Have you ever wondered how that new bathroom you just put in is going to affect the price of your home if you decide you want to list it for sale? How about that kitchen upgrade you did last year? That’s got to be worth double what you put into it by now, right? Well, you’d be surprised…
Yes, it’s reno season – a time where contractors are being called left and right to do this and that to our homes. After all, it wouldn’t be a typical summer if there wasn’t the sounds of saws and hammers and the smell sweat to go along with our summer heat. So let’s take a look at what home improvements will have the biggest impact, if any, on your selling price down the road.
Not all projects will give you a 100 percent return on your investment (in fact, very few do). However, upgrades can always help sell your property faster and give your property that “love it, have to have it” quality that can help your home stand out.
What renovations stand out the most to Buyers? According to the REALTORS® surveyed, a new kitchen, bathroom or wood floors make the biggest impact.
*info taken from the 2018 Remodelling Impact Report, The NARI and National Association of REALTORS®
As you can see, very few projects will give you close to a 100 percent return rate, especially in Toronto where the market and location are the driving force behind the listing price. Of course, this doesn’t mean you should never upgrade your house or condo. I suggest doing renovations that help you enjoy your home to the fullest. Isn’t that part of the joy of being a home owner?
-With files from Remax Condos Plus