Investing in home upgrades can be an excellent way to boost your home’s resale value. However, not all upgrades are created equal or guarantee maximum ROI, especially when you are looking for your Vancouver home upgrades. There are plenty of renovation ideas. And you need to select the best ones for upgrading your home and achieving maximum ROI.
In this blog post, we will explore the most impactful upgrades to make in Vancouver to get the highest return on investment.
The importance of considering ROI when renovating
Renovating your home is always exciting. However, this can be a major financial decision. It is essential to understand the expected Return On Investment (ROI) before undertaking any type of home renovation.
You need to understand the value of the appropriate renovation to your property. This will help you make the best decision on selling your property in the future. Alternatively, your home will be a better place to live in the foreseeable future with the proper renovation.
From market statistics generated by WOWA,
- Greater Vancouver’s median house price fell by 1.3% monthly and 4.7% yearly. In 2022, it stood at $1,182,935.
As a result, you have to look for the best market deals in Vancouver concerning home renovation and upgrades. You don’t want to decrease the value of your Vancouver home due to a lack of upgrades.
For many homeowners, maximizing their ROI when renovating is their top priority. As such, understanding which indoor upgrades give the best ROI in Vancouver is important. This can be a daunting task, as there are numerous factors that can affect the value of your renovation.
While certain elements may be desirable to some potential buyers, others may prefer different features. Therefore, when determining the best renovations for maximizing ROI in Vancouver, you should always consider both current and future trends.
The chart below demonstrates the average recovery for renovation or remodeling costs. Perhaps, this will give you an idea of the importance of renovation and what part of your home should be renovated.
|Home Part Remodeling||Average Cost Recovery|
|Major Kitchen Remodel||70-78%|
|Minor Kitchen Remodel||75-83%|
|Wood Deck Addition||80-85%|
|Attic Bedroom Remodel||65-76%|
Source: Remodeling Online
When undertaking any type of home renovation, apply the most popular types that offer a good return on investment in Vancouver. Doing so will ensure that you get the most out of your home renovation project. All in all, this will maximize the value of your home for years to come.
Which indoor renovations give the best ROI in Vancouver?
When it comes to renovating your home in Vancouver for maximum ROI, plenty of renovation ideas may come to your mind. After much analysis, we believe taking the following factors into consideration will guarantee maximum ROI for your Vancouver home.
1) Improve the House’s Lighting Both Inside and Out
Lightening the interior and exterior of your home can make a big difference. Simple ideas like changing paint colors and replacing curtains can dramatically change the look of your home. You can start by painting the walls a lighter color to give the space an airy feel. If you are feeling bold, paint the ceiling a lighter color as well. Try mixing up the colors on walls, cabinets, and furniture.
Additionally, swap out outdated light fixtures with modern ones. Another great way to lighten up your home is to replace your window treatments. Lightweight curtains can let natural sunlight into your home, making it feel brighter and more open. Adding mirrors to walls can also reflect more light throughout the space. All these will instantly update the look of your home without breaking the bank.
2) Make a Little Facelift
You don’t always need to do a major renovation to add resale value to your home. Sometimes, simply doing a mini facelift is enough. This can include –
- Painting the walls or cabinets with neutral colors.
- Changing out hardware and fixtures.
- Adding brass or touch-activated faucets in the kitchen.
- Adding crown molding or chair rails.
These small changes can give your home an instant facelift and attract potential buyers. If you want to increase the resale value of your home without investing too much money or effort, this is the best option.
3) Optimize Your Square Footage
Maximizing the square footage of your living space can get the most out of your renovation investment. This can be achieved by adding additional bedrooms, bathrooms, or even a finished basement. If you have an unfinished basement or attic space, these areas can be turned into functional living spaces with some simple remodeling.
Adding extra storage space in the form of closets, shelving, or built-in cabinets can make your home more desirable to buyers. As a result, you should consider expanding these areas to add more value to your home and attract potential buyers. This will result in a greater return on investment in the long run.
4) Acknowledge Efficiency
A great way to increase your home’s value is to make it more efficient. This means installing energy-efficient appliances, better insulation, upgraded windows, or even an HVAC system. This will not save money on utility bills but also help the environment. On top of that, potential buyers will be impressed by how many energy-efficient improvements you have made.
Installing high-efficiency windows can reduce heat loss in the winter and prevent uncomfortable drafts. Insulation is another way to increase efficiency and reduce costs. Moreover, you should keep your HVAC (Heating, Ventilation, and Air Conditioning) system updated. According to the realtors’ estimations,
- When homeowners sell their houses, they may reclaim 85% of the expense of an HVAC system.
When upgrading your appliances, consider buying ENERGY STAR-certified products. These are significantly more efficient than standard models and will reduce the overall cost. And you will be glad to know many provinces offer rebates and incentives for installing ENERGY STAR-rated appliances.
5) Renovate the Kitchen and Bathroom
Kitchens and bathrooms are rooms that need to be planned and budgeted accordingly to make them a wise investment for your property. Work with a seasoned remodeling consultant to optimize the budget while planning a kitchen renovation. Put utility before novelty. Use materials that are cost-effective, and attractive. This will keep your kitchen project on schedule. From a 2019 study from the National Association of the Remodeling Industry,
- Realtors predict that homeowners might recoup up to 52% of the kitchen renovation cost when they sell their house.
For bathroom renovations, you can either go for major or minor renovations. However, it will also depend on your budget. Consider tile flooring or vinyl plank flooring if your budget is limited. It is worthwhile to replace the outdated sink, shower, or bathtub fittings. Also, think about installing a cheap chandelier over the bathtub. The bathroom will be significantly impacted by this. Again, from the same study,
- According to realtors, homeowners who sell their houses might recoup up to 57% of the bathroom renovation cost.
Renovating your home in Vancouver can be a great way to increase its value and maximize your ROI. While there are no hard and fast rules as to what upgrades will give you the best return, the above are some that have proven to be more successful than others. The proper renovations can pay off handsomely and help you achieve your goals.