Even though residential real estate prices are at all-time highs across York Region, Toronto and the GTA, if you’re thinking about putting up your Vaughan, Markham or Richmond Hill house for sale, you still want to maximize its resale value.
There are many ways to do that, including staging your home and improving its curb appeal. You could also renovate your home to make it more attractive. But renovations can get costly, and some of the most costly renos still may not increase the appeal of your home for potential buyers.
The Home Renovation Projects that Offer the Highest Return on Investment
The following remodelling projects are among those that will increase the value of your home the most.
Kitchen & Bathroom Remodelling
Traditionally among the most popular home improvements, many potential buyers head to the kitchen and bathroom first when they view a home. It makes sense. Most of the other rooms in a home are basic, with four walls, a window and a door. So if they are comfortable in the kitchen and bathroom, they’ll be fine with the rest of the house.
Replace the Garage Door
While you might never give it a second thought, your garage door can constitute one-third or more of the overall appearance of your home from the outside. More than one study has ranked new garage doors as one of the best investments to improve the resale value of your house.
Install New Windows
Updated windows offer the triple benefit of improving the curb appeal of your home, highlighting interior décor and ambience, and improving the energy efficiency of your home.
This can be a particularly effective improvement if you sell your home in winter. No potential buyer likes to see large ice dams and icicles hanging down from your eavestroughs. If the benefit of more energy efficiency is not immediately apparent, it will be if your buyers compare energy costs between homes.
Paint Your Walls
Of all the home improvements listed here, painting your walls offers the highest payback in terms of return on investment. For a relatively low cost, you make every wall in your home look brand new.
A fresh coat of paint is especially helpful if you used striking colours in your décor. They may have been inspiring to you, but buyers prefer neutral colours that allow them to imagine how they will make the home theirs!
If you enjoyed this post, check out our recent article “York Region Real Estate Sales are the Strongest in Over 10 Years”.