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Renovation ideas
What are the most cost-effective renovation ideas that can significantly increase the value of a home?
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6 Replies
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Great question, What real estate strategy did you have in mind? Here are some examples of things that add value:
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If you’re flipping a luxury house, adding bathrooms
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If you’re BRRRRing small multi-family houses. Adding In-Suite Laundry
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Adding HVAC to houses that have never had systems
One disclaimer is that this doesn’t always apply to all cities/towns. You still have to do your research on the area to confirm. Finding a good realtor or investor that knows the area helps.
I would love to hear your views @CoachDebbie @Kazi.Haque @Paula.Moura @Pawel-Blazejewicz @Susan
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Great suggestions! I couldn’t agree more! Your insights on real estate strategies and adding value are spot-on. Thorough research and guidance from local experts are crucial for success in different cities or towns.
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What tips do you recommend?
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Thanks for the tag, Diana! I tend to focus my funds on the rooms where guests spend the most time – kitchens and bathrooms. I’m very strategic with my money, and I always look at which renos will provide the best ROI to increase appraisal and/or sale valuation.
Here are a couple of good articles to check out as well!
https://www.renofi.com/learn/renovation-best-return-on-investment/
https://blog.remax.ca/best-home-renovations-biggest-roi/
https://canadianmortgagesinc.ca/information/home_improvements.html
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As part of the legal secondary suite conversion projects, we generally do strategic renovations/upgrades such as changes to flooring, decorative lighting, painting, adding in suite laundry, Kitchen and Bathroom upgrade or addition, open concept etc.
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According to a survey, smaller renovation projects are becoming increasingly popular for homeowners looking to improve their current homes. Some easy and inexpensive updates that can be done over the weekend include boosting curb appeal and creating a functional floor plan. Additionally, experts recommend updating the HVAC system and making the home more accessible using universal design principles. These renovations can potentially recover up to 52-85% of the cost upon selling the home, according to the National Association of the Remodeling Industry.
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