If you would like to have home renovations completed in order to increase your house’s value prior to putting in on the real estate market, we recommend that you do your research before you begin. Certain renovation projects have a higher return on investment (ROI) than others, meaning that you will benefit financially from some improvements more than others.
There are various factors that go into determining the ROI of a renovation. This includes a consideration of how badly your home needs a certain renovation and how the end result will affect how your house compares to other homes in your neighbourhood. Still, some renovations are more often beneficial than others ones are, no matter what the circumstances. With this in mind, here are the most valuable home renovations in Victoria BC.
Renovations that improve upon the exterior look of your home
Curb appeal is huge--if your house looks rundown on the outside, potential buyers could have something against it before they even walk inside. The good thing is that getting the siding replaced on your house can have a relatively low initial cost of about $14,000 and leave you with a ROI of over 80%. You can compare this to a major remodelling of your kitchen that could cost you over one hundred thousand dollars and bring back around a 60% return.
Other Victoria BC home renovations that are effective for improving upon the exterior of your home and have a strong ROI are window replacements (with a return of 70% to 80% depending on the material used for replacement) and deck additions (with about an 80% return).
Minor and midrange remodels
While this will vary based on the factors we mentioned above, it is usually safe to say that a minor or mid-range remodel of your kitchen or bathroom will have a higher ROI than a complete or upscale remodel would. For these smaller renovations, you could expect to pay $15,000 to $20,000 and get back about a 70% to 80% return.
Toolbox Renovations welcomes you to contact us so we can start the discussion on how we can best help you.