Many people ask what are the best renovations they can do in order to not only improve their home's value, but will also allow them to recoup more of the cost. There are many things you can do, but when it comes to bang for the buck, these five do-it-yourself tips will bring the greatest return on the money you spend renovating, according to a new report in Remodeling Magazine.
Add Fibreglass Insulation to the Attic (Costs $1,200-$2,000)
While it's certainly not a sexy renovation, adding fibreglass insulation to the attic will see you recoup 107% of the cost. If you dont' sell your home right away, you'll definitely save a bunch of cash on your monthly heating bill.
Replace the Front Door ($1,500-$2,500)
A super-easy renovation that doesn't cost an arm and a leg, getting a new front door will help you recoup 90% of the cost. With curb appeal and first impressions playing such a big role in the home-buying process, you can't go wrong changing out that front door. Hot styles right now include stately stone veneer models and sensible steel doors.
Add New Siding ($12,000 average for vinyl)
A far more pricey option, but changing your siding will recoup 80-84% of the cost, but, more importantly, it will make your home look brand new. Now, if your siding looks great already, skip this renovation. It's also cheaper than doing a new kitchen, which returns 65%. If you change the siding, keep the colour in mind. A taupe or beige helps disguise dirt and moss, but still looks fantastic.
Add Hardwood Flooring ($5,000-$6,000)
Getting rid of that old, dirty and worn-out carpet or laminate in favour of gleaming hardwood flooring will see you recoup 78-91% of the cost. Just know that engineered flooring doesn't return as much value, so try to get real hardwood and keep in mind oak is a still a huge favourite among people buying homes.
Get a New Garage Door ($2,300-$3,000)
A reno that often gets overlooked, changing your garage door brings some great value and you'll recoup 80% of the cost. It's also a super way to help make that all-important good first impression. Choose an attractive wood or carriage-type door, and keep in mind garage doors with windows often do better than ones without.
If you have any questions about real estate in Salmon Arm and the Shuswap, email us any time.