If you are a homeowner contemplating a home renovation, you need to balance two important considerations in your mind. Do you want to make highly specific customizations that reflect your unique personality but maybe aren’t the most widely needed or desired? Or do you want to make upgrades designed to appeal to the masses and result in a satisfactory return on investment (ROI) when it’s time to sell? If you fall into the latter category, here are five home renovations that deliver in terms of ROI:
You don’t need to overhaul a room from floor to ceiling to upgrade the value of your property. Even simple upgrades to door handles, knobs, faucets, and towel racks that haven’t changed since the 1980s can make a big difference. These are cost-effective upgrades, but they will more than pay for themselves when it comes time to sell the home.
When we walk into a new room, the thing which draws our eye is usually not the artwork on the walls or the massive flat screen TV or even the furniture…it’s usually the flooring. Hardwood is the most desirable flooring option among prospective buyers, and they’re willing to pay more for homes that have this upgrade. Simply upgrading the flooring to eco-friendly bamboo or hardy oak will transform the look of a room, without having to spend a penny more on other renovations.
If you own an older home without a main floor bathroom, it can be a big deterrent to potential home buyers – especially if you’re competing with new build homes that seem to have three bathrooms by default. A second bathroom on the main floor will help your home stand out from competing houses in the neighbourhood. Whether you choose to build a three-piece bathroom or only have room for a cozy powder room, this upgrade is always worth the investment.
If you have unused basement space that can accommodate an income suite, this is a tremendously wise investment. An income suite will provide you with income every month to help pay off the cost of the renovations and/or contribute to the mortgage. It will also be a very compelling selling point should you decide to place your home on the market in the future.
Remember, a home renovation doesn’t have to be an overhaul. These upgrades offer a tremendous return on investment, so contact Lucas Contracting for your free quote to get the process started.