Home improvement projects, renovations, and regular maintenance are necessary investments that will increase the value of your property and home, and spending a few thousand dollars to improve your property will make prospective buyers willing to pay more for the house.
Some renovation projects have a greater return on investment (ROI) as far as resale and property value are concerned. To help you determine the most appropriate renovations for your home, the Appraisal Institute of Canada has developed Renova, an online guide that estimates the ROI you can expect from various home improvement projects. Among the most economically beneficial are:
- Bathroom, kitchen, and basement renovations
- Window and door replacements
- Interior and exterior painting
- Flooring upgrades
- Replacing and upgrading heating systems
Renovations with a 75-100% R.O.I
Kitchen renovations are important because that room is a gathering place, and an important selling point within any home. Because you must consider things like layout and decor, it is advisable to consult a contractor, decorator, or kitchen supplier before beginning any renovations.
Homeowners will often undertake bathroom renovations when the existing features in the bathroom become warn or damaged, or when the design is outmoded. Bathroom improvements often include:
- Upgrading plumbing and light fixtures
- Replacing floor coverings
- Repainting or wallpapering walls and ceilings
- Replacing or refinishing doors, trim, and baseboards
And while most people will replace the tiling surrounding the bathtub, others opt for more luxurious additions like installing a Jacuzzi, whirlpool tub, or walk-in shower.
Renovations that provide 50-75% R.O.I
Basements are usually redone when they become old, worn, damaged, or unfashionable. Remodeling a basement includes repainting, replacing, or refinishing:
- Carpets, flooring, or coverings
- Walls and ceilings
- Doors, baseboards, and window and door trim
- Light fixtures
Replacing windows and doors that are leaking or letting in drafts gives you an opportunity to update your home’s look and save on energy bills. Like with interior and exterior painting–which offer an ROI of 50-100%–make sure that the windows, doors, and paint complement the architectural style of the home and neighbourhood.
Upgrading your heating system with a more modern and energy-efficient model will increase the value of your home, enhance your comfort, and save you money. And be sure to check what kinds of government tax rebates are available along with your home equity loan if you replace your windows, doors, and furnace.
Installing new floors will drastically improve the look of your home, but it is important to remember that:
- Different rooms will be more appropriate for certain materials
- Neutrally coloured floors will offer more options for wall and trim colours and designs
- Flooring runs throughout the entire house, and should have a logical flow
And while installing new floors can be pricey, keep in mind that purchasing cheap materials will require you to replace the floor more often, and cost more money in the long run.
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