Love it or List it?

With yesterday being the day of love, and if you don’t love your house, you don’t necessarily have to move, there’s another option… renovate!

It’s not an easy decision. Selling a home and moving to a new home can be a process and be straining both mentally and financially...... I mean that is even if you can find any homes the check the boxes, in this low inventory market. But renovating also comes with its own sets of headaches, especially in today’s labour-shortage and high price of material.

So how do you decide? The biggest questions are, do you love the location of your home? Is the layout ideal, or can it be made ideal by removing walls, etc.? Do you have enough space if you have a growing family? What is the cost of renovating the home to get it exactly how you like it, versus finding a home that has everything already done?

If you’re going to love it, and make it your own, the Appraisal Institute of Canada breaks down the payback on renovations into three categories:

The value of increasing the selling price of your property
The value of enjoying the renovated space
The value of maintaining the worth of your property

Today we will focus on the top 5 renovations with the HIGHEST return on investment.

If you’re looking to increase the value of your home and get a great return on your investment, home renovations are a great way to go. However, not all renovations are created equal. To maximize your return on investment, you should focus on renovations that will add value to your home. Be sure to research each project before you commit and consult with a professional to ensure you get the best return.

1. Kitchen

Whether a complete gut job, or a few cosmetic upgrades, renovating a kitchen will surely get the best bang for your buck. If your budget allows, do the whole dang thing, but if not, things like upgrading appliances, changing the countertops and backsplash, repainting cabinets, changing the hardware or lighting, and adding under-cabinet lights, all go a long way.

2.Bathrooms

Another big focus in homes are the bathrooms. An updated bathroom can make a huge difference in the look and feel of your house. Again, if budget allows, gut it all, make the best use of the space and design away. If not, things like changing the tiles, new countertops and sinks, lighting, and even giving the tubs a new caulking job, can all go a long way.

3. Repainting Interior and Exterior

Giving a home a fresh coat of paint can immediately make it smell and feel newer. Putting some time in to patch all the dings and dents, old nail holes and then giving it a fresh paint job can make a world of a difference while changing the look and feel of your home. One of the easiest and cost effective changes you can make is a fresh paint job, if your planning to love it, think of the colour's you enjoy, if you are thinking about listing it, think neutral colour's. You can do this by hiring professionals, or if you’re on a tight budget, watch some YouTube videos and try your hand at painting yourself.

4.Updating Décor and Hardware

This can be anything from replacing hardware on doors (or even replacing or painting the doors themselves) to replacing the countertops, plumbing and lighting fixtures, and most importantly the flooring. All of these things spruce up a home. There are options in all types of budgets and expertise.

5.Decluttering

One of the least expensive fixes in your home is just getting rid of all the things you don’t need. Keep countertops as free and clear as possible, get rid of that old chair that just takes up space, get your kids to donate some of their toys. The less you have in your home, the cleaner and brighter it will look.

Coming Next Week- Timing... when do you want to sell with when you want to move by?

Community Connection

What’s happening in our community?

For all the details and more events :

- For Kelowna click HERE.

- For West Kelowna click HERE

- For Peachland click HERE