Home Renovations that pay off when you sell your house
Are you wondering what type of home renovations pay off when you go to sell your house? In some instances renovating your home can make your home more valuable. In yesterday's blog post we talked about whether you should renovate before you sell. Many factors come in to play when you are making that decision. However, according to the Appraisal Institute of Canada's renovation worksheet there are several renovation projects which can bring you close to recouping the money you spend.
The top four home renovations that payoff:
•1. Minor kitchen remodel - Average pay back 75-100%
These renovations include tile backsplashes, new flooring, dual sinks, new appliances etc.
•2. Major kitchen remodel - Average pay back 75-100%
These include new cabinets and/or countertops, flooring, addition of walk-in pantry and breakfast nook.
•3. Bathroom remodel - Average pay back 75-100%
These include skylights, soaker tub, dual sinks, double shower, new vanity and new flooring.
•4. Windows - Average pay back 50-75%
The payback is not as high however the long-term heating costs will go down. Also, buyer's view windows as they do other structural items. Failing to update old windows may affect potential offers.
As a Nanaimo area Realtor I offer a service to my clients where I do a room-by-room evaluation. With this evaluation we will review basic home staging ideas as well as determining which home renovations will pay off before you list your house.