Pro Tips
Top renovations that add the most value
If you're planning a reno with the goal of increasing your resale value, knowing which upgrades yield the highest returns is crucial. Whether you’re preparing to sell or simply aim to enhance your living space, Live to Build can guide you in making strategic renovations that will improve functionality and aesthetics while significantly maximizing your return on investment.
When discussing home value, it's essential to consider three main aspects:
1. Increased Sales Price
Renovations primarily aimed at boosting the home's market value for a future sale.
2. Personal Enjoyment
Upgrades that enhance your lifestyle while living in the home, which may also add market value over time.
3. Property Maintenance
Upgrades that enhance your lifestyle while living in the home, which may also add market value over time.
The key is to focus on renovations with the highest ROI, especially if you're planning to sell in the near future.
Top 5 Renovations for Maximum ROI
Kitchen or bathroom Remodel: While the kitchen is the heart of the home, modern, clean bathrooms attract buyers and can make or break a sale. While a kitchen remodel is not cheap, according to Appraisal Institute of Canada, you can expect to recover 80% of your investment when renovating a bathroom or kitchen. For a maximum bang for your buck, opt for a functional and neutral refresh, such as new appliances, backsplash, cabinetry, or hardware in the kitchen. Consider adding double sinks, upgrading the shower unit, and refreshing the paint in the bathroom for a significant return on investment.
Interior and Exterior Painting: First impressions matter. Enhance curb appeal by refreshing the paint. It’s one of the most cost-effective ways to increase your home’s appeal and value. Stick to neutral colors inside and ensure the exterior paint complements your neighborhood.
Flooring: Replace outdated carpeting with durable and easy-to-maintain flooring. While hardwood is popular, there are many budget-friendly alternatives that offer a great return.
Energy-Efficient Additions: Upgrades like new heating and cooling systems or solar panels can reduce energy costs and attract eco-conscious buyers. These investments are best enjoyed for a few years before selling to maximize their benefits. Don’t forget to address essential features such as roof and windows. A well-maintained home is highly attractive to buyers.
Create More Living Space: Adding square footage such as finishing a basement or adding an extension, can significantly increase your home's value. Though the average reno will cost you anywhere between $50 to $90 per square foot, you can expect a 75% return on your investment for a basement renovation. Don’t forget to keep finishes neutral to allow buyers to envision their own use of the space.
Looking for smaller, cheaper projects to increase the value of your home? Think about upgrading your light fixtures, changing the hardware on your cupboards, putting a fresh coat of paint or updating your curb appeal with some landscaping. For all major renos and for solutions to enhance your home’s value, contact us at Live to Build. We can help you choose and execute your projects to ensure you get the most out of your investment. Schedule a consultation to learn more about how we can assist with your renovation needs.
For more detailed insights and assistance with your home renovation projects in Ontario, reach out to Live to Build. Let’s build something great together!