply fortifying your home, here are some reliable renovations that should increase your property’s overall value.
First things first: the kitchen. Otherwise known as the most important room to renovate in your entire house. Although it’s easy to sink a ton of money into new appliances (which we recommend you do, with available cash flow), there are other ways in which you can invest. For instance, modern cabinetry, under cabinet lighting, and new floors can fetch you an increased evaluation. Potential home buyers who see these renovations will be relieved that they don’t need to conduct similar projects themselves. If custom cabinetry is out of your price range, don’t underestimate the quality and convenience of Ikea or something similar.
Up next, the bathroom: also known as the second most valuable room to renovate. Homeowners hoping to increase their property’s market value will make no mistake in improving their washrooms. But where to start? Well, if you live in a one-bathroom home with space to spare, installing a second water closet or ensuite washroom will work wonders. We understand how difficult that may be, but there are other projects more easily attainable. For example, your kitchen isn’t the only room that requires new cabinets. Replace your old ones with something fun and fresh. At the same time, old hardware, such as knobs, towel racks and toilet paper holders, can all be upgraded. Larger projects include re-tiling your floors, replacing old showers and sinks, and installing a new mirror.
We can’t stress the importance of curb appeal enough. Don’t believe us? Check it out for yourselves. The exterior of your home, garage and landscape features are all crucially important when you’re trying to sell. It’s especially important when you’re trying to sell for more. This is a home buyer’s first impression of your home. The better it looks, the more interest you’ll generate. The more interest you generate, the more people may offer.
Create an Income Suite
Of course, when your renovations work for you, you’re really in business. You might even say you’re playing with house money. By converting your basement into a rental suite (or another floor of your home), you can earn monthly income and pay back your mortgage. Potential home buyers who see this opportunity are likely to pay more for the work you’ve put in.
If you’re seriously considering a home renovation, these four projects will not only keep you busy, but they may even generate a massive return on investment. For anyone in need of advice, or not sure which renovations are right for your home, contact us today at Pemberton Holmes. We have the expertise to help you make the best decision possible.