Wow, what a crazy week! Had a client give us a tight deadline for their work that required us re-organizing our schedule to accommodate. In the end, we managed and the job is starting Tuesday.
We are often asked, "What renovations will give us the best return on our money?" I often respond by telling clients to think of renovations to their home as investments. Provided they do the right renovations, they can often see a 60%-90% return on their investment. Now where on the stock market can you get that kind of return?!
The key is knowing what renovations to do. The list below shows you the best rate of return on your renovation projects.
You can't go wrong with kitchen and bathroom renovations. The job we're starting after labour day is a bathroom renovation. This client has a large ensuite bathroom and we're replacing all of the floor tile and tile inside of the shower. To save on this project, the client is removing his vanity and installing the new one himself. They are also doing their own painting. They only had builder's grade tiles and vanity in the bathroom so the upgrade will certainly add value to the house when they sell in 3 years.
Smaller changes to a home can also reap hefty rewards. Any addition that brightens your home (such as new light fixtures) should be returned in the selling price by an average 84% of the cost of the renovation.
The top 10 upcoming renovation trends are-
• Second floor laundry room
• Ground-floor home office
• Hardwood flooring upgrade in kitchen
• Whirlpool bath separate from shower
• Built-in kitchen appliances
• Addition of kitchen cooking island
• Non-neutral interior paint colours
• "Smart" house wiring
• Home theatre room
So....as winter starts approaching and we begin to hibernate inside, start thinking about the renovations you can do to your home. Give us a call...we'd be glad to help you with the planning.