Are home renovations in your future and maybe even a home sale but not sure where your money is best spent?
Here are the top 5 renovations that will give you the highest return on your investment when you go to sell. This is a compilation of current reports and statistics from various sources with the links to the articles below.
There is a difference between popular renovations and renovations that will get you the highest return on resale vs the cost. There is also consideration and a non-monetary value given to renovation that increase property enjoyment or goes to property maintenance and energy savings.
There is also some variation of top renovations depending on what province your home is in as it is reflective of what buyers coming their desire in their new home purchases.
These top five will be a compilation of various reports giving weight to the reports that have percentages to support the findings.Major renovations this season will be focused on functionality as opposed to cosmetic. As building materials become increasingly expensive.
For a 55-58% return on investment renovations would include;
Mid range master suite addition, upscale bathroom remodel, metal roof install, accessible bathroom remodel, and major kitchen remodel .
For a 60-69% return on investment renovations would include:
Mid range bathroom remodel, asphalt roof install, grand entrance remodel (fibreglass), deck addition (wood being a better return than composite) , entry door replacement ( steel) Siding replacement ( fibre cement being better than vinyl), window replacement ( vinyl being better than wood)
For a 72-75% return on investment renovations would include minor kitchen remodel, minor bathroom updates. Many long-standing stats have kitchen and bathroom with the greatest return on investment year over year, but there is a variable there as to what what scale the reno is done. The biggest bang for your buck is in the mid to minor scale renos. Changing out fixtures, paint, countertops, flooring with mid-range quality materials.
Ranking in the number 2 position on a few polls is painting throughout, interior and exterior. Most notably, for Buyers coming to Nova Scotia this is a desirable upgrade.
To see a 92-94% return on investment replacing garage doors and adding a manufactured stone vaneer to upgrade the look of your home. While kitchen and bath are most common, due to relatively lower over all costs garage door replacement and fresh paint will give you the greatest value when selling your home.
Two major things to keep in mind if you are planning any renovations in the coming months is that exterior upgrades are very important to improving your curbside appeal, which will add to the overall resale value.
Secondly, any items that are currently at the end of its lifespan, in disrepair, safety issues or causing more damage need to be addressed first and foremost. Roof replacement, or drainage issues should be addressed before any kitchen renos.
Two bonus features that does make buyers ooh and aah is unique storage and smart home solutions.