Are you considering renovating your home? If you plan to sell after your renovations are completed, or even within a few years, there are some factors you should consider.
How much you spend on improvements should depend, in part, on how long you plan to live in your home. If you are thinking shorter-term, smaller and less-expensive improvements may be your best bet to recover your investment. This could be anything from a fresh coat of paint, updating lighting, or improving the curb appeal. These items can give your home an updated feel with a smaller budget. Personally, after purchasing my home I jumped into renovations right away however I was careful to ensure the changes being made would both be of value to me, and provide a good return on my investment when it comes to selling in a few years. A big factor to consider here – making your home and renovations represent you while still keeping in mind not to customize everything too much to your taste as a new owner will one day live there.
If you’re wondering which home renovations will provide you with the highest return on investment, here’s a breakdown as explained by The Appraisal Institute of Canada:
- Kitchen – renovation or update with quality of materials and workmanship consistent with the area
- Bathroom – renovation or addition with quality of materials and workmanship consistent with the home and the area
- Repainting Interior / Exterior – completed in tones with wide-ranging market appeal
- Updating Décor – lighting and plumbing fixtures, counter tops, replacing worn flooring (vinyl or carpets) or refinishing hardwood floors
- Decluttering – removing all excess items to showcase the features of your home
Now, here are the top 5 renovations to maintain worth:
- Replacing the roofing
- Updating the heating / cooling system
- Replacing windows & doors
- Updating electrical (panel, wiring, sockets, fixtures) Repairing structural defects
Replacing the roof cover, updating heating/cooling systems and replacing windows/doors as they near the end of their life expectancy is essential.
If you’re still feeling a bit unsure when it comes to your renovation plans, I would highly recommend getting in touch with Jenny + Suzanne to discuss your ideas and how they will impact resale value!