The Best Renovations For ROI When Selling Your Home

By: Ross McLean, Broker | Lucy McLean, Sales Representative | Peter Steele, Broker

The Best Renovations For ROI When Selling Your Home

Renovating your home is a big undertaking – it can be expensive, but many homeowners think that the initial expense is often worth the value the renovations will add to a home should they decide to sell. Or is it?
 
Surprisingly, certain renovations, even though expensive, actually don’t add much at all to the resale value of your home. Conversely, there are some lower-cost renovations or updates that will really wow potential buyers if and when you do decide to sell.
 
The best return on your investment
 
The renovations that add the most value to your home and bring in the highest return on your investment are kitchen and bathroom renovations. These two rooms are a big part of what sells your home in the first place, and updated, modern versions make them even more powerful. While the return is the highest, these are also unfortunately some of the most expensive renovations you can undertake.
 
There are plenty of smaller projects that you can undertake if a full kitchen or bathroom re-do doesn’t fit your budget. Some examples are re-doing your flooring or countertops alone, or installing new kitchen cabinets. With these smaller projects, choosing modern, classic and neutral styles is key, and always understand that if you put money into something with the intention of selling someday soon, it should appeal to the majority of buyers.
 
The worst bang for your buck
 
When you were a kid, didn’t you always want a house with a swimming pool? Most homeowners think that a swimming pool is a great way to add value to their home. Surprisingly, it’s one of the worst ways. This is because the majority of homebuyers can see a swimming pool as a huge maintenance chore, and while a pool may be a bonus to some, most aren’t going to pay extra money for more work. Similarly, an added home office works the same way – this appeals to only a specific buyer, and most buyers aren’t really interested.