Are you considering a renovation of you Ucluelet or Tofino home in the near future? If you are it is important to first understand why you are undertaking the renovation. Are you simply looking to upgrade an area of your home for your own personal enjoyment? Is this regular home maintenance you are undertaking? Or are you thinking about selling soon and want to increase your properties value?
Knowing why you are undertaking the renovation will help guide you in deciding where best to invest your money. After all any home renovations you do should be adding value to your property, which is what is called the Return On Investment or ROI for short. For every dollar you put into a renovation how much can expect to get in return when you go to sell your home.
If you are planning to sell in the next few months then sticking to simple renovations that improve your homes curb appeal and aesthetics are the best bang for your buck. On the interior of the home, consider upgrading light fixtures and new kitchen cabinet hardware or a fresh coat of interior paint which can provide an ROI of ~60%. On the outside a new garage door can provide you with a ~97.5% ROI or a new Front door which can provide a ROI of ~90%.
If you are planning on staying in your home for a few more years then taking on a larger renovation that you can enjoy for a while may be worthwhile. Minor Kitchen Renovations can provide an excellent return on investment at ~80%, Meanwhile a bathroom remodel should come in at 70.1% ROI. The Canadian Institute of Appraisal found that basement renovations that turn unused basements into comfortable living spaces rank the highest on enjoyment scales for homeowners but also improve re-sale value as prospective home owners tend to pay more for homes with finished basements.
It is always important to keep up with regular house maintenance and while it may not always be the most enjoyable way to spend our hard earned dollars, it is vital to the longevity of our homes and can still provide a solid return on Investment. One of the best home maintenance renovations you can complete is replacing an old roof, which is found to achieve an ~70% ROI.
To top it all off, replacing old windows with new vinyl windows is one of the best renovations you can do that actually fits into all three categories! There are numerous benefits to this renovation, such as increased insulation and solar radiation to keep heating and cooling costs down. The aesthetic enjoyment of new bright and clean windows but most importantly a return on investment of almost ~70%.
Before you start any home renovation make sure to check out Clean BC for government rebates! This can help guide your home renovation decision making and save you lots of money with your Ucluelet or Tofino real estate!