Last Updated on November 9, 2023
With people moving at growing rates the demand for housing is likely to grow, too—especially for homes with solid upgrades buyers really want. Also, more baby boomers are downsizing, which will further boost home buying trends.
Before upgrading for the enjoyment of the family or with an eye towards reselling, these smart home upgrades offer a decent return on investment.
Add a New Wood Deck
A 14,000 CAD decking installation can recoup up to 11,462.00 CAD, or a return of approximately 80% of the original investment. Composite decking is growing in popularity across the nation due to the material’s impressive longevity and easy maintenance, so they can boost that return by 5% or more. Buyers are drawn to spaces to relax outdoors or add a grill or hot tub for enjoyment.
Boost ROI with a Smartly Planned Minor Kitchen Remodel
The key to recouping the average estimate of 81.1% on minor kitchen remodels is to make wise choices and avoid the urge to invest in high-end items in a moderate home.
This is because every buyer has specific tastes in the kitchen, so current owners should splurge mostly for their own use. Smart ways to get the most bank for the buck include upgrading or refacing cabinets without full replacement, or even opting for kitchen cabinet door replacement to refresh the look without the cost of complete cabinetry overhaul.
New countertops or resurfacing with good quality materials can also add appeal to the cooking area. Another good option is to install energy-efficient smart appliances along with modern fixtures that buyers truly appreciate.
Consider a Minor Bathroom Remodel in Older Homes
Many older homes were built with strict budgets and typically the fixtures and outlets in the bathroom become dated over time. Not to mention hard-to-clean acrylic tubs and surrounds that buyers will likely replace if sellers don’t. To avoid this immediate and time consuming task, today’s home seekers tend to pass on low-grade baths.
Resurfacing tubs, installing tile surrounds, a new toilet and sink can be achieved for less than full replacements, so long as safe resurfacing materials are utilized. Overall, owners can spend as much as $24,368.20 CAD on a minor to moderate renovation with a resale value averaging $17,051 CAD, a return just over 70 percent.
Full Roofing Replacement
If a roof is older than 15 years, it’s going to need replacing very soon for asphalt materials. However other materials such as stucco or metal roofs can last much longer. Depending on size, roofing remodels can average $25,500 CAD and offer a resale value of about 70% of investment costs. Tile and slate roofing can bring in a premium ROI but may cost a bit more.
Average ROI Upgrades to Ponder
Recent surveys indicate that other popular additions with a moderate ROI include upgrades such as:
- Window Replacements
- Insulated Garage Door Replacements
- Home Siding Additions
- Entry Door Upgrades
- Basement Additions
Remember, it’s not always necessary to make major improvements to a home unless they are truly going to improve your family’s life there and have potential value down the line.If you are considering buying or selling a townhome, be sure to invest the assistance and advice of a local professional experienced in real estate. Upgrades should also be discussed with a certified home improvement expert before taking on any new projects.
