Homeowners often look to customize their home for personal enjoyment and to appeal to future buyers. So, we ask, which remodelling projects add the most value?
“Homeowners are often inclined to renovate to suit their individual preferences and lifestyles,” says Craig Blanchard, broker-owner with Royal LePage Atlantic Homestead in St. John’s, Newfoundland. “However, while turning a garage into a music studio may be your heart’s desire, it’s important to be cognizant that future buyers will likely just want to park the car.”
Blanchard points out that regular and systematic home maintenance provides the best return on investment. Although, there are a few renovations that consistently offer above average return on investment.
According to the Remodeling 2016 Cost versus Value Report (www.costvsvalue.com) the following are among the mid-range renovations that homeowners who are looking to sell may wish to consider. To protect your investment, be sure to obtain work permits and consult a professional before embarking on any project where maximum return on your investment is sought.
1. Attic insulation (fibreglass). You can recoup more than 90 per cent of the costs based on immediate energy savings and your home’s future resale value.
2. Garage door replacement. Maximum impact on curb appeal and increase functionality. Recoup up to 90 per cent of your investment.
3. Entry door replacement (steel). Quickly improve the curb appeal of your home while reducing heating and cooling costs. Estimated return on investment is more than 80 per cent.
4. Manufactured stone veneer. Add curb appeal to the exterior of your home, or to accent specific areas within the home. Recoup up to 75 per cent of your investment.
5. Minor kitchen remodel. Based on a mid-range investment of about $20,000, you can expect to recoup about 70 per cent.
6. Deck addition (wood). Add a deck to increase outdoor living space and recoup up to 66 per cent of your investment.
Blanchard advises that the more you align the features and attributes of your home with those preferred by consumers, the greater the value you will create. More information is available at royallepage.ca.