What Home Renovations Add the Most Value?
Home improvements definitely add value to a property. But before you decide which areas to invest your cash in, you need to consider which will give the best return. Remember, what you consider essential may not actually add value to your home. That extra sunroom you really think will add value? While potential buyers might like this feature, it’s not necessarily going to get you a higher selling price.
If you’re looking to create the biggest impact on your resale value, here are the renovations you need to focus on:
Adding a lick of paint can transform a home. While we recommend neutral colours for resale, in 2022 we’ll see the design trend for bolder, warmer colours take to the fore. So maybe add a couple of elements to ensure you stand out from the crowd? While this might not seem the most glamorous of renovations, it’s definitely the most cost-effective and will give tired décor just the facelift it needs. Return on investment figures are around 60%, but remember that you’ll also be dramatically improving the look of your home, which will attract potential buyers and increase your chances of securing a sale.
According to Statistics Canada, spending on residential renovations jumped nearly 60% between February and July of 2021. This was likely due to the fact that we were all spending so much time at home, and money for travel was redirected into our properties. Bathrooms were among the top three spaces renovated, showing just how important these spaces are to homeowners – and therefore to potential buyers. Indeed, given the issues finding tradesmen and sourcing supplies, not many homeowners are willing to take on complex renovations. So, if you’re planning on investing cash into your home, then realize it via a beautiful bathroom reno. You can achieve a 75-100% return on investment, making this a very attractive proposition for people looking to update their homes for resale.
Kitchen renovations also offer a great return on investment. But given the fact that renovation costs can easily spiral, you could just do a quick refresh to update a tired façade. Replacing the countertops, painting the cabinets, upgrading metal handles and swapping out old appliances for swish stainless steel will all add value and can garner a 75-100% return.
Given the impact of the pandemic, and the restricted access to travel, our homes have become where we work, rest and play. A garden is no longer just something nice to look at, they’ve become where we entertain and spend the bulk of our leisure time. It’s no surprise then that outdoor spaces were the number one renovation project reported for Canadians in 2021. While the expense of installing a pool might not guarantee the best return on investment, adding a deck actually provides a generous return, averaging at 70%. Remember that potential buyers now look more than ever at how they can enjoy a property – indoors and out – so by adding beautiful outdoor spaces you’ll ensure your home stands out from other listings. One final tip? Replacing a garage door can vastly increase curb appeal, offering minimal outlay for a great return on investment.
Just as flooring has a massive influence on the look of a home, it can also make or break a house sale. Wooden floors in the main living rooms can be a must for potential buyers. So, to create the best first impression, think about installing hardwood or laminate floors in these areas. Hardwood floors can be somewhat pricey to replace, but if you look under your carpets, you may already have a beautiful wooden floor. If you’re one of the lucky ones, simply strip out the carpets and restore the existing flooring. Given the fact that you can achieve up to 150% return on investment, even if you have to install new hardwood, this is actually a great way to add charm and improve your home’s resale value.
Roof and windows
Beautiful interiors will entice potential buyers, but if a house doesn’t have ‘good bones’ you could have issues when it comes to the building inspection. So, if you have an ageing roof, even though you haven’t had any water infiltration issues, it might be time to get it replaced. Likewise, upgrading the windows will not only improve the look of a space, but it will also save on energy bills long-term. They typically draw a good return, achieving around 75%, and can save you a lot of heartache further along in the sale. Remember, buyers will be wary of structural issues, wise to energy efficiency and might even have problems insuring a home with an older roof, so before listing make sure your home maintenance is up to scratch and consider these renovations.
Let’s face it, during the pandemic we’ve been using our homes like never before. Multifunctional spaces and storage are among the most desired interior spaces for homeowners now, and what better way to add this asset to your home than finishing your basement? Not only will this make your home more marketable, but basement renovations can also achieve a 50-75% return. Remember, you might not have needed the additional space, but this might be the feature that sets your home apart from the rest.
If you’re planning pre-sale renovations then get in touch today. Here at the Broady Windsor Group, we specialize in real estate in Montreal’s beautiful West Island. Our brokers have the experience and expertise to guide you on the best renovations to add value to your home. In terms of the service we offer, not only do we recommend a pre-listing building inspection to avoid any last-minute hitches to the sale, but we’re also well-connected with local tradesmen via our Home Advisory Club. Membership not only guarantees that you’ll stay on top of home maintenance, but also that you’ll be ready when it's time to sell.
Contact us today on 514-612-8041 and see how we can make sure you’re prepared to realize the most cash out of your property.