Posted on
February 13, 2022
by
MBLM Real Estate
Looking around your house and wanting to do some upgrades but stopping yourself thinking “is it even worth it if I plan on selling?” We’ve been there! There’s only so much time, money, and energy you may be willing to put into something that isn’t yours for the keeping, but it’s important to remember just what that little bit extra may be able to provide you. The rate of return on your investment that some home upgrades provide may actually surprise you. So, let’s dive in a little deeper..
Renovating to Achieve 75-100% ROI
One of the first areas a buyer looks for in a new home: the kitchen. The kitchen is a gathering place for many and because of that it is a huge selling feature. An outdated kitchen does have the potential to affect the value of the home. While undergoing a kitchen renovation is no easy feat, it could be one of the highest returning investments - just be sure to consult with a contractor or kitchen supplier prior to taking on this task.
Another area of the home that catches the attention of potential buyers? Bathrooms. Upgraded plumbing and lighting fixtures, new floor coverings, and a coat of paint can take your outdated bathroom to a show stopping area of your home - with a great return! Looking to take an even bigger leap? Think upgraded whirlpool tubs or walk in showers.
Renovating to Achieve 50-75% ROI
Having an updated basement is a huge selling feature - it provides more living space in your home and potential leasable space (more on that later in an upcoming blog post). Remodelling a basement can involve as much or as little as you’re willing to put in - a simple coat of paint or going as far as replacing flooring, updating to smooth ceilings, replacing the doors, baseboards and trim, installing new light fixtures.. the list really could go on and on! While this could potentially be a pricey endeavour, homeowners are seeing a significant return by updating this area of their home.
It is also important to remember there are other expenditures that can provide an almost instant return. Replacing windows and doors that aren’t air-tight or upgrading the heating system to a more energy efficient model can instantly save on energy bills. There could even be government tax rebates and incentives for upgrading to a qualified energy efficient system. This not only provides you with almost immediate rewards, it is also a great selling feature when listing your home.
So, whatever you decide - whether it be smaller touch ups or a larger scale renovation - it’s important to keep in mind what you may be getting back in return.
Have questions or want some more information? Feel free to submit a form on our Contact Us page and someone from our team will get back to you shortly!
*Return on Investment values are provided by Renova, an online guide developed by the Appraisal Institute of Canada. MBLM Real Estate does not warrant or guarantee these percentage claims.*
