The Best Kitchen Renovations for ROI
Posted by Edmonton Homes.ca on Friday, January 10th, 2020 at 8:59am.
The kitchen and bathroom are the notorious rooms to improve for those who want to increase the resale value of their Spruce Grove home. But this general advice doesn't really answer just how much the homeowner will get back from every dollar spent on renovations. Homeowners who want to crunch the numbers before jumping into a project (or two) should consider how renovations affect their return on investment (ROI).
Buyers don't need need to be told when to buy more eggs, and partially because the price range of a home is determined by more than their kitchen upgrades. It's why Canadian homebuyers are encouraged to start with small, affordable renovations that will warrant the investment. The exception to this rule would be homeowners in rapidly rising neighborhoods. If the average price of the home has quadrupled over the last decade, it may make sense to go big on kitchen renovations to make the home more competitive at the time of sale.
The appliances say a lot about the functionality of the kitchen—both in terms of energy efficiency and general use. Older appliances send a message to the buyers that the homeowners may not have put much care or thought into their home. This can quickly devalue the kitchen and, by extension, the rest of the home. Canadians are encouraged to look for stainless steel replacements as a way to quickly catch the room up to speed. Homeowners should also choose appliances that save money on utility bills. This can provide an instant ROI that will pay off even further at the time of sale.
Smoothing the Surfaces
From stains on the countertops to chips on the floor, countless minor flaws can add up to a major eyesore. This doesn't mean that homeowners need to rip out the cabinets, but it might be time to stain, refinish, and update the fixtures. Sealing the cabinets is also recommended to keep pests out of the food and water damage away from the wood. If correcting the chips in the floors or the walls, consider tile as the first line of defense. This versatile material is available in nearly every price, color, and design.
Painting Over the Flaws
For those who don't want to use tile, paint is definitely the next best choice.
- Painting is usually the best choice for a high ROI project. It's inexpensive and can do wonders to change the vibe of the room.
- Choose neutral colors, such as pale yellow or gray. These hues inspire coziness and can even make the kitchen seem more useful.
- For chipped floors, fill in the spaces with grout and try painting in a checkered black-and-white pattern.
A kitchen is often the heart of the home. It's the place where residents enjoy cups of coffee before a big day at work and chamomile tea to relax at the end of the day. Taking the time to renovate it gives both the current and future residents a reason to connect with the home and all its potential. These projects are a great way to get started without overdoing it.