The real estate market has never been hotter in so many areas across the GTA. Competition can be stiff, and a few home improvements can make or break the sale of your home. The right home renovations can increase the value of your home and knowing which home renovations will give you the biggest bang for your buck, is key.
Certainly, making home improvements can be for your own enjoyment but when it comes time to sell, whether that be in five years or twenty-five, it's a bonus if those same renovations can add value to your home and increase its saleability. The right home renovation can set your house apart from other comparable homes in your neighbourhood.
Kitchen renovations remain your biggest investment. While a kitchen reno doesn't come cheap, you can expect to see a rate of return when it comes time to sell in the range of 75-100%. Providing a house for sale in a market where top quality renovations are the standard, will increase the chances of selling that home faster.
Bathrooms come in a close second when it comes to the rate of return. Again, this is another reno that your average home buyer doesn't want to have to tackle after purchase. Along with a great rate of return, a bathroom renovation will see your home spend less time on the market.
Flooring and fixtures are the new trends in high-end renovations that will increase the value of your home. Natural floors, such as hardwood and bamboo continue to be leaders in the flooring market. Fixtures are considered décor items and trends in fixtures change often. Providing a home on the real estate market that is on trend with fixtures will gain more interest and ultimately sell more quickly, at a higher asking price. Both flooring renovations and fixture renovations will provide a 60-75% rate of return.
Both income suites and solar add cold hard cash to the homeowner and ultimately the buyer of your home. Spending your renovation dollars on a solar plant for the house or an addition to the living space of the house will increase the market value of your home. Any new owner will be getting a house with an income. A house that in part, pays for itself will surely increase it's worth and open the sale of your home to a wider market of buyers.
Don't underestimate the value of other, low-cost renovations. Providing a great rate of return is painting, new rugs, and wallpaper at 50-100%. Basement renovations and new windows both make great home renovation projects and provide a good return on investment at 50-75%.
Remember, even the most modern and expensive renovation will be considered dated in fifteen years. It is certainly difficult to anticipate how much return a homeowner will indeed reap when the time comes to sell. Although it's important to know the facts about which home renovations will bring in the most return when it comes time to sell, it is equally important to consider which of these home renovations will gain you the most pleasure. Keep in mind, until the day comes when you sell your home, it is you and your loved ones that will be enjoying that investment.
It may be more beneficial to bring in a professional home contractor to work on your house so renovations can be finished efficiently and on time without the need for you to do any of the heavy lifting. Contact Artisan Contracting to speak with a friendly representative about home renovations to increase the value of your home.