To remodel or not to remodel – that is the question! And beyond that question, how can you know whether the time and money that you invest in remodelling will provide you with a decent return when it comes time to sell your home? Before you decide on what to remodel, learn about these five home renovations that can help give you the ROI you desire by improving the resale value of your home the most.
You can never go wrong when it comes to remodelling your kitchen. It’s the most used room in your home, and one of the most influential spaces in regards to boosting property value. It’s what grabs the attention of potential buyers – for better or for worse. Whether it’s simply updating your appliances and fixtures, or taking on a complete renovation – the kitchen is where you can expect to get the maximum amount of return, between 80% and 100%.
In second place behind the kitchen, comes the bathroom. An outdated bathroom can also play a major role in making or breaking that resale value. When it comes to both the kitchen and bathroom, buyers want that tinge of luxury in the décor and design. And although a major renovation of the bathroom could potentially set you back almost $20,000, you can expect around an 80% return.
The Siding of the Home
If your home does have siding on the exterior and it’s looking a little worse for wear over the years, you might want to consider replacing it. The siding can be a large contributing factor the overall appearance and curb appeal of your home. And since it is on the exterior, it’s often an area that buyers notice first. But if you’re debating about whether replacing it is truly worth it, this is also another investment that should yield a return of 80%.
Similar to your siding, if you have a front or back deck that is worn and weathered, it can detract from the overall impression and value of your home. Many buyers today, who are looking to purchase a home, are looking for a turnkey property that won’t require significant upgrades to the interior or exterior. If your deck is in rough shape, this is a project worth taking on as well.
When it comes to windows, the cost factor can, of course, vary depending on the condition of your current windows and whether or not the home requires total window replacement. Modern, newer windows can be an attractive feature in a home due to energy efficiency and added safety features. And although this will generally yield a return of about 70% return on investment, it could be necessary and well worth it for your overall resale value.
Before you begin your remodelling projects, it’s important to know what areas of the home are truly worth tackling in regards to improving the resale value of your home. Try to focus on these specific areas to get the most return for your hard work and investment.
At VERICO The Financial Forum Ltd., we’re here to provide expert and guidance both before and after you purchase your home. Contact us at 905-265-0246, we’re always happy to talk!