In a downward market, most homeowners tend to turn towards renovating or upgrading their current property over selling it for a new one. When considering a renovation, there is no right or wrong answer when it comes to which will provide the most resale value in the future.
While kitchens and bathrooms are predominantly the go to renovation, they won’t make much of a difference if you have a leaky roof or a broken furnace. Many buyers want to know that the expensive mechanical items have been taken care of and ensure they won’t need to be replaced shortly after they move in. You can still live and function in a home with a seafoam green tub, or old laminate countertops, but if there’s no heat or you constantly have water spots in your ceiling, those things need to be taken care of immediately.
If the basic mechanical is in good order, the next best step would be to look at the comparable properties in your neighbourhood. If you’re the only house in the area with one bathroom, a great investment would be finding a way to add in a second one, or your home could be overlooked quite easily.
Looking at comparable sold properties in your area is the most effective way to find out which renovation project you should take on next. If you’re unsure of what may set your home or renovation apart from the future competition, your best resource is a Realtor. They have experience and insight into the real estate market and can provide you with information on what your property may need to help it sell quickly and for top dollar.