Which renovations give the best return on investment? The best choices I’ve seen are kitchens, baths, and replacing carpeted flooring with a higher end laminate or engineered hardwood. This is assuming that things like the roof and foundation are sound of course.
Buyers almost always comment on the quality of these things when looking at property with me. A nicely updated bathroom is a place of comfort. And kitchens are the heart of any home. What cook worth their weight doesn’t like showing off? Holidays are spent here, not in the living room.
Flooring is a statement in its own right. The sheen and richness of dark wood-tones. The ease of cleaning up. Carpet is simply passe for many buyers.
But workmanship and style are equally important. If you are planning on tackling a kitchen, bath or flooring renovation on your own you’d better know what you are doing. If you are hiring a contractor, a thorough vetting is needed, as is a complete breakdown of costs. By all means get referrals and never ever pay everything up front.
You’ll want to spend a lot of time online, at suppliers, and even consulting with designers. You want a look that is currently in vogue with the public. Believe it or not this might go against your tastes!
For example, I have seen many houses with very heavy wall colours in one or more rooms. This is a turn off to much of the public. Soft neutral wall colours sell homes.
Be careful choosing cabinet and flooring colours. Be contemporary. And get stone countertops if you can, as the cost has come way down over the years. Always plan and design with a mind to get your house sold.
Lastly, don’t go too crazy on the upgrades unless you are already in a high end neighbourhood. Make renovations appropriate for the area. Don’t put a $50,000 kitchen in a starter home.
Which renovations give the best return on investment? The ones you plan for and implement correctly, on budget and in style.