A well-maintained and renovated property is important for a number of reasons. First, certain renovations done to your home can certainly increase its value, such as renovating your bathroom and kitchen or replacing your roof shingles. Secondly, by doing renovations to your home you are ensuring that your home is up to date with the most modern building materials and safety standards, such as replacing old wiring in your house. But what should you renovate in your home if you want the greatest return on investment (ROI) when you choose to sell? In this blog we’ll discuss the top renovations that homeowners choose to do before selling their home so that you can get the best yield for your investment.
Painting
Possibly the first home renovation project that people think of before selling their home is painting as it provides a high ROI for relatively minimal effort at an affordable cost. Yes, painting can be laborious and challenging for some people, so consider hiring a professional painter to do the job right if you feel that you can’t do it yourself. Painters can effectively repair minor damages to your walls and trim before applying the right colour palette that will bring freshness and elegance to your home.
ROI Estimate: Painting your house can typically earn you 60% on your investment.
Cost: Painting a 2,000-sq.-ft. home can cost approximately $10,000-$15,000.
Structural Renovations
If you are putting your home on the market, it is crucial to make sure that your home is structurally sound. This can include ensuring that your roof and windows are in good shape, and that your drains and gutters are in good working order so that your foundation won’t suffer as a result of water leakage. Many people choose to install vinyl windows along with sealing their foundation and fixing the roof before putting their house on the market. This way, prospective buyers will be more inclined to buy a property that is without any major structural problems that they would have to remedy themselves.
ROI Estimate: Depending on the scale of the renovations, you can expect a 75% ROI.
Cost: New vinyl windows for a 2,000-sq.-ft. home can cost approximately $15,000.
Replacing your old roof shingles can cost around $8,000.
Waterproofing the exterior of a home’s foundation cas cost approximately $60-$80 per linear foot.
Kitchen Remodelling
A well-remodelled kitchen is very alluring to potential home buyers, but it is very easy to break the bank if you’re remodelling your kitchen before you choose to sell. For a quick spruce up of your kitchen, consider adding a new countertop and replacing your old appliances so that your kitchen looks modern, clean, and inviting.
ROI Estimate: A remodelled kitchen can earn you an impressive 75%-100% ROI.
Cost: A good quality stone countertop (granite or quartz) can cost around $3,000.
A quality set of new kitchen appliances with a stainless steel look can cost anywhere between $5,000-$15,000.
Bathroom Renovations
An updated bathroom simply appeals to everyone, and buyers pay special attention to the condition and style of a bathroom. Afterall, who wants to have a bathroom that doesn’t feel shiny and clean? For an updated look, consider swapping any vinyl or plastic around the bathtub for a tiled surface, install a modern looking vanity, or add a luxurious looking mirror that will make your bathroom look elegant, modern and inviting.
ROI Estimate: You can expect a 62% ROI on well-done bathroom renovations.
Cost: Depending on your budget, be prepared to spend anywhere from $5,000-$15,000 for a well-renovated bathroom.
A ritzy-looking mirror placed above your vanity can cost a mere $200 in many cases.
If you are considering doing renovations to your home, whether to add value to your property or to upgrade your home’s look and condition before selling, contact us today so that we can provide you with the best advice on how to do the job properly and affordably so that your home can have the best possible curb appeal.
