Looking for a home improvement project that will deliver the best return on your investment? You are not alone. Across the Canada, homeowners are looking into ways to improve the quality and value of their home.
Making necessary and aesthetic changes to better match the desires of a 21st century house hunter can have a range of financial benefits for you. In addition, some of the home improvements will be far less expensive than you may first imagine. Below are four different kinds of home improvement projects that have among the best returns on investment.
The ‘Suite’ Renovation
Some larger homes have unused space that can be turned into a private suite for use by a tenant, or perhaps just to get your teen out of that small third-floor bedroom! A popular renovation includes customizing a basement space into an apartment. With side access to the apartment, you can install a bathroom, kitchen, and living space for far less than you may think. Make sure to consult the City of Ottawa’s current building codes before taking on any work, as you may be restricted given your home’s location, zoning, etc.
Consider Hardwood Flooring
Hardwood floors are quite popular. Many homes have beautiful hardwood floors covered in shabby carpets or linoleum. Consider removing the covering and take the opportunity to do some TLC on our hardwood floor base. You can restore it, stain it, and increase the value of your home in the process. Lighter wood varieties popular in the 90s are coming back into style now, so it’s the perfect time to revive your old flooring. Every dollar you put in will be returned when you eventually sell the house.
Reinvest in Your First-Floor Bathroom
The popular part of homes to renovate has gradually shifted from the kitchen to the bathroom over the past few years. As a result, putting special attention into updating and potentially expanding your bathroom will provide you with a greater return on your investment when you go to sell the house. This can include things as simple as a new showerhead to installing new floor tiles, or a new sink and countertop.
Evaluate Your Roof
How old is your roof? Are you aware of any stubborn leaks? Having a new roof put on your home will make it much more attractive to buyers. If you have an older roof with shingles already peeling back, a prospective buyer will need to think about this on top of their mortgage payment within the next few years. However, if you replace your roof, they know they won’t have to worry about it for at least 10 years – a huge selling point!
These four renovations could help make your home more attractive on the housing market, whether you’re looking to sell now, or perhaps just want to keep your home maintained so that when you do decide to move, everything is ready to go!