When it comes to boosting your property’s value, not all home improvements are created equal. To explore which projects offer the best return on investment (ROI), I sat down with Richard Lawson, a seasoned real estate consultant with over two decades of experience. As we sipped coffee in his cosy, home office, Richard shared insights drawn from years of helping homeowners make smart renovation decisions.
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“Home improvements can be a double-edged sword,” Richard began, his voice filled with the authority of someone who’s seen it all. “On one hand, they can significantly enhance your living experience and the marketability of your home. On the other, not every project will pay you back when you decide to sell.”
Richard’s first piece of advice was almost surprising in its simplicity: focus on the exterior. “Curb appeal is your first impression,” he explained. “It doesn’t need to be extravagant, but a new garage door or a fresh coat of paint can do wonders. The Cost vs. Value Report consistently shows high returns on these kinds of projects.”
He elaborated on the importance of garage doors, noting how they almost pay for themselves in terms of ROI. “A new garage door can return over 93% of your investment. It’s one of those rare projects where the financial and aesthetic benefits align perfectly.”
Richard’s words were supported by a wealth of data but also by an intuitive understanding of what buyers want. “First impressions count; they set the tone for how buyers perceive the rest of the property.”
As our conversation drifted from curb appeal to interior renovations, Richard highlighted the kitchen as a key area for potential investment. “A minor kitchen remodel can offer a return of about 71.2%. It’s not about gutting the whole space; sometimes, refacing cabinets, updating appliances, and changing hardware can make a huge difference.”
He was quick to caution against over-improvement, though. “You don’t want to price yourself out of the local market. The goal is to enhance the home while keeping it aligned with neighbourhood standards.”
Richard then touched on more personal projects that homeowners might consider if they plan to stay put for a while. “Adding a bathroom or finishing a basement makes life more comfortable and adds utility to your home,” he said. “But these projects often only return about 50% of their cost when you sell.”
I asked him whether these projects were worth pursuing, considering the low ROI. “Absolutely,” Richard replied without hesitation. “If you’re planning to stay, the daily convenience and enjoyment can outweigh the financial return. It’s about improving your quality of life.”
Our conversation eventually turned to projects best avoided if selling is the main goal. Richard advised steering clear of high-end bathroom remodels or luxurious home theatres. “They’re lovely, but the ROI just isn’t there for most markets. Save those for your forever home.”
The discussion was enlightening, and as Richard wrapped up, he offered a final nugget of wisdom: “Ultimately, the best improvements are those that enhance both the value of the home and the joy it brings you while you live there. It’s a balance of financial savvy and personal satisfaction.”
Leaving Richard’s home, I couldn’t help but reflect on the layers of consideration that go into home improvements. It’s not just about dollars and cents, but also about crafting a space that enhances everyday life. Whether you’re planning to sell or simply want to enjoy your nest a little more, strategic home improvements can make all the difference.
In a world where property markets can be unpredictable, having insights like Richard’s can guide homeowners in making informed, impactful decisions. So, the next time you contemplate a renovation, remember to balance the spreadsheet with the heartbeat of your home.
Diana Tahjmir
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