3 renovations that offer the best ROI
Thursday Jan 26th, 2017
Got resale on your brain? Renovating is a great way to increase your property's value before it comes time to sell. But the cost can be challenging, especially if you're on a budget and want to make sure the projects you choose give you the biggest bang for your buck before you commit to knocking down any walls. If you're interested in cashing in on the red-hot housing market, here are a few projects worth investing in before the “for sale” sign goes up:
1. Kitchen. The soul of any home, investing in a kitchen refresh can be one the best ways to wow perspective homebuyers. Although one of the costlier renovations, upgrading this space will pay off in the long run as it's often the focal point of the home. If budgets are tight, you'll find the biggest return on investment by replacing old appliances with new stainless steel fronts. Other great investments are a gas stove, upgrading countertops and refreshing cabinet façades. A simple, cost-effective DIY update is replacing dated hardware, which goes a long way toward making a great first impression.
2. Flooring. Think flooring is beneath you? Taking up the highest square footage of a home, it's often the first thing to be overlooked — but not by a prospective buyer. When entering a space for the first time, flooring will set the tone of the home's interior. The most popular option is hardwood throughout, but pre-engineered flooring has also made huge advancements in terms of style, colour and realistic texture options.
3. Exterior. Although what's on the inside counts for a lot, impressions are made within seconds — and that also goes for your home. If buyer doesn't like a home's curb appeal, they'll drive right past it and on to the next property. But investing in your home's exterior — both the front and back of the house — doesn't have to break the bank. Ensure your landscape is maintained, keep the windows clean and create an outdoor space potential new homeowner will want to use all year long to increase your selling price.
If you're planning a renovation or are thinking of selling, help is available by visiting the Destination Renovation booth at the upcoming GTA Home & Reno Show or National Home Show. Find more information online at torontohomeshows.com.