How Renovations Affect The Value of Your Home When It Comes Time to Sell
Are you are planning to remodel your Kamloops home? Do you know what renovations will be most beneficial to you when you sell your home? Some renovations add more value to your home than others. This will be factored into the value of your home when it comes time to sell. Here is a guide to help you decide what to remodel:
Kitchen: It is important to have a functional kitchen with an ample amount of work space and efficient storage space. There are never enough electrical outlets in a kitchen, so the more the better. Consider a dual sink instead of a single basin sink. Use good quality products that will withstand time, stone and wood products have always been considered the best way to go in a kitchen. Pick appliances that are of the same style, color and make, a mish mash of appliances will take away from a beautiful kitchen upgrade.
Bathroom: Bring in the light with glass blocks. Add more storage space with efficient cabinet systems and recessed medicine cabinets. Counter space is always important so plan the renovation effectively, if there is not enough space for dual sinks stick to one. Much like the kitchen, high quality products will always withstand time, ceramic tile or stone flooring as well as a deep bath tub and large sink all add to a high quality bathroom renovation.
Siding: It is easy to fix the outside of a home to make your home more appealing from the street. Vinyl siding looks fresh and needs minimal upkeep while stucco can be re-painted to get a fresh new look.
Windows: New windows don’t only make your home more appealing from the street but they also save you money. The energy savings for monthly utility bills can be significant depending on the age and shape of your old windows.
According to the Appraisal Institute of Canada, your remodel investment dollars pay back at different rates when you sell your home depending on the type of remodel you choose. In an ideal situation you will regain the money you put into a remodel but some projects will return more than others. Here is an example of the potential return you can receive from a renovation.Remodel Project Job Cost Expected Return Average Payback Minor Kitchen remodel $3,000 $2,300-$3,000 75%-100% Major Kitchen remodel $25,000 $18,800-$25,000 75%-100% Bathroom Remodel $8,500 $6,400-$8,500 75%-100% Basement Remodel $7,000 $3,500-5,300 50%-75% Fireplace Addition $3,000 $1,500-$2,300 50%-75% Deck Addition $6,000 $3,000-$4,500 50%-75% Repl. Heating System $4,000 $2,000-$3,200 50%-80% Window Replacement $6,000 $3,000-$4,500 50%-75% Major Landscaping $10,000 $2,500-$5000 25%-50%
Always consider the following when considering a renovation: The location of your property in Kamloops and the condition of the surrounding properties. What homes are selling for in your specific area and how they are comparable to your property. The condition of your property overall inside and out. Avoid doing too many high end renovations to your home unless the area you live in can support that level of renovations. Many homeowners renovate their home too much in comparison to other neighbouring homes and are unable to recoup the renovation costs. Over the past few years many people have tried to “flip” homes and fix an older outdated home and modernize them. Amateur home flippers have made the mistake of buying the nicest home on the worst street, location is always very important, so keep this top of mind whether it is for your primary residence or an investment project.