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The most profitable renovations to sell your home

Last modified: 2019-03-13 | Approximate reading time 6 mins

Amanda Harvey

Although renovations are often motivated by a search for greater comfort as well as some aesthetic improvement, some may be planning renovations in order to sell their home. If this is the case, renovations that work to increase the market value of your home are the ones to consider. 

Of course, your renovation won’t have an unlimited budget. Thus, it’s crucial to plan out your projects and target efforts towards the most profitable projects. 

The most home profitable renovations projects

kitchen renovation project

Renovating your bathroom

Unsurprisingly, taking on a bathroom renovation offers a good return on investment more than an interesting renovation. If your bathroom is modest in size, prioritize the expansion of this space. 

Additionally, rely on discrete or muted decor without too many accessories or bulky appliances. This way, you’ll create a space that is airy and pleasant. This will allow potential buyers the opportunity to imagine their own interior decor style without having to imagine taking on additional renovations. 

For the bathroom, an interesting project to consider is the renovation of your ceramic tile flooring. Although this project requires attention to detail and meticulous patience, the transformation will be striking. 

If your financial means allow for it, opt for the installation of a heated floor, which provides comfort that is sought after by many modern buyers. If you choose to take this on, you’ll need to hire a professional in order to complete this project. Don’t hesitate to ask your professional many questions in order to choose the right type of heated floor according to the needs of your family and your bathroom. 

Has your bathtub lost its lustre? Know that the available models have become more and more varied. Whether you want a classic or contemporary look, a built-in tub or a claw-foot, you’ll certainly find something to your liking. 

If you’re curious about the cost of a bathroom renovation, you should check out our Bathroom Price Guide. Also, note that the return on investment for a bathroom renovation will be between 75 and 100%.

Renovating your kitchen

For a kitchen renovation, consider stainless steel appliances as these are popular with buyers. Materials such as Corian (a mixture of natural minerals and acrylic polymers) and granite naturally enhance the elegance and prestige of a kitchen. Although they are relatively expensive, working with these materials will make your kitchen a huge selling point when it comes to negotiating the price of your property. 

Are you looking to change your kitchen counter at a low cost? We’d recommend reading our article: how to get a kitchen countertop for less than $100. Regarding lighting, now is the time for us to mention that recessed lighting will be an asset to enhance the ambiance of this room. 

If you’re working with a smaller budget, a brushstroke on cabinets can be rewarding and offer an extra little boost to your kitchen without requiring too much of an undertaking. Another great way to offer your kitchen an update is to change hardware and handles on cabinet doors and drawers. This may take a little bit of elbow grease, but, with time and energy, is an easy project to complete. If you’re interested in a more drastic change, why not consider new cabinets altogether?

While this job will require a little more patience, and attention to detail, changing the backsplash is an excellent way to incorporate a whole new design into your kitchen. The options are plentiful, including vinyl, wood, glass, mirror, or tiles. Moreover, it’s a project accessible to all skill sets. Lacking in inspiration? Check out our article 9 kitchen backsplash ideas.

As an indication, note that the return on investment of a kitchen renovation is similar to that of a bathroom.

bathroom renovations

Interior painting: a profitable project

Painting is a task that has the advantage of requiring only a minimal monetary investment as well as limited physical effort. It should be easy enough that you can simply follow some tips to arrive at a decent result. It also breathes new life into things that require a little bit of an update.

In order for new colours to match the taste of the buyers, avoid bright colours and opt for grey, white, black or beige. Although it’s customary to hear that bright colours are to be avoided, it’s possible to integrate them in small proportions, bringing a touch of brilliance into the room. 

Would you like more information about your painting project? Consult our article: how to prepare for a house painting project.

With the return on investment between 50% and 100%, the purchase of a few gallons of paint is certainly worth it. 

Roof repairs: a paying investment

It goes without saying that roof repairs will be a major asset in the eyes of potential buyers who come to scout your home. If your roof is in bad condition, then it’s unlikely they’ll stay for very long. Before even stepping inside, a bad roof offers an immediate negative impression of your home. 

Achieving a return on investment between 50% and 80%, your roof renovation should not be neglected, as new buyers will be aware of the expenses involved in renovating this part of the home. But, exactly how much does it cost to repair, renovate or change a roof? The answer is here!

Roof renovations

Other small, profitable renovation projects

Regarding other profitable renovation projects to implement, note that the finishing of the basement, the construction of the garage, the creation of a terrace and the repair or update of damaged or outdated floors are all options worthy of interest. The degree of profitability for these projects is between 50% and 75% and will offer some pleasant updates to your living spaces. 

In addition, the installation of new energy-efficient windows is particularly sought-after by buyers who will easily be seduced by the idea of having their heating bill reduced for the colder seasons. 

In the same vein, the performance of the heating system and the quality of insulation are particularly important factors to consider. These renovations have a return rate equal to that which is mentioned above. Although offering a profitability level that’s a bit more modest (between 25% and 50%) the installation of an air conditioner is still profitable. 

Rethinking your landscaping can also be a good way to improve the appearance of your home’s facade, especially if you focus on the front yard. In the event that your yard is the area of your land that requires the most attention, making it attractive again can lead future buyers to imagine the beautiful moments they can spend outdoors during the warmer months. 

Another option to consider is replacing your fence, which will also greatly contribute to improving the overall appearance of your property. 

Renovations to avoid in the quest for profitability

Certain types of renovations at first ensure the inhabitants of the area greater well-being and comfort. Although they shouldn’t be completely overlooked, it’s important to bear in mind that certain renovations are synonymous with a low return on investment. 

Among the so-called “losing” renovations, the installation of a swimming pool (above ground or dugout) stands at the top of this unenviable list. As for the installation of a pool, a spa is definitely not a persuasive factor for a potential buyer. It would seem more the cause of a greater maintenance burden well before seeing the source of a good investment. 

Pay attention to the resale value

While it may be tempting to allow free reign to luxury cravings when undertaking a renovation project, one must remember that a house is not completely independent of its environment. 

Knowing when it’s appropriate to carry out a renovation project should be part of a broader context to determine to what extent the increase in the value of your home will actually work to increase its chances of being sold quickly. 

If the selling price of your home far exceeds that of the homes in your neighbourhood, it’s unlikely that a buyer willing to pay such a price is interested. Therefore, it may be more tempting to look for a new home in your neighbourhood whose average price is closer to your budget. 

In order to maximize the chances of selling your home quickly, be sure to renovate in a way that will allow you to achieve a lower selling price than the rest of the neighbourhood.

Get quotes for your home renovation project

RenoQuotes.com can help you get quotes for your home renovation project. If you submit your project to us, we’ll put you in contact with top-rated contractors. Fill in the form on the homepage (it only takes a few minutes), and you will receive quotes from companies that are specialized in home renovations.

Dial 1-844 828-1588 to speak with one of our customer service representatives

 

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