How to Get a High ROI from your Home Renovation
When planning a home renovation, it’s normal to want or expect to see a high return on investment after the work is done. However, not all projects lead to a high return, and not all materials or aesthetics will have potential buyers jumping at the chance to put an offer in on your place.
This is why homeowners need to be strategic when planning their home projects, especially if they are renovating to gain a great return. While we’ve previously touched on the key projects that will always garner a high ROI, in today’s blog, we will focus on 4 key tips and tricks that will help you secure the return you’re looking for.
Never Underestimate the Power of Paint
Many of our clients always feel like the renovation projects that cultivate high returns are lavish and expensive upgrades. However, that is not exactly true. Ask any contractor or realtor, and they will say the same thing “a coat of paint goes a long way!”
When working on renovating and upgrading your home, be sure to give your main spaces, such as your living room, kitchen and bathroom, a fresh coat of paint. This will help the room look and feel fresh, as well as give the space an element of cleanliness.
If you really want to gain a high ROI with this project here, then be sure to select neutral colours. Not only do they make the space look bigger and brighter, but it’s also more appealing to potential buyers.
When it Comes to Your Kitchen or Bathroom: Go Big!
We’re not going to sugarcoat it here; kitchen and bathroom renovations are expensive. And if you’re looking to get a big return on your investment from these kinds of projects, then it’s important to go big.
Now, rather than trying to complete a full renovation with a tight or smaller budget, it’s best to streamline your money to ensure you can make an impact with your investment. For example, if your budget doesn't allow for a full kitchen reno, then focus your spending on changing the countertops to granite or installing all-new, top-of-the-line cabinets. While these projects may seem minuscule, they have a huge effect on your ROI.
So when completing a kitchen or bathroom reno, take a look at your budget, and see where you can go big and really make a difference!
Invest in Materials and Labour
It’s important to ensure that you're not stretching your budget too thin during your renovation project. Especially since quality labour and materials are essential in ensuring you receive a high return on your renovation.
We understand that renovations can be expensive; however, if your budget isn’t used strategically, you may not gain the return you want. Rather than trying to complete many different projects (such as a bathroom and a kitchen reno), stick to one or two renovations where you can spend your money on the materials that matter. Trust us; you may think doing a bathroom reno will gain a great return. However, potential buyers and real estate agents can tell when poor materials were used.
Small Details Matter
Although replacing doors and windows or improving the insulation in your home is not aesthetically pleasing, it goes a long way. When renovating your home or planning out upgrades, don’t forget about the small details or tasks!
Not only are these key projects that help garner a high return, but they are also relatively affordable, simple and don’t take a long time to do. So whether you’re preparing to sell your home or are planning out your renovation projects for the year, don’t forget to think about the small tasks that can make a huge difference.
Planning a home renovation project, especially one used to secure a high ROI, can be very stressful. However, we can help! At Generation Construction, we’ve worked with many homeowners, completing their renovation projects and upgrades, allowing them to gain a great return. If you’re interested in learning more or are ready to get started, contact us today.