The way Canadians view renovations has changed as a result of pandemic living: More than half of Canadians renovate their homes each year, according to the RE/MAX 2021 Renovation Investment Report. Even though only 16% of renovations were made specifically with the intention of raising the market value of their homes, nearly 60% of respondents stated that they still considered the return on investment.
In order to bring your home up to current standards and help it compete in the hot real estate market, prepping it for sale can frequently necessitate an investment. You might not be aware of your home’s flaws, especially if you’ve lived there for a long time. Here, we look at the best home renovations that will make you money back.
In a RE/MAX study, paint painting was chosen as one of the top three renovations for return on investment in 18 of the 31 housing markets, including Toronto. Paint painting is probably the most undervalued home improvement. It earns a lot of money with little effort and a small investment. Painting is a simple and inexpensive way to brighten up your home and cover up wall imperfections. The final outcome: a house that feels and looks brand-new.
If you want to sell your home, you should think about hiring a professional painter. Before applying high-quality paint that is appropriate for each surface (matte for living areas, egg shell or semi-gloss for trims and doors, and appropriate ceiling paint), choose a person who can assist you in selecting the appropriate palette, skimming the walls, sealing the trim, and repairing any minor damage. Although it doesn’t look like the most glamorous renovation or promise the most dramatic before-and-after, it can give your home a new look and make it look better than you ever thought possible. It’s similar to dressing for your shape; A color expert can assist you in selecting the ideal shades to complement your home’s lighting and ensure that it looks its best!
ROI: A new coat of paint typically yields a return of sixty percent.
The Statistics: Plan for 2,000 square feet. home: approximately $10,000 to $15,000 Good “Bones” Nothing “sinks” a sale price faster than a house that is taking on water. This is especially true when considering a profitable renovation. Especially in this market, where homes with “good bones” are selling for a lot, it’s important to make sure the roof, windows, gutters, and drains are in good shape, the foundation is dry, and the house has potential value. Vinyl windows, a new roof, or even waterproofing the foundation are all options to consider. Learning that a homeowner has done their homework and invested appropriately to prevent flooding and leaks will go a long way in a buyer’s eyes (and offer!). Buyers are aware of structural issues.
ROI: Depending on the scope of the renovation, homeowners will receive a higher return—around 75%—for those projects that will ultimately save them money.
The Statistics:
For a 2,000-square-foot home, all-new vinyl windows of high quality home: approximately $15,000 Replacing the roof with high-quality asphalt shingles after stripping it: $8,000 to $10,000 Proper exterior foundation waterproofing: Doors and Hardware, approximately $60-$80 per linear foot Investing in new interior doors and hardware; putting in a good lockset and replacing the front door; Wainscoting, crown moldings, baseboard, and door trim are all examples of relatively inexpensive and non-invasive improvements that can immediately boost a home’s appeal. However, it really comes down to the finish’s quality. This is not the time to scrimp on quality or materials. Hire someone you know and trust, or ask friends who you know have similar standards for recommendations.
ROI: The return on smaller projects, which may even go unnoticed at an open house and have less of a “wow” factor, is less than half of the initial investment.
The Statistics:
Front door made of solid wood with a good lock: $2,500 Hardware-equipped interior doors with solid cores: $250/per door Countertops The RE/MAX study found that in 27 of the 31 housing markets, kitchen renovations like counter upgrades rank among the top three renovations with the highest return on investment. Consider a quick countertop refresh and appliance swap as options for a great return on investment because kitchen renovations can quickly spiral out of control. A high-quality stone, such as granite or quartz, will set you back approximately $3,000, while a high-quality slide-in or stand-alone set of kitchen appliances with a professional appearance, such as stainless steel, will set you back between $5,500 and $10,000. To complete the kitchen remodel, replace your cabinets or paint your existing ones while you’re at it.
ROI: The best return on investment is typically between 75 and 100 percent for kitchen renovations.
Bathroom A bathroom makeover is one of the best renovations you can do before you sell a house because it has a high return on investment and is one of the most important features that buyers look for in a home. It was one of the top three renovations for return on investment in 17 housing markets, including both Toronto and Vancouver, according to the RE/MAX study.
A home’s one luxury space can have a significant impact and provide a high return on investment. Concentrate on features like a marble-topped vanity, a frameless glass shower enclosure, or a stunning tile backsplash. Consider the advantages and disadvantages of your bathroom and ask yourself, “Where is my eye drawn when I enter this room?” Is the bathtub the main attraction? The conceit? A opening? Your renovations ought to begin here.
ROI: When done correctly, bathroom renovations typically yield a return of 62%.
The Statistics: Flooring Flooring is the hardest-wearing component in any home, and for many homeowners, replacing aging flooring is a necessity. Budgets vary, but typically range between $5,000 and $15,000. In the RE/MAX study, new flooring was one of the top three renovations for return on investment in 14 housing markets. Therefore, it pays to pay attention to the floor you walk on and invest in high-quality materials and installation.
The installation’s quality is crucial. Laminate flooring from big-box stores can look great when laid correctly, whereas expensive hardwood floors can look terrible if they are lifting or have gaps between planks. However, carpeting is rarely a good idea, particularly if you intend to sell. Even though some people appreciate the comfort and warmth of carpeting in a bedroom or basement, buyers will only think one thing when they see it: Cleaners of carpets, hurry! Carpets typically cherish the memories of previous owners, which prospective buyers would prefer to forget. Avoid carpeting entirely or remove it yourself to save buyers the expense of cleaning or, worse, complete removal.
ROI: The return typically ranges from 100 to 150 percent of your investment, depending on the flooring you select.
The Statistics:
Common hardwood flooring: $4-$6 per square foot ft., plus a $2 sq. installation fee ft.
Common laminate flooring: $1-$3 per square foot ft., plus a $1.50 square-foot installation fee ft.
It pays to carry out renovations that have a high return on investment, even if you do not intend to sell your home anytime soon. You can live more comfortably and rest easy knowing that if the time comes to sell, you will be in a better position in the seller’s market by updating various areas of your home.
