When I couldn't find my dream home in my budget I decided to renovate. I tore out the dated kitchen and replaced it with a functional custom designed one, replaced the worn carpet with new flooring, changed the paint colour, added an in-ground pool, landscaping, and decorated it. I sold the house two years later with a profit of over $75,000.
You want to get a return on your investment, and making the right renovations to your home improves the resale value. Remodelling may not be for everyone, but if you are planning to make some changes to your home, here are some things to think about:
Do you like the neighbourhood?
Does it make good financial sense to remodel? Over-improving your house can make yours the most expensive house on the block, this means you may not realize your investment when it comes to selling down the road.
According to the AIC (Appraisal Institute of Canada), the home renovations that result in the greatest Return on Investment (ROI) are:
RETURN ON INVESTMENT
Kitchens and bathrooms 75% to 100%
Interior paint 50% to 100%
Finished basement 50% to 75%
In-ground pools* and skylights 0% to 25%
*In-ground Pools can be much higher if you live in an area where in-ground pools are highly desired.
Trading Places provides full interior design services for new builds, renovations, projects and custom interiors throughout the Greater West Toronto Area including the Lakeshore, Etobicoke, Mississauga, Oakville, Burlington and NOW SERVING ANCASTER, DUNDAS & BRANTFORD!