Let’s be honest with ourselves, the most compelling reason why homeowners choose to go forth with having a home renovation is not for aesthetic reasons but for increasing the home’s value. In today’s blog post, we are sharing with you some of the best home renovations that can drum up a return of investment that is up to 5X the cost of the renovation undertaken. Bring out your pen and be sure to take notes!
The floors are the biggest area of your home that gets the least attention when it comes to maintenance and repair but do you know that by just installing hardwood floors, your home’s value can soar up a significant percentage? Another good news is that if you have existing hardwood floors but they have seen better days, refinishing them can even net you more return of investment as older hardwood floors have a charm of their own!
The bathroom is typically the room in the house that dates it or shows the most wear and tear. If you can give an existing bathroom a makeover or manage to add even just a half bath to your property, your home’s market value will rise dramatically. A dead space in your home such as under the stairs can be converted to a powder room, an extra shower room, or a full bath. You can make the area seem more spacious by using glass for the shower.
A desirable modern kitchen can make buyers put in an offer right then and there, so why not invest in a kitchen renovation? You can start with the cabinets and lighting, perhaps even replace the backsplash if it looks too old. There are plenty of affordable kitchen solutions for countertops and cabinetry that won’t sacrifice on function and construction. You just have to look around!
Okay, perhaps you don’t have that big of a budget to go on full room makeovers, but that doesn’t mean there is nothing you can do. By simply replacing fixtures such as cabinet hardware, doorknobs, faucets, light fixtures, and countertops, you can modernise your home with just a few hundred or few thousand dollars worth of cash. How’s that for a truly smart home renovation trick?
Plan for an Income Suite or a Basement Apartment
There are so many reasons why building an income suite or a basement apartment will increase the value of your home. One is that home buyers will see it as a bargain because they will be getting two properties for the price of one. Another is that an income suite will surely appeal to families that are looking for a home that offers them the opportunity to have a grandparent’s suite or an apartment for a child who wants to be independent but can’t buy a home yet. Let us also not forget that an income suite will help prospective home buyers pay off for the mortgage should they decide to rent it out.
Loving all the ideas for home renovation in here but don’t have enough funds to go forth with these ideas? Why not apply for a second mortgage as a smart way to afford a home renovation? You can use the funds from a second mortgage to make your home renovation dreams a reality. Contact us for details.