Bathroom and kitchen renovations are the most popular home improvement projects. You can expect to get back 75% of your investment (according to the Canada Assessment Institute). Replacing an outdated dressing table, old plumbing fixtures and lighting or adding a new tile floor will guarantee a lot for your money and give your bathroom a modern and updated look. An outdoor kitchen that goes beyond the grill with features such as cabinets, countertops, a bar and a small sink or refrigerator enhances the luxury and charm of outdoor dining and entertainment.
Our agents say that buyers especially like a combination with a grill, sink, fridge and bar (46%), as well as a retractable awning or awning for shade (34%). A Bank of America survey revealed that more than 70% of Americans tackled home improvement projects during the COVID-19 pandemic, with millennials spending the most. As with all home renovations, customization can lead to a decrease in home value, and built-in technology that can quickly become obsolete is no exception. Knowing which renewals will yield the highest return for the money is key so that, when it's time to sell, you can demand a higher price.
And a high-quality, decoupling and waterproof system under the tiles is also a must if you want your renovation to last. And remember, even with real estate renovations that are known to add value, you're very likely to spend more money than you'll get on resale. According to Remodeling Magazine, you can expect to recover between 53% and 72% on your kitchen remodel, depending on the type of renovation you do, the materials you use and where you live. Yes, you want to live in a space you love, but think twice before investing in major or expensive renovations.
The medium- and long-term returns on energy-efficient renovations are particularly interesting because municipalities and the government often offer financial assistance and tax credits to reduce part of the initial costs. Eric Périgny says that a five-year period is a good crossroads between the renovation date and the sale date of the property. Read on to learn how to strategically renovate and what projects really add value to your property. Buying a home can be a great investment, but only if you increase your resale value while you live there.
And while it's natural to want to make improvements to increase the resale value of your home, some renovations will cost you money in the long run. Any overly customized renovation can damage the value of a home, especially something like tiling, which requires more effort and money to replace it, said Bob Gordon, real estate agent and blogger for Boulder Real Estate News. Smart home devices are becoming increasingly popular in the real estate world, helping to increase home values and add new appeal to potential buyers. According to Remodelling Magazine, you can expect a 75% return on investment for your basement renovation.
The National Association of Realtors (NAR) cites hardwood flooring (new or refinished), kitchen renovations (new countertops and state-of-the-art appliances), upgraded bathrooms, and basement or attic conversions as projects with the highest return on investment, often recovering 80% or more of their resale costs.
