Scott McGillivray : Top 5 Home Renos for Return on Investment
Adding value to your home is the number one concern for most homeowners. It doesn’t matter if you’re prepping to sell or looking to build long-term equity, knowing the right renos to invest in is important to ensure you get the most bang for your reno buck.
Ever wonder about the number one request from both homeowners and tenants when they’re looking for a home? Hardwood floors. And why not? Hardwood looks amazing, is timeless and is incredibly durable. It’s also expensive, so it’s wise to weigh your options before shelling out big bucks for the big impact that hardwood delivers. You can go with traditional hardwood or engineered hardwood, or if hardwood isn’t what you’re looking for (or if it isn’t in the budget) there are plenty of great laminate options available to you as well. Regardless of your choice, a flooring update always brings new life to a space and instantly gives the impression of a renovated and redecorated space.
4. Hardware & Fixtures
It sounds like a simple little update that doesn’t mean a lot, but replacing relatively inexpensive items like faucets, sinks, toilets and drawer pulls can make a big impact.
Let’s face it: Switchplates are $.49 at your local hardware store, so there’s no excuse. Cabinet and drawer pulls are also a drop in the bucket and things like doorknobs, light fixtures and faucets are also inexpensive, minor updates that can really improve the entire feel of a room. A small investment can equal a big return, making the space feel fresh and modern.
The first rule of bathroom renos: If it’s pink or blue, rip it out! Pastels, seashell tiles and fuzzy toilet seat covers scream ‘grandma’s house,’ and while you probably have fond childhood memories from grandma’s house, chances are you don’t sit around reminiscing about the décor.
When you ask people to describe their perfect bathroom, about 95% of people use the words “spa like.” What does that mean exactly? From my experience it means a soothing colour palette, clean lines, modern materials and chic finishes. You may be hearing “cha-ching”, but keep in mind that bathrooms are small and therefore require less material. Consider making a statement with a stand-out tile or funky sink or faucet to set the tone of the space – a little goes a long way.
Kitchen remodels are notoriously expensive. When you start throwing around words like “granite,” “stainless steel,” and perhaps the scariest – “custom,” it can make a lifetime courting takeout menus sound like a good idea. But don’t panic – I have good news on two fronts: Not only can you do a great kitchen renovation on realistic budget, but kitchens also give you the biggest return on investment far beyond any other room in the house.
Don’t believe the hype – there’s almost never a need to invest in custom cabinets. Out of all the Income Property reveals over the years, only two have been custom. The trick? You can customize standard, out-of-the-box cabinetry to almost any kitchen layout.
When it comes to counters, while stone is still the number one choice, there are more and more affordable alternatives that look expensive – butcher block, composite, and high-end laminates are all great options.
1. Income Suites
No shock here, but it’s true – there’s no renovation you can do to your home that will increase its value as adding an income suite. Whether it’s your basement, a third floor or loft conversion, or even a coach house style suite in a garage, income suite renovations, when done correctly, easily allow you to double your investment. The extra bonus? Not only will an income add a huge amount of value to your home, but it’s an investment that will actively make you money while you build equity. What more could you ask for?
Article by: HGTV