Thursday, 25 June 2015

Best Renovations For Resale Value

Following my other post about the unique Purchase Plus Improvements program, here is a list of some of the best ways you can invest in your home both for your own enjoyment but also for resale value. If done well, these renovations can offer a return on investment of anywhere from 75-100% of their initial cost. If you are able to do some of the work yourself, the return on investment becomes even greater.

1) Flooring

Flooring is one of the first things people notice upon entering a home. It can completely change the feel of an interior space and if chosen well will be durable and beautiful for a very long time. Choices range from ceramic tile, to vinyl, carpet, hardwood, cork or engineered flooring systems. Having so many choices makes it easy to find something that suits your style and will keep your home looking good for many years to come. You can expect a great return on your investment in this upgrade, but be sure to choose a type of flooring that complements the price point of your home and neighbourhood.

2) The Kitchen

The heart of the home is the kitchen. As such, it is an important gathering place for your friends, family, and potential buyers in the future. Creating a kitchen that is functional and up-to-date will go a long way towards enjoying the time you spend in this space as well as the "Wow Factor" that a buyer sees when viewing the home. Nice appliances, good layout, and carefully selected materials should all go towards creating a kitchen that is versatile, long-lasting, and stylish.

3) Bathroom

The bathroom is a great place to invest some time, effort, and money into updating. People are expecting clean, stylish, and functional in this room so make sure to get it right the first time. Tiled floors, granite and stone vanities, and spa-like showers and baths get people excited about spending time here. That translates into a nicer experience for you and potential buyers.

4) Fixtures

Quality fixtures can make or break a home. Everything from lighting choices to curtains, drapes, and even sinks, toilets and faucets will be worth investing in up-front. Good fixtures last longer, maintain their style for many years, and will often result in a savings over the long term with a lack of maintenance and repairs vs. a cheaper option. Like most things in life, buy for the long-term and you will thank yourself later.

5) Income Suite

Last, but definitely not least, is the option to invest in building a income suite as part of your home. This is popular with both younger people and those looking to maintain an income into retirement and later in life. If you are able to use some of the space in your home's basement to produce income for you, you will be setting yourself up for return on your investment now and in the future. Resale value on homes with suites is better than ever, and it is a great way to allow people to more comfortably afford their home for longer. With that extra monthly income comes the ability to pay your mortgage off faster, save some money, or to have some money for things like that vacation you've been dreaming of or that new car you've had your eye on.

It is important to know that you won't always get back the money you put into your home, but if you choose your renovations wisely you can maximize your opportunity to enjoy the benefits of your renovations now and reap the rewards when you go to sell your home later.

Still looking for some more great ideas? Try Genworth's recommended list of improvements here for more info and great tips.

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