When people think of home renovations, they often think about things to do before winter, usually in spring or summer. But there are so many projects that are perfect for you to tackle in the colder months! Not only will these projects occupy the long winter ahead, but they are ideal for getting a return on your investment. Here, we talk about some high value home projects you can tackle this winter!
Return on investment
Often abbreviated as ROI, a return on investment is exactly what it sounds like. Your time and money will increase the value of your home, ensuring you earn back the money you’ve invested. These projects can be intense, or they can be simple, but they always add value!
Here are the top five high value projects you can take on.
Fresh paint
A new coat of paint is an easy and dramatic way to transform your home. You can make a room look more open or cozier, and improve the visual aesthetic of your home, not just for yourself, but for potential buyers too.
The best part about a paint job is that it’s a relatively easy project with an average ROI of 60 per cent! You can do this while snowed in. If you’ve never painted before, watch a couple YouTube videos and you’ll figure it out in no time.
Replace your countertops
One of the first things people notice when they walk into a kitchen is the counter. A kitchen can easily be spruced up simply by adding a new counter! You can opt for a natural or fake stone, wood, ceramic, glass, steel, or even wood, each suited to a modern or a classic aesthetic.
This is a bit more expensive and labour intensive than a paint job. Additionally, some materials, such as soapstone, must be installed professionally, but it is worth it. This project often yields an ROI of 75 per cent or even 100 per cent, according to RE/MAX.
Update your bathroom
Bathrooms are where we practice our self grooming, which is often intricately linked to self-care. This means having a bathroom with serene colours, a new counter, nice tub, or frameless shower enclosure can go a long way. If larger projects, such as redoing the counters, sink, shower or tub are ambitious for you at the moment, then less intensive options like an accent backsplash can really spruce up a bathroom.
Bathroom improvements typically yield a 62 per cent return on investment. Therefore, making improvements to your bathroom is a wise choice before putting your house on the market.
Replace flooring
Flooring can truly make or break a home. You spend all day walking on it, meaning it takes the weight of all traffic that goes through your home. Gradual wear and tear of high-use aspects of the home are normal, and even if you had expensive flooring to begin with, it can be scarred, warped, or lifted after a period of time.
By addressing the flooring, you can make your home look new and in turn, attract new buyers! Whether it’s a classic hardwood floor giving your home a romantic, cozy feel, or a clean modern look with tile, either way you can breathe new life into your home. Carpets may be cozy in certain rooms, but it often deters buyers. Carpets stubbornly hold onto odors and will need to be professionally cleaned. They’re also poor flooring choices for people with allergies and dust-triggered asthma.
ROI on flooring projects is highly dependent on the type of flooring, but according to RE/MAX, you can expect a return of 100 per cent to 150 per cent!
Replacing the flooring in your home, or even a few rooms in your home, is a smart move to make before putting your home up on the market!
Finish your basement
Is your basement unfinished? If so, you may want to consider finishing your basement if you plan on selling it in the future. A finished basement will be seen by potential buyers more favourably, as they can see how they’d use the space. A finished basement can be a children’s play area, a home cinema, or a place for entertaining guests. The limit is the buyers’ imagination, so long as the basement looks livable.
Depending on the state of your unfinished basement, this could be an expensive and time-consuming undertaking, but it will be worth it. With a finished basement you can be looking at an ROI of 70 to 80 per cent!
Get started on your home projects
Don’t delay – start these high value home projects this winter!
Whether it’s slapping on a fresh coat of paint or finishing your basement, there are plenty of ways you can increase the value of your home. Keep your mind and your hands busy by tackling these five high value projects this winter.
If you are a homeowner looking to start high value home renovation projects this winter, and need some help with your mortgage, give me a call at (705) 333-4338 or get in touch with me here!