If you are like the majority of Canadians, the summer months are often spent on various renovation projects. Whether you are planning a small clean up and paint or are thinking about ripping out the kitchen, be careful of how you spend your renovation dollars. You want to focus on upgrades that will boost the value of your home. But be careful not to overdo it. Choosing high end finishes may not necessarily translate into a proportionally higher resale price. Here are the five renovation projects that will give you the most bang for your buck.
Have you ever noticed how guests tend to congregate into the kitchen whenever there is a party? That is because the kitchen is the heart and soul of most homes. Particularly for families. Because of their great value, kitchen renovations can reap a return of 44% higher than the average popular renovation project. Heavy oak cabinets are being replaced by more modern looking maple, either left natural or stained. Stainless steel appliances remain the most popular choice. In terms of countertops, granite is still the preferred material although marble and laminate are not far behind. To give your kitchen a polished a modern look, keep an eye on the latest trends and incorporate them in smaller elements such as door knobs, or lighting options.
Paint is unfortunately often overlooked when renovating a house. However, it is one of the easiest renovation projects and can significantly increase the value of your property. In fact, a simple paint job in neutral colors can give a 30% return on your investment. Paint can also help you showcase interesting architectural elements of your home or brighten up smaller room. Just be sure to keep the palette neutral to appeal to the largest number of potential buyers.
Many of us dream of a small relaxing haven in our home. With the levels of stress ever present in our lives, it is no surprise that many turn to their bathroom for rest and relaxation. Bathroom renovations offer the best bang for your buck with an average 56% return on your investment. So go ahead and indulge yourself with a soaker tub, rain shower head and maybe some ambiance lighting as well.
There is nothing worse for a potential buyer than walking into a home and seeing scratched up wooden floors or old and dingy carpets. With a return on invest of at least 22%, now is the time to tackle these floors. So get rid of the old carpets and refinish your hardwood floors to their original glory. You can also opt for engineered hardwood or laminate floors if there is no hardwood floor in your home. Buyers prefer darker stains as they give the property a more elegant look.
First impressions are very important to a potential buyer. So you want to make sure that your property has the greatest curb appeal possible. If you live in a townhome with limited front lawn, choose beautiful planters to flank your front door. In the case of a regular home, add a punch of color with flowers and make sure that the front and back yards are kept tidy at all time.