Earlier in the week I posted a blog about the little fixes you can do to help impress buyers. However, some of you out there may be considering doing more than just the little fixes. This post, all about the big fixes, is for you!
There are two main reasons why homeowners invest in a home renovation or major redecorating project:
- They want to enjoy the results of the improvements they’ve made.
- They hope that the money they spend will come back to them – at least in part – when they sell their home.
If you are reading this post, you probably fall into the later of these two categories!
So which “big fixes” are most likely to increase the resale value of your home?
Here are five renovation projects that will give you the most bang for your renovation buck.
Big Fix #1: Kitchen
When it comes to selling your home, the kitchen is one of the most important rooms. The more new and spacious it looks, the faster your home will tend to sell. The cost of a kitchen renovation can range , anywhere from $15,000 to $40,000, isn’t unusual. In the end though, you can expect a pay back of around 75% of the cost of a kitchen renovation.
However, if your kitchen was already in good shape, this percentage will be lower. According to Eric Périgny, president of Reno-Assistance, “If the kitchen has clearly been redone and you are ready to sell, it’s often better to leave it as is than to do small jobs because, in the eyes of a potential buyer, this will not be perceived as added value in the selling price.”
Big Fix #2: Bathrooms
Who isn’t impressed by a new and gleaming bathroom with a big shower, modern faucets and other attractive décor? That’s why hotels spend so much time and money making their bathrooms look great. Homeowners tend to get a pay back of up to 75% of the cost of a bathroom upgrade.
The cost of a bathroom renovation varies. According to Reno-Assistance, you can expect the following in Toronto and Montreal:
| Toronto (GTA) | Montreal | |
| Small or Budget Bathroom | $10,300 – $15,400 | $8,200 – $13,300 |
| Mid-Range Bathroom | $15,400 – $20,600 | $13,300 – $18,500 |
| High-End Bathroom | $20,000+ | $18,000+ |
Big Fix #3: Floors
Old, scuffed or dated flooring tends to get noticed by home buyers, regardless of how well the rest of the room is decorated. New flooring — especially stone, ceramic tile and hardwood – can make any room look larger and more inviting.
The return on investment varies depending on the material you choose.
Bix Fix #4: Energy-saving upgrades
In this age of increasing energy costs and environmental concerns, home buyers are drawn to such features as energy-saving windows, a new roof, lighting, thermostats and more.
Big Fix #5: Closets
Any improvement that makes a closet look roomy and organized tends to result in a pay back of most of its cost. Arguably this doesn’t need to be a big fix! Even something as simple as installing a good closet organizer can have a dramatic effect.
Keep in mind that home improvements don’t just have an impact on the selling price of your home, they also help to sell your home faster.