When it comes to home additions and renovations, there are a few strategic ways of maximizing how far you can take your dollar. The goal will and always be to create the highest possible return on investment without having to break the bank. With the use of the following insights, you will be prepared for achieving the highest possible ROI on your property in the hectic sellers market of Toronto.

  • Kitchen: The Kitchen is still King. For as long as home renovations have been around, the Kitchen has always been the #1 home feature to upgrade. By renovating your kitchen the right way, you are allowing your home to gain 3-7% in value.

  • Bathrooms: The Bathroom receives the most benefit from smaller renos. Changing minor things such as the vanity countertop, faucets or shower glass, you can have serious positive effects on the value of your home. It also has the ability to give you an 85% ROI if the bathroom has been renovated.

  • Flooring: 94% of real estate pros recommend spending some of your home renovations budget on home flooring. It is a smart idea to replace any worn carpets or rugs with fresh hardwood floors (engineered hardwood floors are the most economic and hold the most value.)
  • Paint: Neutral colors or white painted walls are clean, fresh and bright looking which is a major selling point for most home buyers. This is able to boost your home value by 1-2%

  • Create Space: It’s a good idea to think about knocking down any non-structural walls in order to create more of an open atmosphere. This will create flow throughout the dwelling and help raise the value of your home.
  • High Efficiency Windows: By changing your single pane windows to highly efficient double or triple pane windows you are able to save up to 7-15% on your energy bills every month (can also boost home value by 1-3%.)

In conclusion, home renovation costs are simply the best way to boost the value of your home. This being said, home improvements cost about $.20-$.25 on the dollar. The other $.75-$.80 spent goes directly back into the homes increased value. There’s no better time than spring to freshen up your home and give it the look that it deserves!

 

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