Let's face it, homeowners are more motivated to renovate their homes for the sake of increasing the value than for any aesthetic reason. In today's post, the Toronto Home Equity Loan Specialists at Homebase Mortgages list some of the most effective home renovations which can generate a return on investment of up to five times the cost of renovation. Take notes and grab your pen!
Upgrade to Flooring
Hardwood floors can increase the value of your house by a large percentage. Refinishing your old hardwood floors can also increase the value of your home.
Bathroom Makeover
Bathrooms are usually the rooms in a house that show the most wear. Your home's value will increase dramatically if you give your existing bathroom a facelift or add even a half-bath to it. You can convert a dead space under your stairs into a powder or shower room. Use glass in the shower to make it appear larger.
Kitchen Touch-Up
Why not renovate your kitchen to make it more appealing? Start with the lighting and cabinets. You may even want to replace the backsplash, if the old one looks worn out. There are many affordable solutions to kitchen cabinetry and countertops that don't compromise on quality or function. Just take a look around.
Replace Fixtures
You may not have the budget for a complete room renovation, but it doesn't mean you can't do anything. You can update your home for a few hundred dollars or a few thousand by replacing cabinet hardware, faucets and light fixtures. What a smart way to renovate your home!
Plan a basement apartment or an income suite
Building an income suite, or even a basement apartment can increase the value of a home for many different reasons. Home buyers will consider it a great deal because they get two properties for one price. Income suites are also attractive to families who want to buy a house that includes a suite for the grandparents or an apartment for their child, but cannot afford to purchase a home. We should not forget, either, that an income-generating suite can help potential homebuyers pay for their mortgage if they decide to rent out the apartment.
You love the home renovation ideas in this article, but you don't have the funds to implement them. Why not get a second mortgage to afford home renovation. The funds from a home renovation second mortgage can help you make your dreams come true. Contact us for details.
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