What a remarkably sunny day it is today in the GTA. You almost feel like spring is going to just pop out at you right out at you. Well it certainly gets your brain working - like thinking about all the things you need to get done this year. If home renovation is on your list, here are some tips for you to consider:
Considering a Spring Reno? Here are ten projects that will add value to
Can't stand your dark, drab basement? Have the purple-and-olive tiles and
porcelain in your bathroom seen better days? Maybe you've had enough of
your old vinyl floor and tacky fittings in your cramped kitchen. But what
do you tackle first?
It depends on your goals and plans. If you're thinking of selling your
property soon for the highest possible price, your priorities are different
than if you're planning to stay for a few years.
Here are ten worthwhile renos and the payback that you could expect at
resell (seller's market).
If you're only going to do one thing, paint. Interior/exterior painting is
one of the very few improvements on which you are likely to realize a
profit-as long as you choose tasteful, current, neutral colours and the
work is very professional. Payback: As much as 300%.
2. Kitchen remodeling
Typically one of the most expensive improvement projects, to avoid running
up a huge bill, carefully plan and shop wisely. Take care to keep the
project in line with the style and quality of the rest of the house; and be
reasonable, don't install a $50,000 kitchen in a $200,000 house. Payback:
3. Bathroom addition
If most homes in your neighbourhood have two, three or more bathrooms, and
yours has just one or one-and-a-half, you will definitely increase your
property value by adding a bath. Payback: 80-130%.
4. Bathroom remodeling
Play it safe and choose white porcelain, it is the safe, timeless choice.
5. Finishing unfinished space
Finishing your attic or basement will add significant value to your home,
increasing square footage without having to build. Payback: 50-90%.
6. Window/door replacement
Do it if your windows or doors are wasting energy or simply
decrepit-looking. Stick to standard styles; odd shapes and highly
customized arrangements do little for resale value. Payback: 50-90%.
7. Deck addition/improvement/expansion
Decks are one of the few exterior renos with any significant return, apart
from painting. Payback: 65-90%.
8. Room additions
Increasing square footage is almost always an excellent use of remodeling
dollars, but don't expand your home so much that there's little outdoor
space left. Payback: 50-83%.
9. Home office remodeling
Plan for plenty of electrical and cable outlets to accommodate all the
required machines and gadgets and don't skimp on lighting. Payback: 60-73%.
10. Energy efficiency upgrages
Retrofits, like insulation and high-efficiency furnaces, pay for themselves
relatively quickly. Others, like solar panels, and tank-less water heaters,
may take years to pay for themselves. Payback: Highly variable.
Two renos that don't pay off: swimming pools and excessive landscape.
Have an absolutely fabulous day. Talk to you again next week!!!!
Radha Diaram (Sales Representative)
Re/Max Real Estate Centre Inc.
1 (800) 461-2686