The new year brings new ideas for home improvement. But there are specific changes that bring the most return on investment. And they’re not necessarily the priciest. Here’s a look.
Paint
Paint is the most effective—and even dramatic—renovation that won’t break the bank. According to experts, a fresh coat of paint typically garners a 60 per cent return on your investment.
As a homeowner, you can take care of most of the areas in the house, but eavestroughs and frames around second-story or rooftop windows are probably best left to professionals with the proper equipment and experience.
Professional painters can also help you choose the best colour palette for your space, as well as scrape the walls, seal trim and plaster or repair minor damage before applying top-quality paint that’s appropriate for each surface.
Strong structures
A strong structure translates into having a roof that doesn’t leak, windows that are in good condition, as well as properly functioning gutters and drains, and a sealed, dry and crack-free basement and foundation.
While not as glamorous, all of these features make it easier for your home to pass the home inspection and for buyers to choose it over other properties.
Doors and hardware
These renovations can go from replacing the front door and adding a secure knocker and lockset to adding a baseboard and door trim. However, it’s the quality of the materials that can add more value to your space.
For example, a solid wood front door with a quality lockset can bring $2,500 in return on investment, while solid core interior doors with hardware could bring in $250 per door.
Kitchen
Everybody’s favourite! Whether you invest on the lower-cost end and focus on a countertop refresh, get new appliances or switch your cabinets, kitchen renovations typically garner a 75 to 100 per cent return.
Similar to doors, the quality of the materials you select is key to adding value to your home.
Bathrooms
When purchasing a property, buyers often pay attention to the bathrooms and their condition. So when it comes to yours, ask yourself what its strengths and weaknesses are—and what they’re missing—then focus on that.
On average, a bathroom renovation budget can go from $5,000 to $10,000. However, a well-done bathroom renovation has a return of 62 per cent.
Source: Re/Max