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two men completing home renovations for ROI
Date published
Post Categories Mortgage Tips

Top 3 Home Renovations for ROI

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If you’ve been thinking about doing some home renovations, I’m here to tell you that they are not all equal! In this article, I will share what the top renovations are for return on investment. If you’re considering upgrading your home, read this to make sure your updates will benefit your future. 

How is ROI measured? 

There are three ways that payback on your home renovations are measured. 

  1. The value when it comes to increasing the sale price
  2. The value when it comes to maintaining the worth of the property
  3. The value when it comes to enjoying living in your renovated space

The top renovation to complete.

Can you guess which is the top renovation you should complete when working on your property? It’s the heart of the home… The kitchen! There’s nothing better than a kitchen with ample counter space, a place to sit and enjoy each others company and nice aesthetically pleasing views. 

Man completing home renovations for ROI

When you’re renovating your space, consider what the space needs to make it the all around favourite and most used room in the house. Do you need more electrical plugs for the kitchen countertops? What about an island with seating? Or do you need upgraded cupboards with pull out drawers? These decisions will help if you’re ever wanting to sell your home. 

The number two spot.

After the kitchen, it’s the bathroom! Another well used room in the house. Think about what you’d like in your dream bathroom and if it’s possible and within your budget, get started! Consider the quality of materials and the craftsmanship that it will take to get the look you’re after. 

The third renovation is…

Have you ever thought about painting your home? I’m not just talking about the walls inside – I’m talking about the exterior of your home. You don’t always want to judge a home by the outside, but it’s a fact that people do! 

Whether you go with a colour and design that’s trendy, something that is forever classic or an unexpected option, painting the exterior of your home will increase the value of your home. While you’re at it, swap out some of those brightly coloured rooms inside with a fresh coat of white and you’re heading down the right path. 

The number 4 and 5 spots. 

The final two home renovations that will increase your return on investment are:

  1. Updating decor

This includes things like your lighting fixtures, countertops, flooring, plumbing fixtures, lighting switches. All of the seemingly little things will create a large difference once they’ve all been updated. 

  1. Decluttering

And last but not least, to increase your ROI, you need to declutter. Let your space breathe! It’s time to declutter all of those nooks and crannies in your home to showcase the space for what it truly is. When your home is full to the brim of things, you yourself can’t see the potential and the same goes for someone who may be looking to buy your home if it’s on the market. 

The time is now.

There is no time better than the present to get started on these renovations! Check back next month when I discuss the top renovations that will help maintain the worth of your home. 

And, if you’re in the home buying process, give me a call today. Let’s chat about your situation and how I can find the best mortgage rate possible for you. Give me a call at 250-826-3111, apply on my website or contact me through my online contact form. Whichever way you reach out to me, I look forward to chatting with you.

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