Home renovations can increase the resale value of your property. Whether you want to move your home off the market quickly, or are looking to renovation for your own enjoyment, there are some home renovations that have a higher return on investment than others.
Kitchen and bathroom upgrades have the highest return on investment over any other renovation. When home buyers come to view a home, the first thing they want to see is the kitchen and then they want to know how many bathrooms there are and what condition they are in. Any Real Estate agent could tell you that beautiful, upgraded kitchens and bathrooms are big sellers. If your kitchen or bathroom is outdated or in shabby condition, you should start there if you’re thinking about sprucing things up a bit to sell.
In fact, Remodeling Magazine’s Cost vs. Value report for 2015 showed that a total bathroom remodel recouped 70% of the cost of the renovation. More than that, a minor kitchen remodel can recoup more than 79% of cost in a sale. In theory, that means if you spend $10,000 to renovate your kitchen, your property value goes up $7900. The added value to that is the fact your home will sell faster and closer to your asking price.
According to the report, a minor kitchen remodel would include re-facing original cabinet boxes with new doors and drawer fronts and upgrading hardware. This is much cheaper than all-new cabinetry. It would also include upgrading appliances, replacing laminate countertops and sink, put down new linoleum flooring and giving the walls a fresh coat of paint. The scope of work and cost of materials for this kind of renovation are minimal, compared to a major high-end kitchen remodel.
If you’re an avid do-it-yourself with a varied collection of tools and a lot of know-how, you could take a mid-range kitchen or bathroom renovation yourself. If you’d rather save yourself the stress, time and in some cases, money – you could consider hiring one of Edmonton’s best general contractors from RenovationFind.com. An experienced and accredited general contractor in Edmonton and area will help you with your entire project from conception to completion. They will act as a project manager, be responsible for bringing in and scheduling all the necessary trades, and ensure the project is completed within a reasonable time frame.
The Canadian economy is in kind of a slump right now, but fortunately the prices of homes for sale in Edmonton have remained consistent. Though the market is slow, homes are keeping their value. A simple upgrade to your kitchen and/or bathroom could make the difference for your property to sell more quickly and at your asking price.
You can find General Contractors in Edmonton on RenovationFind.com.
Comments(3)