There are a number of renovation shows available these days, making it easy to get swept-away with the DIY romance of it all. The idea of transforming your home into a stunning piece of real estate that immediately increases in value is exciting. Unfortunately, most of these shows should come with warnings similar to diet commercials; cautioning viewers that “results aren't typical”.
Now don't get me wrong, it is feasible to increase the value of your home significantly through renovations, but just like any real weight loss program, there’s plenty of planning, work, and a serious commitment required… not to mention some additional help from professionals. This article is a realistic look at renovations that will add value to your home.
Kitchens are one of the most popular choices to renovate before selling, probably because they average an 85% return on investment (R.O.I.). They’re expensive though, the average kitchen reno in Hanover and southern Ontario costs about $30,000 or $195 per square foot.
New counters, ideally from natural stone such as quartz, are a key feature in our region's top selling homes. Cabinetry and upgraded hardware should also be prioritized during this reno. Then, if there’s room in the budget, splurge on new appliances. While attractive appliances are appreciated, many homebuyers see them as being easier to replace than counters.
Just like kitchens, bathroom reno’s have a great return on investment; the Appraisal Institute of Canada says we can expect to recover about 75%. Our experience in the market has shown us that many buyers are concerned about older plumbing, so even though this is an upgrade you can’t see, it’s still worth investing in.
New tile flooring and updated light fixtures help you see more bang for your buck. Don’t discount the importance of storage space though. If your bathroom is lacking, then choose a vanity with cabinets or drawers. However, if storage space isn’t a concern, consider a stylish vanity that will act as a centerpiece to your bathroom.
Sure, windows are great for freshening up the appearance of your home, but they also increase airflow, and your home'sefficiency. Drafty windows can scare away potential home buyers. They stay focused on the expense and possible headaches of having to replace them. As an added bonus, many window installers now offer a transferable warranty which is great news for homebuyers and continues adding value to your home.
The cost for windows depends on the amount needed, as well as the quality and number of panes the window has. Fortunately, consumers these days have some opportunities to save a lot of money on these types of upgrades. The provincial government, for example, is currently offering rebates up to $5000 on windows, doors, skylights and more. You can read more about available rebates here.
There really are a variety of improvements you can make to your home to increase its resale value. As you can see though, you have to put the time and money into your investment. If you’re not sure where to start, we’re happy to help, and answer any questions about increasing your home's value.