Whether you are looking to sell your old house or moving into a new home of your own, the question of home renovation will pop up at some point. Is renovating your home really worth it or is it just a waste of time and money?
Well, the latest national data amidst the COVID-19 pandemic swings in favor of renovations.
According to the RE/MAX 2021 Renovation Investment Report over half (55 percent) of those surveyed said that they have already done or would like to carry out a home renovation within the next year. What’s more, is that nearly 60 percent of Canadians said that they considered return on investment to be a major factor in deciding whether or not to renovate.
That’s the tricky bit. What should you remodel to get the greatest return?
Most realtors in Canada agree that you should start with the basics. Paint jobs and landscaping are two minor upgrades that yield a high ROI, despite being relatively low-budget.
What are the latest renovation trends in Ontario?
The authors of the RE/MAX 2021 Renovation Investment Report say that throughout Ontario, brokers are reporting that listings are selling quickly and the market is hot. Toronto, Ottawa, Hamilton-Burlington, Niagara, London and Kingston/Napanee saw a strong shift toward outdoor upgrades and amenities, such as the addition of a pool or larger exterior space. Much of this demand was prompted by COVID-19 and the desire for more recreational space within the home. Bathroom and kitchen renovations and new flooring are yielding the best return on investment.
Here’s what homeowners in Canada seem to prefer:
• 70 percent are redesigning larger spaces, like kitchens or bathrooms or living rooms
• 56 percent are spending on minor updates, such as refreshing paint and tiles
• 55 percent are focusing on landscaping
• 50 percent are overhauling the entire home layout--adding rooms or knocking down walls
• 32 percent are investing in décor and furniture
• 47 percent want to keep their home improvement budget below $10,000
• 49 percent prefer to contract out the work
• 33 percent say that they do not need professional help
How To Save Money During Home Renovation
Before you begin upgrading your home, it is important to contact a property inspector to get an idea of what needs repair and how to go about it. Hiring a professional will actually save you headaches and money in the long run.
Take care of the structure and functionality of the house first. Start with electrical work, plumbing, roofing, windows, and doors before you decide to spruce things up with wallpaper or paint. This way you won’t have to go back to reinstall the essentials once you’re done renovating.
Don’t try to cut corners. While it may be tempting to use lower-quality materials that are cheaper, this won’t save you money in the long-term.
The best materials to use for remodeling
1. Stainless steel: Without a doubt one of the most durable and damage-resistant materials is stainless steel. Made of an alloy of iron, chrome and nickel, it has optimal resistance and durability properties which can last for a long time. It also has a natural coating that prevents oxidation. Stainless steel is easy to clean and does not succumb to damage from exposure to water or chemical agents.
2. Quartz: Quartz has an unmatched durability when it comes to design materials. An engineered material made from natural stone chips, resins and pigments, it can withstand staining of all sorts and is also resistant to scratches, cuts and high heat.
3. Concrete: An extremely long-lasting material made of a combination of stone, sand, cement and binders, concrete can be moulded into any number of shapes and then hardened for unbelievable strength.
Get The Best Returns On Your Investment
Around 65 percent of RE/MAX brokers agree that kitchen upgrades, such as cabinets, countertops and appliances, yield the highest ROI for sellers, while 87 percent have named the kitchen renovation as the home improvement most sought out by homebuyers. A close second is usually a renovated, modernized bathroom.
Kitchen Improvements That Add Value To Your House
If the idea of overhauling your entire kitchen is too daunting, you can start with small fixtures. Change the material of the cabinets—go for polished wood or stainless steel for a glossy finish. A fresh coat of paint on the old cabinets and walls also works wonders. Upgrade the sink to a deep-basin double sink and install modern faucets. If the old countertops look dull or worn out, replace the material with quartz for a high-quality, long-lasting option. Ceramic may be cheaper but it’s more prone to scratches and getting chipped. Replace the old tiled kitchen floors with high-traction, easy-maintenance flooring such as vinyl or bamboo. Finally, to change the mood of your kitchen, consider investing in lighting. It may be helpful to hire a professional planner or lighting designer to keep the look classy yet energy-efficient.
Bathroom Renovations Will Give Your Property A Boost In The Market
One of the most popular spaces in the house to renovate is the bathroom. Simple changes such as reglazing or replacing tiles, installing a new toilet, or adding a vanity mirror can go long a way. Consider adding built-in cabinetry to increase the storage space. If there is ample space in the bathroom, you might also want to look into installing a bathtub (a major selling factor) which would greatly increase the overall home value. Similarly, you could also go with a modern fixture like a glass shower stall. Upgrade any old plumbing and drainage systems to improve the functionality and appeal of the bathroom. Replace damaged or worn-out fixtures such as the toilet seats, faucets, and showerheads to make an old bathroom seem brand new. As with a kitchen, repainting the bathroom walls and installing new, eco-friendly lights will also brighten up a boring bathroom.
Install A New Entry Door For That Brand New Look
Did you know that buying a new entry door for your home has an almost 100% return on investment? Nothing adds character and charm more than a new exterior door. It’s also important, however, to remember that front doors should be able to withstand the elements--wind, rain, heat, and snow, yet they must also be stylish enough to make a good first impression. Opt for the newer variety of resistant wooden doors or consider metal or fiberglass ones that resemble wood but provide greater security and often cost less.
Invest In Landscaping
You're probably wondering why something as seemingly superfluous as a lawn can add value to your property. Real estate experts say that sprucing up the exterior of the house, which includes the lawn or garden, brings almost double the returns as other renovations.
Among landscaping features, the one that buyers notice the most is a well-manicured lawn. Grass and hedges that are trimmed, grand trees that add character, and a proper landscaped pathway leave a lasting impression. If you're unsure about doling out cash for big renovations, start with something small like potted plants and colourful flowerbeds and then move on up.
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