Do your renovations increase the value of your property?

Need to refresh the basement or to change the ceramic of the bathroom? Have you always dreamed of a beautiful granite countertop and drawers and a spa on the back patio?

Renovations and the value of your property

Need to refresh the basement or to change the ceramic of the bathroom? Have you always dreamed of a beautiful granite countertop and drawers and a spa on the back patio?

That’s great, because the renovations you make will increase the resale value of your property … right?

$ 1 invested = $ 1 more on the value of the property

 
If you hope to see the color of your money at the time of resale, you may be disappointed. Not all jobs generate the same value. It depends on several factors that we will study in this article.
 

The safe bets

 
According to the Appraisal Institute of Canada, here are the renovations that are most likely to increase the value of a property:
 
Kitchen and bathroom: You could recover from 75% to 100% of the amount invested in Kitchen and bathroom renovations at the time of sale. These are the most important pieces of the house and they are used every day.  
 
Painting: The paint could help you create a “wow!” Effect in buyers. Use tones that match the neighborhood’s trends and style to refresh the interior and even the outside of your home. It is a perfect solution for small budgets.
 
Environmental upgrades: Insulation, new windows, efficiency of heating and energy … anything that can help reduce the electricity bills of the next owners is a great added value for buyers, who will be ready to align tickets to enjoy.
 
The roof: This is a maintenance project that has a lot to offer both sellers and buyers. First, it refreshes the appearance of the house. Then a well-built roof and attic protects the house from the elements and improves air circulation: this reduces the risk of damage from moisture, water infiltration and other inconveniences that no homeowner wish to be confronted. In short, a new and good quality roof promises peace of mind like no other. And that is priceless.
 
Upgrading the Electrical System: A house with wiring that meets the latest electricity standards will reduce the risk of fire and reassure future buyers.
 
Repair structural defects: Cracks, molds, detachment of the coating, structural problems, do not neglect any major problem. Nothing is more disturbing to a potential buyer than to consider buying a house in bad shape … and nothing is more frightening for a seller than being accused of hidden vice or negligence!
 
Decluttering: Invest a few hours of your time to store (or dispose of) unnecessary furniture and items. You will reveal your home in all its splendor to buyers, who will be more inclined to offer a higher price.
 

Luxury touches

 
You hope to seduce buyers with luxury finishes? Luxury finishes only impact the value of high-end properties (typically $ 500,000 or more, depending on your region). The average buyer is not looking for these supplements and does not want to pay more to enjoy.  
 
It is better to use good quality materials and favor a classic and timeless style that will not only survive the fashions, but also their everyday use. In short, a kitchen that buyers will not need to renovate for many years is more valuable to them than a $ 400 faucet or a spectacular marble countertop that is hard to maintain.
 

Redo the roof to be safe from surprises

 
You could recover at least 50% of your investment through this work. A new roof is a maintenance renovation that has a lot to offer both sellers and buyers.  
 
First, it refreshes the look of the house, which can help your property stand out in your neighborhood. Then a well-built roof and attic protects the house from the elements and improves air circulation to reduce the risk of moisture damage, water infiltration and other inconveniences that no homeowner wishes to be exposed to. confronted with ! In short, a new and good quality roof promises peace of mind like no other. And that is priceless.
 

Pools and spas home: a cold shower for buyers

 
Take care … the pools will not lather the value of the property! Despite all the fun they can bring to families, they require a lot of maintenance and several hundred dollars in expenses each year. That’s not to mention the space they occupy in the backyard … if an above ground pool can be dismantled without too much trouble, it’s a different story for in-ground pools! That’s enough to put a buyer away, even if he’s thrilled with your home.  
 
Pools and home spas represent added value only if they are of value to buyers. It’s really for the sake of enjoying it that we put them at home, not hoping to earn a return on their investment.
 
 
In summary:

  1. Target renovations in high traffic areas.
  2. Select durable and timeless materials.
  3. Renos with the best return on investment will be the ones you will do for future buyers, not for yourself!

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