Renovating your home increases its value, which is a big deal if you plan on selling in the near or even distant future. But which renovations are just sinking money into your home, and which will actually have an impact on your home’s resale value?
The best renovations for higher ROI on your home include:
Updating your flooring and fixtures. Modern and updated flooring and fixtures can change the entire look of your home at a lower cost than some other types of high-ROI renovations.
Renovating your kitchen or bathroom. Kitchens and bathrooms are what really sell a home, so if either are very outdated these should be a top priority if you’re planning on updating your home any time soon.
Finally and not surprisingly, a huge motivator for today’s buyers is an added income suite. Many buyers are looking to either generate income from rental suites or provide a semi-separate place to live for in-laws and nannies, and an added suite (in the basement, for example) can provide your home with a huge boost in value.