Whether you’re prepping your house for sale, or upgrading items and areas to improve your living quality, it’s important to always consider the capital return on the investment you’re making in the property. Regardless of project size or complexity, every property enhancement will work to increase the value of your home. This article is going to explore the various home improvement projects available and the best roi renovations associated, ensuring that you’re able to focus your efforts and dollars on the right area.
Painting your home will be one of the quickest, easiest, and most affordable ways to increase appeal and property value. The often under-appreciated renovation project can breathe new life into your living space, and with the help of a professional painter experienced in palette selection and damage repair, a refreshing aesthetic is only a few brushes away.
Although painting won’t be a renovation as extravagant as others on this list, it’s a reliable way to improve the feel of your home and create an inviting space that resonates with buyers.
ROI Insight: Expect a house repainting to generate a 60% return on investment. For a home sized 2,000 square feet, expect the complete project cost to range between $10,000-15,000.
Doors & Hardware
There is plenty of value to be found in the finer details. When considering potential home renovation opportunities, you shouldn’t overlook simple door and hardware replacements. In addition to those two, you can also consider baseboards, door trim, crown moulding, and all other relatively minor, non-invasive improvements that will modernize the appearance of your home. Since these upgrades are relatively inexpensive, you should focus on high quality materials and professional installation.
ROI Insight: Projects this small in scale won’t have an incredibly important impact when it comes time to sell your home. With that said, you should expect a return of 50% of your initial investment. For reference, a new front door and lock system will cost approximately $2,500, with new interior doors and hardware running approximately $250 per door.
As a more efficient, affordable solution to an entire kitchen renovation project, changing your countertops can be an incredibly accessible way of improving the aesthetic of your home and increasing resale value. Changing out old counters for newer, high-quality stones – such as granite or quartz – can do an incredible job of making the entire kitchen feel new for only a few thousand dollars. In addition to the counters, you should consider swapping out the old appliances for new stainless steel alternatives, which can have an incredible impact for only $5,000-$10,000 additional.
ROI Insight: Amongst the renovations available, kitchens will traditionally yield one of the highest returns on investment. Expect anywhere from a 75-100% return on the money you put into the project.
Establishing one luxury bathroom in the home will help plenty when it comes time to sell. For this renovation project, focus on large items such as frameless glass showers, marble counters, and the like. Utilizing the space will be incredibly important to creating a welcoming environment that potential buyers love, and if done right, you can generate a more than modest return on the $5,000-15,000 you’ll need to invest in the project.
ROI Insight: When completed with care and detail, the best ROI you can expect from a bathroom renovation will average 62%.
Your home’s flooring will be one of the most worn-out, yet most visible elements to a potential buyer, and it’s incredibly important to replace aging flooring if your hope is to maximize the value at sale. Selecting the right kind of flooring for your home can be very difficult, with hardwood flooring looking very poor if gapped and raised due to improper installation, laminate flooring looking cheap and ill-constructed if improperly installed, and carpet looking often outdated and dirty. It’s advised that you go the route of hardwood or laminate with the support of a professional flooring specialist, avoiding carpet at all costs.
ROI Insight: When completed well, flooring will prove to be one of the best return on investment home improvements, averaging between 100-150% return on investment. You can expect a new hardwood floor installation to cost $4-6 per sq.ft. for material with an additional $2 per sq.ft. for installation. Laminate will cost you closer to $1-3 per sq.ft. for material, with labour running in the range of $1.50 per sq.ft.
As an extension of the countertop remodelling discussed above, a complete kitchen renovation will see a change to the entire space – including counters, flooring, cabinetry, paint, appliances, and more. As the focal point of many homes, a kitchen renovation will be an integral part of the atmosphere, and it’s an incredibly important element of the selling price of your home. Although the most expensive of any renovation projects available – ranging anywhere from $25,000-50,000 for completion – kitchen renovation projects are known for providing quality returns on investment. One item to consider is that kitchen renovations are no small feat, and most projects take weeks, if not months to complete. It’s important to consider the implications of this on your lifestyle and home usage prior to jumping into the project purely for the investment return opportunity.
ROI Insight: If you’re working with an expert contractor on your kitchen renovations, expect the investment to yield a 75-100% return on the money you put into the project.
You should be able to undertake home renovation projects with confidence that they’re going to be completed on-time, in-budget, and to your satisfaction. Torino Construction is a custom home development and renovation company with over a decade of experience, servicing clients all throughout the GTA and surrounding areas. To learn more about our team and services, or to get a project quote, contact us today!