After what has been a crazy couple of years, most people have accepted the current state of Toronto’s housing market with a sigh, and gone back to mining bitcoins. With foreign investment showing no sign of stopping and resale value still seeing upward trend, it’s just a matter of waiting out the next few years before the inevitable slump, or profiting while there’s still time and room for investment. All of this means it’s still good news for homeowners looking to invest in renovation, and resale. Even for homeowners unwilling to navigate these treacherous waters, home improvement holds solace and much potential for upgrades.
However, not all renovations have value. In fact, only few have the potential to increase your home’s price significantly upon re-sale. So, unless your investment is for you and your home, we recommend sticking to expert advice when renovating. And without further ado, here is precisely that expert advice you’ve been looking for! Here are some of the home renovations worth investing in, in the upcoming season.
Tip 1: Define your goals.
If you’re looking to upgrade your home for the living space and functionality, you shouldn’t be worried about the potential sale. It’s important to clearly define the purpose of your renovation as resale, or living. This will allow you to communicate with your builder with ease, and define your needs in a better way.
Tip 2: Add value and function.
While you may be looking for resale value, remember that unless you’re selling your home to the highest echelon of society, you probably don’t need to include anything extravagant. Some of the best cost-for-value renovations are among the simplest. Instead of installing a skylight, think of what people in your neighbourhood are looking for when buying a home, and consider renovations such as:
Fiberglass insulation –
An unexciting upgrade, but one of the most useful and cost-beneficial you can make. According to reports from local listings, homes with fiberglass insulation not only see a huge difference in home heating and cooling bills, but are also sold for signifigantly higher. In fact, the expected return on investment according to real estate specialists is up to 107%. From an investors viewpoint, this unglamorous investment is one of the best.
Front door replacement –
Nothing has as much capacity to raise your home’s curb appeal as a new front door. Style experts agree that a new front door is one of the most welcome real estate investments, and generally offer you up to 90% return on investment. Some of the most popular replacement models are insulated, or made of sensible steel. Modern, lively looking doorways have the potential to alter your home’s exterior style, and create a more unique and welcoming look.
Window replacement –
Older homes with older windows lack the energy efficiency needed to thrive in the current market. As a rule, windows should be repaired or replaced every fifteen years, and as new insulated models appear on the market we see more and more homeowners opting for energy-efficient, double paned types for the decrease in home energy bills and increased longevity. For these reasons, new windows are not only a good investment for resale value, but also current homeowners looking to reduce monthly costs.
Hardwood flooring –
Depending on your home’s style, upgrading your hardwood flooring from carpets or laminate can be an excellent business decision. Solid wood hardwood is universally appealing, and sought out by homeowners no matter where you live. Oak and ash are favourites among homebuyers, and muted finishes have been in style for the past few years.
These renovation ideas offer more return on investment than a typical kitchen remodel, and are generally what individuals looking to re-sell their homes invest in most often. While remodeling your bathroom or kitchen also offers higher re-sale, it is also an investment that can be labour intensive and much more expensive in the long run. For that reason, experts suggest that unless you intend to stay put, it’s not worth the time or expense. However, I couldn’t be a better time for renovations intended to improve your home’s comfort. Take a look at our other posts about renovations for more ideas about additions, remodels and upgrades meant for living comfort.