A well-thought-out renovation can add to the resale value of your property, while a poorly executed reno can leave your future potential buyers wanting more. When it comes to renovating with resale in mind, there are definitely ways to go about it that will yield you the highest return.
The Appraisal Institute of Canada lists kitchens and bathrooms as the top two return-on-investment renovation choices. Adding storage and bringing new life through lighting and flooring are also listed as profitable choices.
The Kitchen
It’s no surprise the kitchen sits at the top of the list of the most valuable renovations you can do. It is the space prospective buyers all gravitate to while walking through your home and imagining themselves there.
Thinking of moving within the next five years? Be sure to prioritize universally appealing value in the planning stage of your renovation. It’s best to avoid customizing the kitchen to your personal tastes. Think more about wide-appeal, what will lead people to say “oh wow,” and make them want your kitchen over other homes? Maybe it’s a pull-out spice cabinet, sliding shelves, or a pull-out Lazy Susan organizer. Do your research and find the contemporary trends that are timeless, not just simply around for this year.
Also think through who might buy your home in the future and keep their potential wants in mind when designing your new kitchen. For example, if you are in a family-friendly neighbourhood; allow the new kitchen to be one that caters to the daily needs of an average family with children.
The Bathroom
Just like the kitchen, the amount of daily traffic a bathroom sees means there can be a high return on investments for well-done bathroom renovations. A modern new bathroom that is universal enough to appeal to any buyer is what you should be shooting for if you plan to redo your bathroom.
Subtle but contemporary fixtures, vanities with ample storage space and a simple tile design will lead to a bright and inviting bathroom.
If you are redoing multiple bathrooms in your house, keeping at least one tub (instead of going with walk-in showers in every bathroom) can be a wise call to offer options to prospective buyers. Double vanities in a master bathroom, added lighting or a fresh coat of paint can also be very nice complementary elements that will add to the overall positive impression of the bathroom.
The Basement
Finishing an unfinished basement can be a relatively easy process that can help add to the value of your house. Plumbing and electrical is often already roughed in creating opportunities to add a bathroom, a wet bar or even a whole rental suite.
When planning out the basement layout, stay away from cramped small rooms. The average basement already won’t have the best natural lighting, so allowing for bigger rooms will allow the space to feel bigger and brighter. Also consider leaving part of it unfinished for storage as that is always a need.
If your desire is to turn the basement into a full suite, this will add appeal for future buyers who will appreciate the instant mortgage helper.
The Extras
Beyond the kitchen, bathroom and basement there are countless little things that can be done to add value to your house.
Nobody likes dark gloomy rooms so improving light throughout your house should be something you consider. Pot-lights strategically placed throughout the kitchen or bathroom will help add light while drawing the eye to beautiful new appliances and fixtures.
Replacing smaller windows with bigger ones to allow for natural light will help add to the atmosphere of the room. A fresh coat of paint can also help rooms feel lighter if you opt to go for a blight and fresh color.
Updating baseboards, door casings and door handles throughout can really go a long way to help your entire house look much more contemporary. Especially if you have redone your kitchen and/or bathrooms, budgeting for new trim and door handles can help tie everything together and give the whole place a very nice, refreshed look.
Bottom line, to get the maximum return on your renovation investment, think ahead. In the planning stage of your renovation, consider choices that will add to the resale value of your home.
Thinking of Renovating and Might be Moving in the Future?
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