Many home sellers in Nanaimo believe that when they do improvements and renovations to their home they are actually increasing the sales price of their house.
For example, many people trying to sell their home think that if they spend, say, $5,000 on re-doing the the kitchen, that they will be able to sell their home for at least $5,000 more. Unfortunately, in today's competitive real estate market, this sometimes tends to be more wishful thinking than reality.
First, let's take a look at the most popular home. The three renovations that are the most attractive to a home buyer are:
1. Kitchen renovations
2. Bathroom remodeling
3. Adding an additional room
Updating your kitchen, redoing your bathroom and adding more space to your home can be very attractive to people looking to buy your home, and for you as the home seller these are also the projects that can take you the closest to getting a return on your home renovation investment.
While calculating the ROI (or 'return on investment') for your renovation project can vary a bit, typical returns for the three most popular projects are:
Kitchen renovations - 90% or more
Bathroom renovations - 90% to 100% or more
Additional room - 80% or up to 90% if the room you added is a bathroom
To put these ROIs into perspective, if you spent $5,000 renovating your kitchen you can expect to recover around 90% of that amount, or about $4,500 when it comes time to re-sell your home.
In some cases with bathroom renovations you might actually make some additional money when it comes time to sell your updated home in Nanaimo.
Remember that even though most home renovations will not turn a profit for you, updating your home will make it more attractive to prospective buyers. If you are in a market where buyers have a lot of homes to choose from, remodeling your home can help set your place apart from all of the competition that's out there.
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