Not every renovation has the same return on investment. Although most investments we make into our home tend to have a positive impact on our sale price, there are in my opinion two types of renovations.
Functional Renovations [Renovations that have less return on investment, but are necessary] – Think of these as the backbone of your home. Functional renovations are things such as roof, windows, cement, gutters, canexel, exterior railings, asphalt, driveway pits, foundation repairs etc… These renovations are important, even major, but bring back the most minimal return on investment when selling your home.
Aesthetic Renovations [Renovations that have a lot of return on investment, are much less “necessary” and more eye candy] – Think of this type of renovation as the small black dress your house would wear to a wedding. Things like Kitchen, Bathrooms, Flooring, Fresh Paint, Landscaping, Specialty Storage etc… These renovations can bring back anywhere from 35%-70%. return on investment to your home! Making them much more interesting for potential sellers.
What type of renovations matter to you as a buyer and why? Let us know in the comments below!
