When undertaking a renovation project there are two major considerations to keep in mind: 1) is the renovation something you are going to truly enjoy yourself? And 2) Is it something that, perhaps more importantly, whoever ends up buying your home is going to appreciate and be willing to compensate you for. These two questions are both important (together and individually), but it is the second one which, if you know you will be selling your home at some point during the next year, should be of the utmost importance to you.
It has happened to many people: They spend time and money creating something unique in their home that they can’t fathom someone else not enjoying as much as them, only to find out that during the sale of the home that people have widely different tastes, and that cream coloured, 1950s-style kitchen they scrimped and saved for is not worth that much to someone who wants stainless steel everything. Below are the top 5 renovation projects in 2018 in terms of return on investment.
Garage door replacement
Believe it or not, simply replacing the garage door will get you a very impressive 98.3 percent return on investment. This is largely due to the fact that the garage door is a large part of a home’s overall aesthetic appeal and one of the first things people notice when they are interested in buying a house. A new garage door that appears well maintained is something that can increase the value of a home in a big way.
Manufactured stone veneer
A stone veneer adds a level of class and sophistication to a house in a way that many prospective homebuyers are willing to compensate you for. Not to mention the design is timeless. The return on investment for this home renovation in 2018 sits at 97.10 percent.
Wood deck addition
The third best value is a wood deck addition. People love the idea of being able to sit outside on a wood deck in the summer with a drink and some friends. In some ways, a well maintained deck is considered an extension to a home’s interior, an additional living space for hosting guests. Prospective home buyers will likely be inclined to pay you back for the time and money you spend on the addition.
Minor kitchen remodel
Minor kitchen remodels should allow you to recoup 81.10 percent of your investment. A minor kitchen remodel might involve something like new countertops and new appliances, or new countertops, a new sink and new cabinetry. A full remodel might be too much for some people who were planning on injecting their own personalities and tastes into a kitchen, regardless.
Home renovations in 2018 and beyond are going to be about getting the best return on your investment possible, and that means knowing what people are going to be willing to pay for. Keep the above top renovations values in mind this year and get the most when it comes time to sell.
If you’re replacing your windows or doors to increase the value of your investment property, call North Tech Windows and Doors today at 587-408-3181.