Home renovations have several advantages. Besides the aesthetic side, getting your home up to date can increase comfort, provide better security, and offer a healthier, more efficient living environment. In short, home renovations can greatly improve your quality of life. But that’s not all: certain upgrades to your home can systematically boost the value of your property. Some will even give you 50% to 100% return on your investment. Below are the four renovations that are most likely to pay off for themselves.
1. Kitchen and bathrooms
Renovations to the kitchen and bathroom are the most lucrative. Kitchen or bathroom facelifts can pay back 75% to 100% of their cost, depending on the renovations you make. Many real estate professionals agree that homeowners who renovate for the purpose of selling their home should focus on these two rooms.
2. Interior and exterior paint
Painting is an inexpensive and very profitable renovation project. Rolling on a new interior or exterior paint colour can generate a 50% to 100% return on investment. If you are planning on selling your house, choose neutral shades over trendy colours that may not appeal to all buyers.
Replacing roof shingles offers a 50% to 80% rate of return, which is quite a nice margin of profitability. Investing in a roof upgrade increases the value of your home and, most importantly, it protects you against various problems such as water infiltration.
4. Heating system
Investing in a high-quality heating system or furnace can pay off handsomely: in the same way as a roof upgrade, installing an energy-efficient system generates an estimated 50% to 80% payback. If you’re worried about the cost of replacing your old appliances, keep in mind that these upgrades will make you benefit from an immediate reduction of heating costs and will make your home noticeably healthier and more liveable.
Other renovations have good payback potential (50% to 75%) such as replacing doors, windows, or flooring, installing a fireplace, finishing the basement or adding a playroom. Whatever home renovation project you are considering, remember that to recoup the highest percentage of the cost, the work has to be well made and tasteful. With this in mind, before you dive head first with a hammer in one hand and a screwdriver in the other, do your research and don’t hesitate to seek advice from a qualified professional.