(My Wife, Daughter and I in our updated kitchen)
#1- HIGHTEST RETURN:
Kitchen & Bathroom Renos: You can expect to see 75%-100% ROI when completed. Kitchens and bathrooms are both high traffic areas, so having a fresh and updated look goes a long way! On a budget? Add some elbow grease to freshen up your tiles and try painting your cupboards.
Interior & Exterior Painting: Painting indoors or outdoors you can expect a 50% -100% ROI. As mentioned above, paint can really brighten a space and instantly give it an updated look. If you are considering painting before listing, try to stick to a NEUTRAL colour pallet in order to help attract the most amount of people. Whites and greys are pleasing to the eye and give an updated feel to the home.
#2- AVERAGE RETURN:
Roof/Furnace/AC: Although a necessary evil when owning a home, we generally see a 50%-80% ROI. Most people are visual and if they can’t picture themselves in the home they are purchasing that becomes more of an issue than a roof/furnace/AC that isn’t visible. As long as these three things are in working order you are set!
*TIP*- don’t forget to change your furnace filter with each season!
Basement Reno, Fireplace Install, New Garage, Windows, Deck: Your return on investment here is 50% & 75%. These are all items that will only appeal to a certain demographic. Important to when/if you decide to do these updates that you will get the use out of it, so the investment makes sense for you.
#3- LOWEST RETURN:
Skylight: 0%-25% ROI. In all the homes I have had inspected there is usually an issue with the skylight. Essentially you a cutting a hole in your roof… so think about it? Water always seems to be an issue and again not always a great feature that appeals to the masses.
Pool: 10% – 40% ROI. You either like pools or you don’t. You either want the added work in your backyard or you don’t. IF you are going to use a pool AND love it while your live there- GO FOR IT. But if you don’t think you will be living in your home longterm it is a poor investment.
Hope this helped check some things off your list of home improvements! Keep in mind a lot of the above improvements are dependant on the house itself. If you have any questions about what improvements you should spend your money on, let me know!
