How do I increase the value of my property?
That’s the question on
every homeowners mind. There are two key survival strategies. The first is to
think long term, have a plan and stick to it. History shows that this plan of
action can pay off.
The second tactic is to outperform the market. This means ensuring your
property increases in value at a greater rate than those in your surrounding
market. One way to do that is through renovations – but not all projects are
created equal when it comes to generating a return on investment (ROI).
Here are the top four “renos for ROI”:
1. Building an income suite (also knows as a rental suite)
This is by far the most profitable reno a homeowner can undertake.
Income suites typically have a 150% to 250% ROI.
2. Painting
This is an inexpensive way to freshen up a property. Picking neutral tones
and doing a good job are key. This simple reno project gives 100% ROI.
3. Renovating Kitchens and bathrooms
Kitchens should be bright and spacious with a smart layout. Replacing old
appliances with inexpensive and more efficient newer ones also adds a lot
of appeal. Bathrooms are equally important. The more you have, the
better the ROI. This delivers about 75% to 100% ROI.
4. New Flooring
This has a dramatic impact and hard surfaces are the way to go. Laminate
flooring is inexpensive, easy to lay, durable and looks great. With modern
styles and improved design, it has become the flooring of choice for real
estate investors. New flooring can generate an avg. of 70% to 90% ROI.
(Source: HGTV.ca)
No comments:
Post a Comment