Home Renovations and Remodelling Ideas
Tags: HOME RENOVATIONS, VAUGHAN REAL ESTATE, REAL ESTATE, BEST VAUGHAN REALTOR, SELLING A HOME, PREPARING TO SELL
If you are considering renovating or remodeling your home, it’s important to think about which renovation projects will have the best return on investment (ROI). Here are some ideas that tend to have a good payback:
1. Kitchen Remodel
Upgrade your kitchen with new countertops, backsplash, cabinets, and appliances. A minor kitchen remodel can recoup around 80% of the cost. While a major remodel which would include a complete redesign of the kitchen can recoup 60%. So if you are planning to do a major remodel do it because you plan to stay in the home for a long time and not for resale appreciation.
2. Bathroom Remodel
Refreshing your bathroom with new fixtures, flooring, and tiles. A mid-range bathroom remodel can recoup around 70% of the costs. An upscale remodel can recoup around 60%.
3. Exterior Upgrades
Boosting your home’s curb appeal with new siding, windows, or a front door replacement, Exterior upgrades make your home more appealing to more buyers and these upgrades can recoup around 70-80% of the cost.
4. Deck or Patio Addition
Adding a deck or patio to increase the livable space of your home. Deck and patio additions can recoup around 70% of the cost.
5 . Attic or Basement Remodel
If you need more space finishing your attic or basement is a great way of adding additional living space to your home. Attic and basement remodeling can recoup around 70% of the cost
6. Energy-Efficient Upgrades
Save money on your energy bills by adding insulation, energy-efficient windows, or a high-efficiency HVAC system. Energy-efficient upgrades can recoup around 60-70% of the cost.
If your home is outdated or in poor condition, renovating it before selling could help increase its value and make it more appealing to buyers. However, if your home is already in good condition or if the local real estate market is slow, renovating your home may not provide a significant return on investment.