In many cases, home renovations can be a smart and lucrative investment. Not only will you enjoy your improved living spaces, you can also boost energy efficiency, increase your property value and even get a return on your renovation-investment dollars at resale. Some home improvements, however, have a better return on investment than others.
Kitchen Renovations
Compared to other renovations, kitchen renovations have a very high return on investment. In fact, according to Remodelling Magazine’s Cost vs. Value report for 2017, a minor kitchen remodel will recoup over 80 per cent of it’s original cost. That means if you spend $20,000 on a kitchen renovation, you can expect your home’s resale value to go up over $16,600.
Kitchens are also one of the first rooms a potential home buyer will inspect when viewing your home for sale. Having an updated, modern and functional kitchen will improve the marketability of your home should you decide to sell. In the meantime, you will enjoy your brand new kitchen.
Bathroom Renovations
After the kitchen, potential buyers will want to see the bathroom. Focus on updating your main bathroom and/or ensuite first, before your secondary bathrooms or guest baths. Hiring a company that does bathroom renovations in Edmonton will help you create a bathroom design that best suits your needs and that will increase resale value.
Photo Credit: Waterworks Renovations Ltd.
Attic Insulation Upgrade
This home improvement is definitely not as glamourous as a kitchen or bathroom renovation, but it actually has the highest return on investment over all other home renovations. The Remodeling Magazine Cost vs. Value report shows that blowing highly efficient loose-fill fiberglass insulation in your attic will recoup 107.7 per cent of it’s cost.
Having a well-insulated home does increase resale value, but the main reason for making this savvy investment is for the more immediate and substantial energy savings. Most of your home’s heat will escape from the attic in the winter, especially if you have older woodchip or newspaper-like insulation. Beefing up your R-value and improving your home’s thermal performance will result in big energy savings and lower utility bills.
Other renovations with a high return on investment include replacing your entry doors, window replacements, building a deck addition and installing a new garage door. Ready to renovate? Learn 3 affordable ways to pay for your home renovation.
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