Top Home Renovations That Pay Off
Our Barrie mortgage broker team often gets asked about home renovations and whether they are worth it. Unfortunately, not all renovations are a wise investment, and it can be a bit disappointing to do a revamp of your home just to discover that it didn’t do much for the home’s market value. So, before you start making those major changes, let’s look at the home renovations that actually can make a difference.
A home’s curb appeal can make a big difference in how much interest there is from buyers. If you bought a home, think back at what drew you to it. Those first impressions matter and exterior renovations are just as important as interior ones.
One renovation worth doing is replacing the siding on a home. The cost of replacing your siding can easily be gained back by nearly 75% and it raises the value of the home. It also gives your home a fresh and clean look. If you use foam backing in your renovation, it can save even more on your energy bills.
Another renovation that is worth the expense is replacing windows. It not only raises the value of the home, but it also works to make your home more energy-efficient. Homes that have had energy efficient windows put in tend to be picked by buyers over those with older windows. You can also gain back a potential 74% of the renovation costs because it adds to the home’s value.
No one wants to purchase a home with a roof that needs replacing or a lot of repairs. A roof renovation will not only upgrade the home, it will make it more energy-efficient. It will also raise the value of your home.
You have your exterior looking fresh and new. How about some interior renovations?
Minor Renovation in the Kitchen
You don’t need to gut your kitchen to raise the value of your property. There are a lot of minor renovations that you can make that will make a big difference. Look at replacing cabinets, the flooring, and some appliances to give your home some added value. In most cases, you can end up getting back 80% of the cost of the renovation through the increase in your home’s value.
Minor Bathroom Renovations
Like kitchens, you don’t have to gut your bathroom to make to raise the home’s value. Updating the bathroom fixtures, flooring, and tiling can help you recoup 70% of the investment by increasing your home’s value.
Adding a second bathroom also works to raise the value of your home. Having that second bathroom is a selling feature many buyers are after. A simple renovation is adding a small bathroom with a toilet and sink. It’s also worth a look at the fittings in your current bathroom. Are they designed for safety? Bathrooms that have support bars, walk-in showers, and that are wheelchair accessible can add value to the home and you could get back 60% to 70% of what you put into the renovation.
Another popular selling feature is a master suite. This addition can raise your home’s value by 50% or more.
What makes the most sense?
You don’t need to do a major overhaul of the home to add some value to it, and bigger isn’t necessarily better. Call our Barrie mortgage broker team today and let’s talk about your renovation options and what will give you the best return on your investment.