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Home Improvement: Which Renovations Boost Your Property Value Most?


Here are the top 5 home improvements that offer the highest return on investment (ROI):


1. CURB APPEAL

The exterior of your house is the first thing people see - so, to make a good first impression focus on these few things:

  • Pressure Wash

  • Paint/touch up house exterior

  • New or newly painted front door

  • Lawn mowed & maintain gardens


2. INTERIOR PAINTING

You’ll be amazed how far a little paint will go - Painting the interior walls/trim and doors freshens the overall feel of the home. Go with something neutral and bright, it helps people imagine what they can do with the space next, to make it their own.


3. MINOR KITCHEN RENOVATIONS

Minor Reno’s to your kitchen can boost your ROI in a major way. Think about the following few things to give your kitchen a glow up:

  • Swap out the hardware

  • Sanding/painting the cupboards

  • Replace countertops

  • Add a new backsplash


4. FLOORING

Flooring wears out over time. Focus on high traffic areas and consider refinishing or updated the floor if it is showing signs of wear and tear. Things to consider:

  • Buyer’s don’t often enjoy carpet.

  • You don’t have to go hardwood- there are some really great alternatives out there now that are cheaper and very durable!

  • Consider having the new floor match or at least compliment other flooring types in the house


5. UPGRADING BIG TICKET ITEMS

By spending the money up front on big ticket items, you will for sure have a great return on investment down the line. Some big ticket items that buyers tend to love to see are:

  • New Roof installed/metal roof with lifetime warranty

  • New, matching appliances

  • New vinyl windows

  • Landscaping & drainage

  • Heat pump

  • New oil tanks/hot water tanks


Balancing Costs & Benefits


DIY VS. PROFESSIONAL HELP

Deciding whether or not to take on the project yourself or hire requires careful consideration. If you have the specialized skills that it takes, and the time on your hands to get the job done right, you can save money up front...but if you are not qualified, be honest with yourself - you may pay more upfront by hiring a professional, but the work will be done correctly and provide lasting value to your home.


BUDGETING

Start by setting a clear budget that reflects your goals, project scope, and current financial situation. Consider breaking down costs into categories, such as materials, labour, permits, and contingency funds for unforeseen expenses. It's alway best to over estimate costs, than underestimate, because at any point prices of materials and/or labour might increase, or something might be discovered throughout the renovation that might require your attention.


INVESTING FOR THE FUTURE

Choosing renovations that will add value to your home now and for years to come requires some careful thought. Focus on projects that enhance both aesthetics and functionality. With the ever-rising cost of the price of living, focusing on energy-efficient upgrades are more important that ever - increased insulation, newer appliances, updated heat sources, more efficient lighting and taps all will help boost your ROI. The strategic combination of aesthetics and efficiency can yield substantial returns for years to come!


Ask us about home financing options to help fund your next home renovation!


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