Since this is a question that a lot of my clients ask, I thought of sharing this great article written by Scott McGillivray of HGTV entitled “Top 5 Renos for Return on Investment”.
According to Scott “…knowing the right renos to invest in is important to ensure you get the most bang for your reno buck”. Here is a brief overview of the renovations he suggests may give the most return on investment:
5. Flooring: Installing new flooring gives a room an updated and renovated look and feel and can be done on a fairly limited budget, depending on the flooring you choose.
4. Hardware & Fixtures: A home can be updated relatively inexpensively simply by replacing items such as cupboard and drawer handles in a kitchen and/or bathroom, changing outdated light fixtures, and replacing door knobs and/or door hinges.
3. Bathrooms: Updating a bathroom to give a “spa-like” feel gives a great return on investment as they are usually the smallest rooms in the home and therefore require less investment to make a big impact. When it comes to bathroom renovations Scott states “a little goes a long way”.
2. Kitchens: Scott assures “…you can do a great kitchen renovation on a realistic budget” and further states “…kitchens also give you the biggest return on investment, far beyond any other room in the house”.
1. Income Suites: Scott reports “…there’s no renovation you can do to your home that will increase its value as adding an income suite”, he further states “income suite renovations, when done correctly, easily allow you to double your investment”.
I hope these few tips help make your decision about renovating your home easier – to read Scott McGillivray’s full article online please click here.
If you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don’t hesitate to give me a call, I would love to talk to you!
Until next time!