Which renovations will have the biggest impact on your home’s value?
Home renovations can increase your home’s value, but some will give you more bang for your buck.
“The average homeowner that’s looking to sell their home is not looking to spend more than – on an average home of $500,000, about $12,500 – so 2.5 per cent of the home’s value in terms of getting it ready for sale,” said Doug Cabral, a realtor with Royal LePage Benchmark.
Cabral recommends focusing on kitchen and baths, but suggests an expensive overhaul isn’t always necessary. Changing out cabinet doors or installing a new tile backsplash can often provide the updates buyers are looking for, Cabral says.
“Kitchen and bathrooms sell homes.”
Experts also recommend doing work yourself, if possible, to save money but leaving finishing details to the experts to make the job look professional.
“Everybody wants to put sweat equity into their homes,” said Cabral. “You walk into homes that aren’t finished properly and the return on investment won’t be there.”
Decks, pools and landscaping, meanwhile, yield some of the lowest returns, since Canada’s outdoor season can be short and some buyers may be put off by the added maintenance.
Other considerations are how long you plan to stay in the home before selling. Cabral says if you are renovating to sell, choose more neutral colours that would appeal to a wide variety of buyers.