A home renovation is not only a way to add some comfort, convenience, and function to an older home, but it’s also a chance to bring some value to your home as well. These 5 renovations are a good bet for maximizing your return on investment or you return on enjoyment in your home.
Being the heart and soul of your home, an updated kitchen will not only give you some great use while you live there, but it will also attract potential home buyers as well. Rarely does anyone like looking at a kitchen that hasn’t been updated since bell bottoms were a thing (the first time around). Improvements in materials can give you a great looking kitchen for a very modest cost.
Grungy, out-of-date bathrooms are a tough sell in a real-estate market because they are generally one of the first places people look. Updating the bathroom with a soaker tub, a comfort height toilet, new flooring, vanity and fixtures is a really good way to add value to that bathroom and make it more marketable.
Nothing says wow like a brand new front entry door. There are a lot of options to choose from when considering a new door, so try to find one that fits your budget as well as the style of your home. In addition to the the new curb-appeal a front door brings, they are also one of the better returns on investment you can bring to your home.
Let’s face it, here in Edmonton a lot of families like to spend the summer months outdoors, enjoying the sunshine. A deck is a great place to do this while still at home. When it comes to decks, it’s important to follow the “KISS” rule: Keep it Simple, Silly. Make sure your deck has solid, well-built framing, as well as a proper surface, stairs and handrail. Then sit back and enjoy the summer barbeques.
I’ve included this one here because it can be a good way to see some return on your investment without selling your home. A basement suite can provide you with monthly income that can either help you pay off your mortgage or earn you some savings for a retirement fund. Just be aware that not all homes are suited for a secondary suite and often it takes a sizable investment to get started on one.