When it comes time to sell, everyone wants to get the best price for their property. That’s probably why the amount of money homeowners spend on remodeling is on the rise. People have also been making the best out of the COVID home time and investing in home renovation.
But investing big bucks in fixing or renovating is not a very smart move if you want to see the highest return on your investment (ROI). Its best to invest in something which gives the best ROI. Another factor is keeping the cost of renovation or improvement as low as possible. You can also hire a professional like an affordable Toronto interior design company to help get stuff done quickly and professionally. A professional interior design agency can make all the difference at times as they are aware of latest trends in the market. You cannot take along those additions while leaving the property if they don’t pay. Buyers do not expect it to be in brand-new condition unless it’s a newly constructed property. So where to spend money on renovations to increase your home’s value?You need to stop thinking like a homeowner and start thinking like a potential buyer.
Toronto is one of hottest markets in the world. The property prices have been increasing at a steady pace over the last 4 decades. The last 10 years being an exception have seen some of the sharpest increases in home prices and rental prices as well. At an average a property stay in market for max. 3 days.
In such fast-moving market and also an expensive one, home renovations can help get some quick buck. If done smartly such home additions and renovations can be a deal maker and help increase profit.
So let’s see what type of renovation work gets the best ROI on your investment as a seller
Kitchens sell houses that are so true. An average household spends 50% of their time at home in or around the kitchen. That’s probably why both kitchen upgrades and full renovations top the list of what buyers want. Kitchen renovations are the most likely to increase your home’s value—but they are also the most expensive ones, so choose wisely.
Given that kitchen remodel projects average an ROI that’s only slightly better than fifty cents on the dollar, you should think twice before investing too much. A deep cleaning, a fresh coat of paint, and installing a new kitchen faucet or cabinetry pulls have better chances of making a favorable impression on buyers.Before making big upgrades—like new countertops, appliances consider price and ROI. E.g. If your house is valued in the low or mid-range, installing high-end appliances won’t matter. On the other hand, if other houses in market have granite countertops and yours doesn’t, that is a better place to invest.
Wood flooring renovations are also high on the list of upgrades that attract buyers and are good on ROI as well. Flooring in fact according stats has the best increase home renovation ROI and who likes walking on a chipped floor. Wood flooring appeals to buyers because it is easier to clean and maintain. Laminates on the other hand cost less, and give a good first impression but a buyer always know laminates are not as good as hard wood. If the property already has hard wood some sanding or staining may do the trick.
The condition of your home’s exterior tells buyers a lot about what they’re likely to find inside, so you need to make sure the exterior is as appealing as much possible. Brick, stucco, wood or another material, if it’s been painted, it’ll need to be repainted before you sell.
You may choose to pick any of these or all of these improvements but always keep in mind, “you are about to leave this property”.