Upgrades.
ROI (Return on Investment) is one of the smartest tools to use when spending money on making upgrade choices.
When consider the resale of your home down the road, consider which area to invest money in your home to be sure you will get your money back. Since upgrades can be substantial these are important decisions!
Remember that while some home upgrades might improve your quality of life they might not increase the value of your home.
Sometimes the answer is easy. Choices such as upgraded kitchens and bathrooms are the most appealling to potential purchasers, as they tend to be large and expensive renovations so if that part is already done, it makes your home attractive and worth more to the potential buyer. Another is painting and floor finishings, which almost always give good return, in particular, if the paint is a popular updated colour.
On the reverse side some upgrades and home improvements offer bad return from the point of view of getting your money back when selling. In this category we find upgrades that are valuable to the current owners but are not attractive to all potential buyers. (IF the right buyer is found however return can be very good). Very strongly coloured tiles in bathrooms or kitchens , swimming pools, wine cellars, dance floors, expensive very specific build-in entertainment centres, outside hot tubs, or elaborate basement bars, are all examples of home improvements that will probably not appeal to everyone and will likely not payback as well.
Expected Return (Range of Return) on your
Upgrade Investment in your home.
Bathroom Renovation (75% - 100%)
Kitchen Renovation (75% - 100%)
Exterior Paint (50% - 100%)
Interior Paint (50% - 100%)
Roof Shingle Upgrade (50% - 80%)
Basement Finishing (50% - 75%)
Recreation Room Project (50% - 75%)
Fireplace (50% - 75%)
Flooring Upgrade (50% - 85%)
Furnace/Heating System Upgrade (50% - 80%)
Window/Door Upgrades (50% - 75%)
Backyard Patio/ Deck (50% - 75%)
Extra Garage (50% - 75%)
Air Conditioning (25% - 75%)
Backyard Fence (25% - 50%)
Interlocking Paving (25% - 50%)
Landscaping (25% - 50%)
Asphalt Paving (20% - 50%)
Add A Swimming Pool (10% - 40%)
Install a Skylight (0% - 25%)
