Renovations
Getting the Best Return for Your Investment
Did you know that many TV home renovation and design shows are based in the United States? Pricing there is, and has always been, lower than in Canada. So be cautious with your expectations of what your renovation project might cost. The $25,000 budget the TV show designer received to recreate the entire main floor in a Virginia home may only get you a master ensuite re-do here in Canada!
So which renovations have the best resale value?
It is useful to have an understanding of which renovations and home improvements help increase the value of your home. We’ve rounded up the latest facts and figures to help you decide where your money is best spent and keep that wallet healthy!
Curb Appeal
74 – 87% rate of return
When it comes to a house, the adage: ‘Don’t judge a book by its cover’ can be a hard thing to live by when potential buyers won’t even walk in through that oak door framed with yellow trim and pink stucco! In fact it’s one area where even modest investment can have positive impact.
New siding $10,000, New asphalt shingle roof $8,000-$12,000 (all price approximate).
Kitchen Remodel
83 – 86% rate of return
The kitchen is the heart of the home and it’s the area that will receive the most return for your investment, providing it’s done properly. Layout should be the priority, ensuring functionality and ease of operating all appliances. Then finishes can be addressed based on your need for trends, clean-ability etc.
Construction, cabinets, counter, back-splash, appliances: $55,000 for a large remodel (price approximate).
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New Windows
85% rate of return
An effective way to increase a home’s energy efficiency level is to replace old windows and broken seals with Vinyl or Wood options. Vinyl Windows are more cost effective but Wood Windows provide a better rate of return on your investment.
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Bathrooms
A big beautiful ensuite with large shower, free standing tub and double vanities will create a valuable return. Consider materials that are easy to clean and maintain. Construction, cabinets, counters, floor & wall tile: $25,000 for a large remodel (price approximate).
Fixture Upgrades
Flooring, lighting, doors and hardware are all inexpensive solutions to update a home. Be smart on the items selected to ensure an appropriate return. Changing linoleum flooring to hardwood and laminate counters to Quartz will win every time.
Facts
All the facts and figures were taken from a Pinterest link at www.elocal.com combined with our knowledge and experience. All images are from our website. If you need help with a Renovation project contact us here! Nothing is too large or too small for us to take on!