Renovation and remodelling could add value to your home. If you are planning to sell your home and aiming to get a good return on investment, then consider these top 3 home improvements:
- Kitchen remodelling
- Repainting interior and exterior
- Bathroom renovation
Home sellers are willing to invest about 2.5% of their home’s value on renovations prior to listing their home for sale, says the survey. Resources also say that this represents a home improvement investment of about $15,138 on a home valued at $605,512 which is the current median home price in Canada.
You do not have to spend a thumping amount on renovation. For example, for kitchen renovation, you may modify it slightly by updating just the countertop and by replacing the appliances. Such minor changes can add enough to turn your kitchen’s appearance to a luxurious one.
You can reacquire almost 80% of the cost when selling your home. Kitchen renovation usually tops the list of home improvements that increase the value of your home for resale.
Give a brand new look to your home on the inside and out! Fixing any rough patches and repainting the house will add extra thousand dollars to the value of your home. Be sure to use neutral colours and use popular materials when doing some improvements to your home so they won’t date quickly. This will ensure that your renovations appeal and match the widest range of potential future home buyers from Baby Boomers to Millennials.
Even if you don’t plan to sell your home right away, enjoy the renovations you do now, and reap the financial benefits when you’re ready to plant a “For Sale” sign in the near future.
If you are looking to resell your home or to understand the value of your home, reach out to our experts at Mortgage24!
