List: The 10 Most Valuable Home Improvements
When considering a potential property, it is important to look not only at what the property is, but also what it could be – with a little bit of work. When looking at a new home with renovation in mind, the next concern is usually then “will I get my money back,” and “is this a good investment?” This list aims to show you some average returns on investment (RoI) for common home upgrading projects:
1. Clean / de-clutter – 973% RoI (Return on your Invested dollars): Remove clutter, properly storing items in basement, attic, etc. Don’t be fooled into thinking an untidy house is not a great potential home. If you can “see” past the clutter, they are often the best deals.
2. Lighten and brighten – 865% RoI: Replacing any burnt-out bulbs and using higher wattage bulbs will make a huge differece in how a dark, dreary home looks. Look for these things when considering a property.
3. Yard – 426% RoI: Is the yard extra funky? If you’re checking out a home that seems great, but you have issues with the way the outside looks, just remember that you’re only one spring makeover away from having it green, uncluttered and magnificent.
4. Plumbing and electrical – 260% RoI: If the toilet is running during your open house visit, don’t stress! Putting a bit of money into plumbing and electrical will not only pay off in spades, but as we will see below, may also work toward the added bonus of some hot new fixtures (another great investment).
5. Staging – 251% RoI: Don’t be fooled! Has a house been beautifully staged with expensive modern furniture? Great! (for the seller!) What will your furniture look like in here?
6. Update kitchen and bath – 168% RoI: Update kitchen and baths by resurfacing cabinets or painting. Replace toilet seats, dated fixtures and drawer/cabinet handles. Freshly caulk and redo grout in countertops, sinks, tubs and showers. It’s easier than you think, and often makes the the whole place feel much more sexy and updated.
7. Paint interior – 148% RoI: Repair any damaged interior walls by patching all chips, holes and cracks; then touch up or repaint interior walls with your favourite colour. Easy! Don’t let chips and holes get you down – they’re extremely minor concerns in such a big purchase.
8. Carpeting = 104% RoI: If carpets are only lightly soiled, shampooing and/or spot removal should suffice. If there are rips, fading, heavy wear, smells or deep stains, replace with a colour of your choice! Broadloom carpeting is not as expensive as you may think. Or is it time for hardwood?
9. Flooring – 101% RoI: Repairing and refeinishing damaged floors is fairly painless, especially before the furniture moves in. It’s unwise to rule out a great home based on some minor floor damage.
10. Paint exterior – 76% RoI: Repaint or resurface the outside walls of house if necessary. Again, if this is what’s stopping your purchase of your Perfect Home, maybe think twice?
If your potential property has a lot of problems with it, it may not be worth the time or investment. On the other hand, one of two of the above upgrades shouldn’t stop you from getting yourself into a great home – at a great price. Just consider the renovations as part of the deal and deduct accordingly from your offer price.
Warmest regards,
Shaun Nilsson
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