Spend your Renovation Dollars Wisely!
Whether you’re thinking of selling your home soon or doing some upgrades for you—here are the renovations that’ll bring you the best return on your investment.
Where to even start?
The two rooms in the home that can make or break a sale are the:
These two rooms are usually the hardest (and most expensive) to change, but good news - they offer a much higher return on their investment than the average home renovation
Where to focus those renovation funds?
1) Paint - nothing says modern and clean like fresh, up-to-date colours. A fresh coat of paint is, in my opinion, one of the best investments you can make when selling your home.
Don’t forget to paint your front door!
Don’t have a lot of money to spend on your home? You can do the painting yourself (consult with the experts at your local hardware store to be sure you’ve got the tools and know-how to do the job right).
2) Bathroom - RE/MAX Western Canada reports that bathroom renovations have a 56% higher return than the average home improvement. Impressive! The most important bath to upgrade is the ensuite bath, or if you don’t have one, the main bath in the home.
3) Kitchen - this gathering place in the home tends to “make or break” a sale. Doing renovations on the kitchen can bring up to a 44% higher investment than other popular upgrades.
4) Flooring - updated flooring can deliver as much as a 22% more return than other popular upgrades to your home.
I always try to stay as green as possible, so my recommendation is to try for proper maintenance of your flooring first and foremost, then if you want to upgrade:
• choose neutral colours
• refinish or recycle your current flooring for other uses
• underlay for carpets is key (installing good underlay can make less expensive carpet seem more posh, and you may not have to replace the underlay when upgrading to new carpet, so less ends up in the landfill).
5) Curb appeal - be sure to keep your walks clean, rake up last fall’s leaves (if they’re still on your lawn) and keep the front yard well-maintained.
How do I know all this?!
Throughout my career in the real estate industry, I have helped hundreds of Edmonton sellers get more money for their homes, by providing advice and assistance with home staging, renovation tips and more.
Statistics are taken from RE/MAX Western Canada.
Any information herein is not warranted - I am not a real estate appraiser or a lawyer, I’m just putting my thoughts out there to help you get more money for your home. Always consult with an expert (or many experts) before undertaking any renovations, or spending any of your hard-earned money!
More tips and videos are available at RE/MAX Western Canada Renovation Tips