HOME RENOVATIONS

If you’re planning to do some home renovations that pay off on the resale market, you’re not alone. Renovations are the premise behind many successful house-flipping careers, and a great way for homebuyers to get into their dream home, in a good location, at a lower price. Meanwhile for home sellers, the right renovations can yield higher offers and a quicker sale. It’s little wonder that the majority of Canadians who are investing in home renovations are considering them from a return-on-investment (ROI) perspective.

HOME RENOVATIONS THAT PAY OFF ON RESALE

KITCHEN - kitchen renovations give the best ROI, including new or updated cabinets, countertops and appliances. This can be attributed to the scale, cost and the general inconvenience (albeit a temporary one) of a kitchen renovation. Yes, renovating the kitchen yourself once you take possession of the home will be cheaper, however many homebuyers simply don’t want to put themselves through it – especially if they just completed a kitchen renovation on the home they are selling. The “move-in ready” factor is significant.
BATHROOM - bathroom renovations as a great high-return renovation. By the same logic as the kitchen renovation, homebuyers who want move-in ready homes with all the bells and whistles generally don’t want to take on expensive, time-consuming and inconvenient renovations, such as bathroom.
PAINT - a fresh coat of paint is the simplest and cheapest investment, and it pays off on the resale market. Aside from giving the home an instant refresh, home stagers also recommend light and neutral paint colours to make a home appear bigger, brighter and cleaner.
FLOORING - new flooring is a popular upgrade among homebuyers. Homebuyers largely prefer hardwood or tile over wall-to-wall carpets, which tend to trap stains and odours, and can really show a home’s age. This is a must, and if the seller is lucky, tearing up that old carpet could even reveal a hardwood floor underneath that just needs some TLC to bring it to its former glory.
FINISHED BASEMENT - finished basements are a great selling feature on the resale market. In fact, any renovations that add liveable square footage to a home are always in demand. A lower-level family room, home office, an extra bedroom or bathroom in the basement can all give your listing a significant boost at the offer table.
OUTDOOR/LANDSCAPING - outdoor projects can provide good ROI. As a result of the pandemic, people have been spending more time at home and thus, large years, pools and hot tubs, decks and patios, and landscaping are all appealing on the resale market. Depending on the scope of the project, this could be one of those low-investment, high-return upgrades that pay off on resale.
ROOF - roofing was a good option to invest some renovation dollars before listing a home for sale. New roof tied in sixth place with outdoor projects and landscaping.
OPEN-CONCEPT FLOOR PLAN - redesigning a home with an open-concept floor plan can pay off. This isn’t a small or inexpensive project by any means, but removing wasteful walls and halls can instantly modernize an older home and make it live larger than its actual square footage would otherwise allow.
WINDOWS - new windows net higher offers on the resale market. While this isn’t exactly the sexiest of renovations, astute buyers will appreciate the tens of thousands of dollars that new windows will cost, so having these replaced before listing can benefit both buyer and seller. Furthermore, new windows can give your home an understated refresh, inside and out.
With a mind to resale value, here are eight interior design trends that experts anticipate becoming more dominant in the new year..

1. Light, Views, and Fresh Air
Research shows that natural light can boost healthfulness, both physical and emotional, so architects and window manufacturers are responding. Repair or reglaze windows, add more windows, build a deck, or add on a screened porch. Give Buyers an important connection with the outdoors.

2. Healthier Houses
With reports of contaminants in drinking water, toxic levels of formaldehyde being released from laminate flooring, and other home health scares, consumers are increasingly concerned about how their home may affect their health. But rather than compromising health and wellness, homes can provide an opportunity to enhance lives.

3. Bathrooms for Aging in Place
Baby boomers now account for the largest share of home owners choosing to renovate—and their top project is redoing the master bathroom. “A significant proportion of boomers are aware of the needs that arise aging in place

4. Resiliency and Sustainability
Favoring all-electric systems, including induction cooktops, mini-split HVAC systems, and heat pump water heaters. Homeowners could take it a step further and have the garage wired to be a charging station for electric cars and add solar panels to the roof.

5. Colours
When it comes to cabinetry, colors are becoming more robust. But when it comes to selling, be more cautious and favor lighter colors that convey an easy-to-decorate, move-in atmosphere.

6. Natural Materials and Motifs
Buyers are looking for more warmth and comfort with natural touches. Designers suggest prints and florals in natural-colored tones. A mix of warmer natural materials such as wood, leather, silk, and stone will help capture the natural feel.  A warmer, more natural glow can also be illuminated through new LED lights.

7. Affordable Microhouses

8. High and Low Decor
For the millennial generation, quality supersedes quantity. But this isn’t limited to their desire for smaller, better homes, but it also applies to what they choose to put inside their homes when they decorate. The benchmark isn’t how fancy or rare something is, but if it’s practical, gives them the right experiences, and nourishes their spirit.