Top 5 Renovations for a Return on Your Investment

Top 5 Renovations for a Return on Your Investment

Adding value to your home is usually the number one concern for most homeowners. It doesn’t matter if you’re prepping to sell or looking to building long-term equity. Knowing the top 5 renovations to invest in is important to ensure you get the most bang for your renovation buck and get a return on your investment.

Top 5 renovations

5. Flooring

Ever wonder what the number one request from both homeowners and tenants are when they’re looking for a home? Hardwood floors. Why is this the case? Hardwood looks amazing! It is timeless, and incredibly durable. However, it’s also expensive. Weighing out your options before taking out the big bucks for a big impact that hardwood delivers, is a wise decision for anyone to make. You can go with the traditional hardwood or engineered hardwood. If that’s not what you’re looking for (or if it isn’t in the budget) there are plenty of great laminate options available to you as well. Regardless of your choice, a flooring update always brings new life to a space and instantly gives the impression of a renovated and redecorated space.

4. Hardware & Fixtures

It sounds like a simple little update that doesn’t mean a lot right? However, replacing relatively inexpensive items like faucets, sinks, toilets, and drawer knobs can make a big impact.

Let’s face it: Switch-plates at your local hardware store are pretty inexpensive, so there’s really no excuse. Not to mention cabinet and drawer knobs, and things like doorknobs, light fixtures and faucets are also inexpensive. These minor updates can really improve the entire feel of a room as well as making a small investment on the home can make the space feel fresh and modern.

3. Bathrooms

The first rule of bathroom renovations: If it’s pink or blue, rip it out! Any pastels, seashell tiles and fuzzy toilet seat covers scream ‘grandma’s house.’ While you probably have fond childhood memories from grandma’s house, chances are you don’t want to sit around reminiscing about the décor.

When you ask people to describe their perfect bathroom, about 95% of people use the words “spa like.” What does that mean exactly? It usually means a soothing colour palette, clean lines, modern materials and chic finishes. You may be hearing “cha-ching”, but keep in mind that bathrooms are small and therefore require less material. Consider making a statement with a stand-out tile or funky sink or faucet to set the tone of the space. A little does really go a long way.

2. Kitchens

Kitchen remodels are notoriously expensive. When you start throwing around words like “granite, stainless steel, and custom,” it can make a lifetime of courting takeout menus sound like a good idea. But don’t panic – there is good news to come. Not only can you do a great kitchen renovation on a realistic budget, but kitchens also give you the biggest return on investment far beyond any other room in the house.

Don’t believe the hype – there’s almost never a need to invest in custom cabinets. What is the trick? You can customize standard, out-of-the-box cabinetry to almost any kitchen layout.

When it comes to counters, while stone is still the number one choice, there are more and more affordable alternatives that look expensive – butcher block, composite, and high-end laminates are all great options.

1. Income Suites

There’s no shock here, but it’s true! There’s no renovation you can do to your home that will increase its value than adding an income suite. Whether it’s a basement, a third floor, loft conversion, or even a coach house style suite in a garage, income suite renovations (when done correctly) easily allow you to double your investment. The extra bonus?  Not only will an income add a huge amount of value to your home, but it’s an investment that will actively make you money while building equity. What more could you ask for?

For more information or questions on getting a return on your investment,
Contact Scott Parker
Email [email protected]
Phone 250-751-1223

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