The Top Five Home Renovations With The Highest ROIs
A renovation is a great way to spruce up your home. With a well-planned and correctly executed renovation project, you can turn an aging-looking house into an attractive property that sells for way above what you initially expected. This said, there are many different types of renovations, and each has its own challenges and benefits.
If you are considering renovating your home and want to add value to the property, Keith Uthe Demystifying Mortgages, wants to offer you guidance on the matter. Here are the top five renovations that will give you the best return on investment (ROI).
1. Kitchen renovations
Kitchen remodeling and renovations, such as kitchen counter upgrades, are among the top three renovations. These renovations typically have a home improvement return on investment between seventy-five to one hundred percent. Additionally, replacing only the cabinet doors and painting the cabinet boxes rather than entirely replacing the cabinets gives a refreshed look at a much lower cost. In some cases, you could also just replace the door hardware.
Another inexpensive way to increase your home’s value and liveability is a fresh coat of paint. Painting is one of the top three renovations for return on investment in eighteen of the thirty-one housing markets offering a sixty percent return on investment. This must be done neatly and professionally, in colors that aren’t too crazy. If painting is not your specialty, it is best to hire a professional to do it. It will be less stressful and quicker in the end.
A bathroom makeover can be one of the best renovations in terms of ROI, generating a sixty-two percent return on investment. It was one of the top three renovations for return on investment in seventeen housing markets, including both Toronto and Vancouver. A new spacious vanity, stylish good lighting, and flooring with a new tub surround or tiling are great ideas. That old stained toilet also needs to go.
Flooring is considered one of the top three renovations for return on investment in fourteen housing markets. Flooring that is done professionally enhances the look of the home and can have a return on investment of between one hundred and a hundred and fifty. The secret to a fabulous floor is not so much the material as the quality of installation. So it’s often best left to the professionals.
Basement renovations also provide an excellent ROI. You don’t even have to give the basement a complete makeover. If you’re wondering how to add value to your home without extensive renovations, remember that anything that will save the next owner money or time should be at the top of the list. This type of renovation typically has a seventy-five percent return on investment.
A word of advice
Twenty-seven percent of homeowners indicate they’re going to need help financing their renovation projects. This is where I step in.
Rising interest rates and borrowing costs represent new challenges for homeowners looking for funding for their home renovations. Products such as purchase plus improvements, refinance plus improvements, readvanceable mortgages, and home equity lines of credit are only some of the options to be considered. As a mortgage broker, I will help you understand your options.