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Maximizing Property Value Through Smart Renovations

Maximizing Property Value Through Smart Renovations

One of the best ways to increase the enjoyment of or the resale value of your house is through renovation. Some renovations are strategic and designed to improve aesthetics and functionality, while others, like a major roof repair, need to be done right away.

Maximizing your property value can be done by changing traditional rooms like the bathroom or looking into other innovative renovations that involve technology. Combining the two ensures a good return on investment and lower energy bills.

Identifying Renovations with the Best ROI

The renovations that have the best return on investment can involve technology and specific spaces in your home.

Bathroom Renovations with High-Efficiency Toilets 

The bathroom is one of the first places to consider renovating because it has a high ROI. According to RE/MAX,  even just a coat of fresh paint can supply a 60% return when you sell.  It’s a good idea to select a professional for the job. You’ll need somebody to help you seal trim, repair minor damage, and choose the right palette.

Replacing old plumbing fixtures is another good step. For example, high-efficiency toilets are estimated to save up to 7 litres of water per flush. You can also make minor updates, including a stylish vanity or modern lighting and new fixtures.

The bathroom isn’t the only area in your house with an excellent ROI.

Kitchen Renovations 

Cabinets and countertops are the areas you should focus on to get a good return when you’re redoing your kitchen. Built-in cutting boards are an excellent idea for new countertops. Another renovation that attracts attention is a large kitchen with an island in the middle.  

According to the RE/MAX study, kitchen upgrades are among the top three renovations. If you’re looking for a high-end countertop material like granite or quartz, you can budget about $3000. Remember to consider sustainable materials for this renovation, such as low-VOC paints, which are good at improving indoor air quality.

A successful project also includes some strategic planning so you get it right.

Planning and Executing Smart Renovations

Having a good strategy will help you, and here are a few step-by-step suggestions that will make a difference.

  • It’s essential to have a budget incorporating all materials, labour, permits, and 10 to 20% for unexpected and unforeseen costs. This is the part where you want to hammer out your objectives. You may be looking to improve Energy Efficiency, boost property value, or increase home automation just for enjoyment. 
  • It’s a good idea to look at your existing systems and investigate the most innovative home technologies. Remember that heating and cooling use more energy than all the other appliances in your home. That’s why smart thermostats are always a good starting point. Energy Star also suggests that you look for certified appliances with features that use less energy and have new functions. 

It is important to plan for integration with existing systems. Professional installers are the right choice for smart renovations because they know where to place these devices and how they integrate into the existing structure. 

It’s also essential to monitor the new systems after your renovation and stay informed of any advancements, innovations, and updates so you can get the most from this technology.

Navigating the Renovation Process

If you can plan a renovation for an offseason, that would be all the better. Choosing to outfit your home with innovative technology and a new bathroom during a busy season can affect material availability and cost.

Whether you’re undergoing a big or small project, there will be some disruption. Depending on the scope of the work, you might want to make plans to stay somewhere else. 

Here’s another helpful tip. It’s never a good idea to wait until the end of the process to deal with any issues. You need to check the progress along the way. A checklist is an excellent idea that ticks off boxes at different predetermined points in the renovation. Make sure that it has a section for permits and other regulations your city or municipality requires.     

Case Studies of Successful Property Value Enhancements

Here’s some solid evidence and case studies of successful property value enhancements. Some are obvious, like a kitchen renovation, and others involve features you might not have considered. 

Solar Panels

The Solar Energy Industries Association points to a study done between 2002 and 2013 that showed home buyers were consistently willing to pay premiums for homes with these panels. The study analyzed over 22,000 homes and reported that the homes with these upgrades received an average premium of $15,000 over the houses that didn’t have them.

Remodelling the Kitchen 

A HomeStars Canada report shows Canadians are enthusiastic about renovations. 96% of respondents said they had completed an indoor project in 2023. 73% said they planned on taking on another project in the next 12 months.

The RE/MAX study already included in this article pointed to kitchen renovations as an intelligent choice with a great return on investment. According to their study, this type of renovation can bring in a 75% to 100% return.

Some Canadians have the money saved for a renovation. Others turn to borrow money for projects like basement refinishing and kitchen makeovers that can cost more to complete.

Are You Looking for a Private Renovation Loan?

Mortgage Broker Store focuses on numerous mortgage-related products. One of our priorities is loans that don’t meet traditional lending institution requirements. Our team includes private lenders, brokers, and authorized mortgage agents. Let us help you prepare for and get a product that meets your requirements. 
Email ron@mortgagebrokerstore.com or call 416-499-2122.

About Jonathan Alphonso

Mortgage Agent, Web Developer, and Real Estate Investor. Together with Ronald Alphonso I run MortgageBrokerStore.com. I write about a variety of topics on Canadian mortgages and real estate. Our particular specialty is dealing with Ontario power of sale and foreclosure situations.

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