Which Home Renovations Give You The Best Rate Of Return?
As housing prices continue to increase, now is the perfect time to invest in your home’s infrastructure and renovate.
Home renovations are one of the few investments that can improve the quality of life in your living space and increase the value of your home for the future. Projects that add functional space and square footage have always been the ones with the best ROI (return on investment).
So what are the best improvements to make in your home and help it compete in the current hot real estate market?
Minor bathroom remodel
Updating your bathroom, instead of gutting the whole room, is an effective update that will go a long way. Main features to work on is improving the lighting, replacing the showerhead with a rain shower and replacing the vanity.
Minor kitchen remodel
Replacing the existing appliances with more modern energy saving ones can make a large difference. Refinishing the existing cabinets with a fresh coat of paint can make old cabinets look new and with the new hardware, can transform a kitchen.
Improve the curb appeal
Most people decide on a home in the first few minutes of viewing it. The landscaping is one of the first things a potential buyer will see. New landscaping could be just what the home needs – to be appealing and fresh, and a good first impression is very important.
Replace the entry door
Just like landscaping, an entry door will most likely be one of the first things a potential buyer may see. Replacing the entry door with one that is aesthetically appealing will make a big impact.
Investing in new hardware
Adding baseboard, door trim, wainscoting and crown moldings are examples of relatively inexpensive and non-invasive improvements that can immediately improve the appeal of a home. Don’t skimp on materials and workmanship though.
While this may not be the most glamorous of renovations, when the right color palette is chosen and the right paint is chosen for each surface, the results can instill freshness and flatter your home in ways you’ve never imagined! Painting provides a high return for a relatively low investment and effort.
The Vancouver real estate market is going through some historic transformational changes. If you are thinking of buying or selling your property, we have real estate advisors who have a lot of experience and knowledge and can guide you correctly. Please call us on 604 913 1000 or email us to discuss.