A 2021 report revealed that the pandemic has dramatically changed how Canadians consider home renovation. In 2021, over 50% of people living in the country renovated their homes they were living in, and just 16% of Canadians renovated particularly to boost the market value of their home. However, around 60% of the survey participants stated that they considered return on investment (ROI), regardless of the main reason behind home renovation.
So, if you are lately planning to give your house for sale in Mississauga a makeover, what kind of jobs should you consider? Based on the data collected in the survey, it differed substantially by market. Having said that, there are several projects that are worth considering, irrespective of your location. Below are 10 home renovation ideas with the best return on investment.
- Kitchen:??The study showed that kitchen-specific renovations, including kitchen countertop upgrades, are one of the top three renovations with the best return on investment in 27 of the 31 housing markets surveyed. Typically, kitchen renovations offer a return on investment (ROI) of 75% to 100%.
- Paint:??A fresh coat of paint is certainly an inexpensive way to enhance the value of your house in Hamilton. It was found to be one of the top three renovations for the highest return ROI in 18 of the 31 property markets surveyed in the study, including Greater Toronto Area (GTA). Usually, fresh paint offers?you a return on investment of up to 60%. However, this may require you to take care of two things: the job should be done professionally and neatly, and the colours you pick shouldn’t be overly bright.
- Bathroom:??A bathroom renovation is perhaps one of the best types of renovations you can do to a house for sale in Milton as it typically offers an ROI of up to 62%. The survey revealed that it was one among the top three ROI-based renovations in 17 property markets, including Vancouver and Toronto. If you are not sure where to begin with bathroom renovations, you should look for the section your eyes are drawn to as soon as you enter your bathtub?– it could be the?shower, tile backsplash, or even a window!
- Flooring:??New flooring was among the top three renovations, specific to return on investment in 14 of the 31 property markets included in the study. As long as you manage to avoid any fundamental flooring mistakes, new flooring can give you a return on investment of 100% to 150%. The key to a fantastic floor is less about the material and more about the quality of installation. Hence, it’s best to get it done by experienced professionals.
- Basement:??In the study, a finished basement was considered as one among the top three renovations for ROI in 5 of the 31 housing markets surveyed. However, that doesn’t mean you have to give your basement a complete revamp. If you are unsure how you can add value to your home for sale in Hamilton without exhaustive renovations, understand that anything that would allow the future owner of your house to save dollars over time, like ways to prevent the basement from flooding, should be your top priority. Such renovations generally offer a return on investment of around 75%.
- Open Concept Rooms:??Open concept rooms were one of the top three ROI-focused renovations in three property markets across Canada, including Edmonton and Calgary, in the study. Such a design helps enhance flow and allows the room to appear more spacious, making it an ideal choice for small houses in Hamilton. However, be careful about removing walls in the area where people work from home as they may prefer having a separate room to be used as their home-based office.
- New Roof:??In the study, a new roof was one among the top three renovations with respect to value addition to a home in two housing markets, viz., Winnipeg and Victoria. A new roof can give you a return on investment of up to 75%. Given the cost of installing a new roof – which?is usually less than $5,000 – it makes sense to replace the roof if the existing one is in the last stage of its life.
- Landscaping:??This was one of the top three home renovations for ROI in two property markets in the study, including Barrie and Ottawa. In other housing markets as well, it was considered as one of the easiest ways to impart a modern look to the exterior of your home and enhance its appeal. The key is to remove clutter, which allows the new homeowner to have enough opportunity to give a personal touch to the garden area.
- Exterior Upgrades:??In the study, exterior upgrades were found to be one among the top renovations for ROI in just one housing market, i.e., Muskoka. Having said that, since such upgrades are usually not quite pricey and can still offer a return of investment of nearly 50%, they are worth considering. A substandard job related to exterior upgrades such as siding, gutters, or trims can lower the curb appeal of your home for sale in Milton, Mississauga; so it is best to leave?it in the hands of experts.
- New Windows:??In only one housing market, i.e., Muskoka, the survey found that new windows were one of the top three ROI-oriented home renovations. Interestingly, windows are one of the items that can help the new owners save a lot of money in the long run as they can offer an ROI of up to 75%. If it is time to replace the windows, you should ideally invest in high-quality, energy-saving options.
If you are recently planning to sell your home, renovating it is certainly a great way to boost its value. A?free home staging report?from?Roland Hack real estate broker, comprising inexpensive but highly effective home renovation ideas, will help you get the best return on investment.
Sell your home at the best price possible by joining hands with the highly experienced residential real estate broker Roland Hack, today!??
