There are plenty of updates you can make to your home over the years that will increase value or aesthetic appeal. To achieve the best bang for your buck, the Appraisal Institute of Canada recommends the following four home renovations to provide the greatest return on your investment when it’s time to put your home on the Shuswap real estate market.
1. Kick Your Kitchen Up a Notch
A kitchen can be the deciding factor for many potential buyers as it’s typically a high traffic area in a home. The Appraisal Institute of Canada projects you could expect upwards of 80% of your investment from a kitchen reno, so utilize your resources and plan for functionality and accessibility to ensure a positive ROI in the future. Current trends show that neutral colours, modern looks and small industrial style touches continue to appeal to a large demographic.
2. Beautify Your Bathroom
Modernizing your bathroom makes it feel more fresh and clean to people who may be interested in purchasing your home - plus, you can expect to recover somewhere in the neighbourhood of 75% of your expenses when you renovate your bathroom. Consider adding desirable double sinks, a vanity with plenty of storage, and upgrading to a high efficiency water conserving toilet.
3. Windows that Work
Swapping out your old windows not only adds value to your home, but it also allows your space to be more energy efficient; therefore, saving you money on your energy bills as well. Newer windows are a big perk for potential buyers because they won’t have to go through the hassle and expense of upgrading them - and they won’t need to try and negotiate a lower offer price to offset the expense.
4. Replace Your Roof
This is a big area of the structural integrity of your home that will be considered in offer negotiations, so if any shingles are missing, curling, or flapping in the wind, it’s time to get your roof replaced. It’s a big expense up front, but if your roof isn’t properly protecting your home, then damage can cost you even more down the road.
If you don’t have the budget for a large renovation project, some smaller scale upgrades you can make that still offer a big impact include tasks like enhancing hardware on cupboards and cabinets in your kitchen and bathroom, adding a fresh coat of paint to your walls, and getting creative with your curb appeal.