Thinking about making renovations to your home? Are you wondering what kind of value these improvements will have on the value of your home? Whether you are thinking of selling your home in the near future or just want to know how much your renovations will improve you home’s value, it’s always good to know what kind of ROI you will get from your investment.
The Kitchen. The kitchen is the cornerstone of any home, it’s the gathering place for the family and cooking a meal is something that brings people together. Kitchens can be expensive to renovate, but it is also the room that makes or breaks a home sale. Sites like Pinterest make it easy to build a vision board to see what the latest options are.
Bathroom. After the kitchen, the bathroom is the sanctuary for most home owners. Where else do you escape to for a warm bath and some much needed quiet time? A nice bathroom remodel can turn a room used for utility (using the john) to an oasis you can escape to when you need some much needed quiet time.
Square Footage. Adding more square footage to your home will add value to your home as one of the most used real estate metric when valuing a home is the square footage. If you have the land you can build an extension, if not, you can either go up or down. Dave Steinberg of Nusite Group, a basement waterproofing company in Toronto, says that renovating a basement has many advantages as you do not need to add on to a house, losing outdoor space, but you most often do not need a permit as you are just improving an existing space.
New deck. A beautiful deck allows you to enjoy your outdoor space in style. It allows you to sit and relax and enjoy the sanctuary that is your backyard. Wood decks are relatively inexpensive to build (unless you get really fancy), you can also build a concrete deck, which is more money, but will add more value and style to you backyard.
The infographic below shows some examples of home improvements and the value you can expect to get out of each one.