Home Renovation: Investing in Your Home

September 5, 2017 | Posted by: Della Dwyer - Your Trusted Barrie and Surrounding areas Mortgage Broker

Remodeling a home can be exciting and very rewarding but it requires financial investment. Knowing the return on your investment will help you make good decisions so let’s take a look at the average ROI for some common renovation projects. 

 150% Remodeled Kitchen

A kitchen update can reward a seller with a sizable payback. Just remember though; splurging on fancy finishing materials or sophisticated equipment may cut into your profit. Keep it simple.

100% Revitalized Lawn and Garden

A verdant lawn and a modest but colorful flowerbed will entice potential buyers. The few hundred dollars invested may yield several thousands in profit.

100% Fireplace

Especially if it is energy efficient, such as a gas-powered model, a fireplace holds the promise of cozy family gatherings around the warmth of the hearth.

90% Second Bath

All it takes is a simple 5x9 foot extra bath to make mornings more civilized for most families. But don't count on a return on extras like a heat lamp or whirlpool tub.

80% Room Addition

For the most attractive return of your investment dollars later on, the added room should be today's popular family room or a third bedroom.

80% Remodeled Bath

A master bath is on many buyer's list, so invest here. If you own only one bath, install two sinks or a double vanity to handle the morning crowd.

70% Expanded Master Suite

To keep costs down, try to find extra space to create this wish list item by combining existing rooms and spaces. Heavy structural work entailed by adding square feet diminishes your return.

70% Deck

Outdoor living space is a desirable asset no matter where the locale. No maintenance decking material leaves lots more leisure time, too.

50% Exterior Paint

Sprucing up tired siding, trim, etc., can take years off the look of an older house.

50% Finished Attic

You can expect to recoup more of your investment if you make sure the renovation does not detract from the aesthetics of your home. It is especially attractive as an extra bedroom in a small house.

40% Finished Basement

This is a great way to gain added living space without building a costly addition. If the basement has an access door to the outdoors, the project becomes more valuable.

40% Heating Systems

Replace it only if your old system is dysfunctional. Depending upon a buyer's priorities, a new energy efficient furnace may or may not be a selling advantage.

35% New Windows and Doors

Buyers appreciate changes that improve the look of a house, so attractive new French doors, for example, may be a plus. Energy efficient units are an ecological boom, but may be a resale bust.

30% Garage

Don't go overboard to blend it into your home's architectural style. Its desirability increases if you live in a part of the country with a harsh climate.

0% Swimming Pool

Unless you live where the sun always shines, such as Southern California, this luxury item can detract from your resale profit.

The inherent value of enjoying a home designed for the lifestyle you want is important but if you plan to sell in the near future consider these figures as you make your investment decisions. I am a Barrie mortgage broker specializing in services for the first time home buyerBarrie; feel free to get in touch with any questions you may have about finding the Barriebest interest rates, Barriedebt consolidation or other mortgage products.

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