Thinking of renovating your home, either for yourself or to add head-turning sales appeal for potential buyers? Consider your return on investment (ROI) before you get too far.
On average, Canadian homeowners plan to spend about $16,400 on their home renovations*, so it’s important to ask yourself how long you plan to stay in your home after your renovation project. If you’re simply looking to freshen it up in order to put it on the market, you’ll be looking at your projects in a whole different light than if you’re planning to stay in the house for a few more years.
While the Appraisal Institute of Canada notes that kitchen and bathroom renovations can receive a 75% to 100% ROI, they also suggest homeowners not underestimate the value of inexpensive upgrades, noting that light landscaping or gardening, a fresh coat of paint, modern lighting fictures, or even upgraded door handles can give a home an updated look and feel, without spending a lot of money.
The spring real estate rush is on, so if you’re thinking of putting your house on the market, you may want to focus first on renovation projects that reflect prominently on a home’s curb appeal, enticing potential buyers to want to see more. Quick and simple tasks like painting your front door, mowing the grass, giving the yard a good tidying up and arranging bright flowers in outdoor containers go far in creating impressive curb appeal. #cbrmr