Which renovations add the most value to your home?
Are you looking to buy a fixer upper? Or want to upgrade your existing home to improve your quality of life or accommodate a new way of living? If so, it’s worthwhile to understand whichhome renovations can help boost the value of your home and go straight to your bottom line.
According to the Appraisal Institute of Canada (AIC), the top four renovations with the highest return on investment (ROI) include:
• Updated kitchen – The kitchen is almost always the heart of the home, so it’s no surprise that kitchen renovations consistently provide the best return on your renovation investment.
• A sparkly bathroom – Bathroom renovations are also very reliable when it comes to boosting the overall value of your home.
• Fresh painting – Whether it’s inside or outside, a fresh coat of paint can work wonders on the overall impression of your home.
• Refreshed decor – Updating lighting and plumbing fixtures, counter tops and kitchen hardware, replacing worn flooring or refinishing hardwood floors are also definite winners.
Keep in mind that you don’t want to do renovations that will price your house right out of yourneighbourhood. And when you plan to sell, focus on updates that have wide-ranging appeal, and showcase the features of your home with a good declutter.
Of course, it’s also important to budget for those renovations that are necessary just to maintain your home’s worth. According to the AIC, it’s essential to replace the roof, update heating/cooling systems, replace windows/doors, and update electrical as each nears the end of their life expectancy.
The AIC also lists finishing the basement, garage improvements, decks and fences, and landscaping as the top renovations that generally offer the highest enjoyment value. Sunrooms and other additions are also on this list. Today so many are looking at improving the functionality of their homes with the much-needed home office and modifications for aging parents.
It’s often less expensive to renovate than it is to move since you avoid expensive costs like legal fees and land transfer tax. I can help you finance your renovation project so you can maximize you’re your bottom line and personal home enjoyment. There are many options available including a mortgage refinance, home equity line of credit, second mortgage, or personal loan.
If you’re buying and planning immediate renovations, I can bundle the cost of your project right into your mortgage: so instead of sky-high credit card bills, you’ll have your mortgage and renovations looked after in one easy monthly payment. You can then use your pre-payment privileges to pay it off faster.
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