As the winter thaw begins, and spring buying and selling fever heats up, there are certain renovations you can make on your home to ensure you get an optimal return on investment (ROI).
Whether you’ve been waiting for that perfect time to list, or are looking to flip fast, being strategic with your home renovations can make the difference between losing money and having extra cash in your pocket.
As a Houzz article points out, when it comes to home renovations, the “size of your space, the scope of work involved, your DIY abilities, the quality of materials you choose and even your geographic location all play a part.”
Invest in curb appeal
However, your renovations don’t have to be earth-shattering. According to Remodeling magazine’s 2017 Cost vs. Value Report, the trend of making “curb appeal” renovations to your home scored a higher ROI than larger renovations.
Boost energy efficiency
Surprisingly, installing loose-fill fiberglass insulation in the attic came in as number one on the report. Although it doesn’t seem as exciting as other home remodels, it makes your home more energy efficient, and it can be accomplished yourself, inexpensively. Plus, it returns an estimated 107.1% on your investment.
Interestingly, something as subtle as replacing your garage door could yield you as much as an 85% ROI. Landscaping is another tried, tested and true improvement that can return as much as 650% to 900%, according to Global National, on your investment. Installing new windows, adding high-efficiency appliances and repainting the exterior and interior of your home can make a huge impact for little cost.
Key to success
Bryan Baeumler, host of a variety of reno shows on HGTV Canada, tells Global National the keys to a successful home reno is: Fitting your plan into a budget and not your budget into a plan; cost vs. impact; and what makes the most sense for you.