Maximize the value of your most important investment. Making the right renovations and upgrades to your home improves its resale value. RE/MAX has identified the 6 smartest renovation priorities to maximize the resale value of your property. Check out our Smart Renovator Guide and consult your neighbourhood RE/MAX agent to learn what’s driving values in your area. RE/MAX agents sell over one third of all properties in Canada. Put the experience of a RE/MAX agent to work when you are ready to sell your home.
1. It all starts at the curb
Everyone knows the value of a first impression. RE/MAX has learned that landscaping the front and backyard of your home will give you a 7% better return on your renovating dollar over the average return on other popular renos. Increasing your curb appeal can be as simple as adding containers of brightly coloured flowers. Another idea would be to add a low maintenance garden for blocks of colour and texture. Also consider a simple water fixture in the backyard to add ambience.
2. The kitchen is the hub
Ever wonder why “kitchen parties” naturally occur every time you have a get-together? Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment and refreshment, where we gather and regroup after a busy day. It is a room with real value for every family. At RE/MAX we’ve learned that kitchen upgrades can really deliver, with a 44% higher return on investment than the average return on other popular renos.
3. Rekindle your passion for living
Nothing beats the feeling of curling up around a fire on a cold winter’s night. Not to mention the comforting feeling of hearth and home that a fireplace adds to a room. The return on reno index says that installing or upgrading the fireplace in your home will generate an 11% greater return on investment than the average return on other popular renos.
4. Try a fresh coat of paint
The dramatic effect paint can have on any living environment is often overlooked but RE/MAX knows that the simple repainting of walls gives you a 29% better return than other popular renos. Whether you go neutral with splashes of colour, or warm and dramatic, trends include mixing strong colours with nature-inspired neutral energy colours like orange, aqua, sage and blue, along with neutral palates leaning toward bisque, fawn, grey and walnut.
5. Disappear in your personal spa
Today’s stress-filled world leaves us all crying out for rest and relaxation. RE/MAX knows making your bathroom the best it can be will generate a 56% better return on investment than the average popular reno. The goal should be to create a spa-like environment in your bathroom by installing a soaker tub with relaxing jets, or perhaps a new steam shower stall.
6. Great ideas underfoot
Great-looking floors are a strong feature of any home. They often make all the difference. RE/MAX knows this upgrade can generate a 22% better return on investment than the average. Start by ripping out that dated wall-to-wall carpet. Then sand your existing floors down and refinish them, or choose one of the many easy-to-install affordable laminants now available. A darker stain gives an elegant yet up-to-date look.
Maximizing your Renovation Dollars
Deciding which reno is best for your home can’t be done simply by referring to a laundry list of the “latest” renovation trends. Discovering what renovations will provide you with the most value comes from analyzing a variety of factors, from the price and location of your home, to who is likely to buy it. Since the preferences of buyers change when considering various housing price points, use the index provided to weigh your renovation priorities based on house price. Work on the areas that are most attractive to that price point. Also, consider the right size expenditure for that price point so that you don’t over invest in “say” a “killer kitchen” that no one in that price point can pay back what you invested. Most of all, do the renovations that you will enjoy and enjoy the renovations that you do. Your home is a direct reflection of your lifestyle.