A lot of homeowners consider many different ideas when thinking about altering, remodelling , adding space or finishing the basement in their home.
But do you know which home renovations tend to add not only the greatest value BUT highest return when you sell?
Following are the top home improvements that consistently add the greatest value to your home not only while you reside there but at time of sale as well.
#Bathroom renovations (minor)
Average return at resale:75.2 %
It costs just over $10 k to replace the tub, tile surrounding , toilet and vanity but on resale you can expect to recoup close to $ 11k for those upgrades. A return of over 100 % !
Re-caulking the tub can be a minor task that can make things look considerably cleaner and fresher. All the big box stores ( Home Depot , Lowes ) carry a version of silicone remover to assist with the job after first cutting out the majority of old and possibly discoloured caulk.
Or consider re glazing your tub to give it a new look !. Cost: $400 to $500.
Remove any dated wall coverings and apply a fresh coat of paint. For damaged walls, spray-on texture provides quick coverage.
Replacing old shower doors or remove them altogether can give the illusion of added space.
NOTE: ROI values and renovation costs are subject to change.
#2 Minor Kitchen Renovations
Average return at resale: 98.5 %
A minor kitchen alteration averages $15,913 for $15,691 at resale, a recoup rate of 98.5 percent. Consider a minor renovation when your kitchen needs a more minor cosmetic update and not a drastically different floor plan.
A $17,500 kitchen update approximately can add 30 feet of re-facing for cabinets and drawers, an updated range, sink and faucets, laminate counters and ceramic flooring.
Install pot lights 4’ to 6’ apart on center and at least 20″ from cabinets to light the countertops.
If your home’s value is more than $450,000, install a more modern look with granite or quartz counters( starting at $160 to $ 170 / linear foot) installed.
#3 – Exterior Home Improvements
(Vinyl Siding, Paint, Updated Front Entry)
Average return at resale: 93.5 %
The average cost to replace 1,355 sq. ft. of vinyl siding: $8,325. Average return: $7,875, with a recoup rate of 93.5 %.
Paint decks or cardscan make it easier to choose the correct colors for doors and mouldings . Pinterest can also be a great resource for choosing all your painting selections.
#4 Attic Bedroom Conversion
Average return at resale: 92 %
The average attic bedroom in a two- or three-bedroom house costs $38,275 and can be expected to return $35,550at the point of sale.
That price includes a 12 x 12 ft. bedroom, a 5 x 8 ft. bath with shower, four windows and a fairly sizable closet.
Adding extra insulation can also lower heating bills. Check the Canadian Government website to see the correctamout of insulation required for your area.
Also consider investigating whether your HVAC system can take on the added space? A second unit may be required to make up any possible deficiency.
Alos consider a solar powered attic fan which can draw heat out of the attic space with a roof top solar cell. Again, a small alteration that save money over time.
# 5 Major Bathroom Renovations
Average return at resale: 90 %
A major bathroom renovation involves expanding an existing 5×7 ft. bathroom, possibly relocating and replacing the tub and toilet and adding a new undermount sink and faucets, a linen closet, lighting, a ceramic tile floor and exhaust fan for a cost of $24,250, which brings in $21825 at the time you sell..
Initially consider replacingflooring with newceramic tile , porcelain or vinyl plank to add value. Buy a few extra tiles as cracks and breaks can occur during the install.
Update an older vanity with a fresh new granite countertop for a clean, rich look buyers will love and really notice
Utilize the power of illusion to make a small bath look bigger. A new pedestal sink can be an innovative way to update a standard vanity.. The more visual room that is created , that feeling of greater space is accomplished.
#6 Major Kitchen Renovations
Average return at resale: 90 %
A complete kitchen renovation in a midrange home averages $50,000 and can recoup close to $46,000 at resale. Thisinvestment buys 36 ft. of kitchen cabinets, an island, laminate countertops, stainless steel sink, wall oven, cook top, ceramic , porcelain or vinyl plank flooring and appliances.
If your home’s value rises and your kitch still feels older and dated, do a major renovation rather than smaller alterations. Consider spending 15 to 20 percent of your currant home’s value renovating the kitchen space
Kitchens also feel more spacious when there is less clutter. Remove over-counter cabinets and make counters truly useful by creating an extended eating bar that family can utilize.
Pot lights spaced at 4 to 5’ spacing across the ceiling can update the look of your kitchen area.
Planning to sell? Stick with neutral colors for walls and window treatments. Renovating to please yourself? Choose the colors you personally love and will be happiest with.
#7 Basement renovations
Average return at resale: 90. %
The average basement renovation costs just over $50,000 and returns $45,750, so you can expect to recoup about 90 percent of the investment you make
What do you get for close to $50,000 ? A 25 x 35lower family room area , a 5×8 bath with vanity/ toilet and shower and pot lighting and a laminate flooring
A tip when hanging drywall, you should raise your drywall panels close to an inch away from concrete , as moisture can be a problem over time by soaking up and into the bottom of the board. You won’t want to deal with mould and its associated issues and problems.
Always take care of any basement water issues before tackling any other projects. Add bigger eavestroughs or re-grade the yard to keep water out. Test to make sure the fixes work before investing time or materials in a basement. This can be one of the most important pre finishing steps that can be taken.
Extra insulation in the walls (R-20) installed within a foot of the conctrete floors can ensure a warmer basement and prevent the cold from entering blow frost levels. Also soundproof Roxul insulation can be added fairly economically to significantly lessen noise from the basement from travelling to upper floors.
Cover concrete floors with an easy-to-install modular subfloor so floors won’t be cold. Add berber or carpet to give a warmer feel to basements that are always a few degrees cooler than the main floor.
There are two main reasons for renovating.
The first is to improve your current home based on your own personal needs (not wants, needs). This is the primary reason to justify expensive projects, such as fixing up the bathrooms, finishing the basement, or renovating the kitchen. It’s a renovation that will require a lot of work, money, and short term inconvenience, but will allow you and your family to enjoy the home more fully in the up-coming years.
The second reason people use to to justify home renovationsare that they are adding value to their home. As you can see , significant long term value can be added with some thought and some of the preceding ideas in this article.