A home is often the biggest asset a person can have and if you are thinking of selling, you definitely want to capitalize on all of the opportunities to net the most possible on your sale. One of the most common questions is “What home improvements can you make to your home to increase its value?”
Kitchen and bathroom remodels continue to be two of the best investments you can make in your house. New home builders are continuing to splurge on these rooms making them sexier than ever. When buyers are shopping around that’s what they want in a resale home too. Both kitchen and bathroom renovations can net an average return rate of 75% to 100%.
Still, new kitchens and baths lose some of their glamour if there is water in the basement when a potential buyer comes to look at your house. Every homeowner’s first priority should be keeping the existing structure sound. Spending money on maintenance aspects of the home is certainly not sexy but, most buyers have a limit on what they can spend on a house. Items such as replacing roof shingles, new windows and doors, and new heating and air conditioning systems have shown to provide a rate of return of over 50% and up to 80%. Buyers would prefer to resolve those items first, and get the luxuries later.
Even in this hot housing market the old adage remains true – if the buyer drives by your home and is not impressed, they won’t bother to come inside. If you are spending money on your property, it very important to make sure curb appeal is strong. While some of the rates of returns on outdoor improvements are not as high as some of those you can do inside they should strongly be considered. Landscaping, driveways and fencing can offer up to a 50% average rate of return. Remember, some of the improvements you can do to add to your home’s curb appeal don’t have to be all that expensive – it just requires some good old grunt work. Removing unsightly weeds, raking leaves, pruning existing shrubs and painting a front door can make a huge step to improving the buyer’s first impression.
If you would like to learn more about the average rate of return on home investments please contact Drew and Jayne Woolcott at 905-689-9223 or visit Woolcott.ca/free-download to download their free home improvement guide.