How To Get The Best Return On Investment When Renovating
Whether you are investing in your home so that it will always increase in value, or you are preparing to sell in the near future, you always want to make the most sensible home renovations. You could spend several thousand dollars on something that will hardly increase your property’s value, leaving you high and dry. After much experience and consultation with banks and other agents, here is my opinion on what you should do to get the best return on investment when renovating.
Nothing uplifts a home like a fresh coat of paint. Indeed, it is often one of the most under-appreciated things you can do when renovating your home. But the painting that homebuyers are interested in is quality painting. You want to seal your trims, repair any minor damages, and make sure you get the right palette for your home. Hiring a professional will ensure that the paint will work with the lighting in your home as well give your space a fresh new face.
Professionally painting a 2000 square foot house will cost between $2000 – $4000, depending on the paint you purchase or how many nooks and crannies are in your home. On average, professional painting will provide a 60% return on investment.
Have you ever seen a beautiful home, only to find out it needs several structural renovations in order to make it a sound home to live in? Nobody wants to invest in these important renovations, but a house simply put, just won’t sell without them. Examples of important and financially beneficial renovations regarding the bones of your home could be installing good quality windows, redoing your roof, or water proofing the exterior of your home’s foundation. Depending on the scale of your renovation of any or all of these three recommended upgrades, you can expect to see a 75% return on your investment!
Sometimes, a house is so beautiful, but the doors have chipped paint, stains that no amount of cleaner can get out, or they look outdated but not quite antique. This can easily be solved by changing not only your interior doors (which should cost approximately $250 per door) but your front door (which will cost in the $2500 range if it’s solid wood with a quality lock set). A door is literally the first thing you see getting into the house and into every room you go into in the house. Why not make a statement from the first moment? Especially when you can expect a 50% return on your investment.
Out of all the separate and individual components in your home, your floor gets the most wear and tear. Nobody wants to see lifting and gaps between planks in the floor. And very few people (if any) want to see carpet lately. This is because carpet cleaners are quite expensive and will not always remove every pet fibre or wine stain engrained in the carpet. Some memories really do last forever, unfortunately. Your best bets are using either a traditional hardwood floor or laminate floor. Hardwood tends to cost between $4-$6 per square foot plus an additional toonie per square foot for installation. Laminate, on the other hand tends to be more cost effective: ranging between $1-$3 per square foot plus $1.50 per square foot for installation. Depending on the floor you choose, you can see a handsome return on investment of 100-150%!
I hope this gives you a good idea of which projects you should be looking to do next, as well as get an overall idea of how much cost and return on investment you can expect to get back on these updates. If you have any questions about other renovations you’d like to do to your home, or have questions about returns on investment on other renovations, please don’t be shy! Shoot me a message here, I’d love to show you your home’s true potential.