HIGHEST RETURN ON INVESTMENT
1- Kitchen - Put your money where it counts. By making some positive changes in your kitchen such as updating the counters, adding quality cupboards/hardware, changing backsplashes and flooring, you may see a home improvement return on investment between 75 and 100 per cent.
2- Paint - Looking to take on an affordable renovation that will make a huge difference? A fresh coat of paint goes a long way! Typically, fresh paint can give you a 60 per cent return on investment. Make sure the end results looks professional and the colours work well with the rest of the home.
3- Bathroom - A full bathroom reno is one of the best decisions you can make prior to listing your home since it typically has a 62 per cent return on investment. A modern vanity with quartz counters, updated faucets, tile surround and new flooring are some great options.
4- Flooring - According to HGTV, new flooring was one of the top three renovations for return on investment in 14 of the housing markets in a 2021 RE/MAX study. This is definitely worth considering as new flooring can have a return on investment of between 100 and 150 per cent. Make sure you hire a professional to properly install flooring if you decide to take this route.
5- Basement - Renovating your basement typically has a 75 per cent return on investment. Most families are looking for extra space and find finished basements highly desirable. Adding lots of light from pot lighting, bright paint and large windows goes a long way and a gas fireplace can also keep the space very warm and cozy.
6- Open Concept Living - From my experience working as a realtor in kingston, buyers are often looking for an open kitchen/living/dining space which is great for entertaining. This design can improve flow and make the home feel much bigger.
7- Roof - A new roof can have a return on investment of as much as 75 per cent. If you have the extra money and are able to opt for a steel roof, this is also very desirable as they have a very long life expectancy.
8- Landscaping - This can be one the easiest ways to modernize your home’s exterior and boost its value. Patio stones, flowers and garden beds can be very appealing to buyers but make sure to keep everything neat.
9- Exterior upgrades - These upgrades are typically fairly inexpensive and offer a return of investment of about 50 per cent. Painting siding/trim, redoing parging and changing soffit and fascia are all exterior changes that can make a huge difference.
10- Windows - Windows are one of the big ticket items that buyers will look at when they are house hunting. They are expensive and can save the new owners money in the long run. They typically have a return on investment of as much as 75 per cent. If you have a window that is very old, cracked or is holding a lot of condensation, it may be time to replace it.
Information sourced from Doug Murray's article at HGTV - March 23, 2022.
I have been working as a Realtor in Kingston for over 6 years now and work under the Sutton Group Masters Realty Inc., Brokerage. I especially like working with first-time buyers, first-time sellers and clients interested in buying or selling condominiums in the area. I was born and raised in Kingston and know the city and local real estate market very well. If you are considering a move , please reach out to me by phone or email and I will answer any real estate questions you may have. I look forward to hearing from you!
Kim Purcell - Kingston Real Estate Agent
1650 Bath Road
Kingston, ON K7M 4X6