Renovation ROIDepending on your respective housing market, sometimes all a home needs to sell quickly - and at a good price - is a bit of a facelift. Unfortunately, most of us don't have unlimited resources to play with, which is why it's important to approach any renovation strategically. Not only is it important to know your budget, but it's also important to think about the maximum price your home could likely sell for on the open market - and make sure renovations don't cost more than what you're realistically likely to bring in. If first-time buyers are most likely to buy your one-bedroom condo, for example, you don't want to include top-of-the-line upgrades that they're unwilling - and unable - to pay for. That being said, spending wisely in the following areas will likely give you the most bang for your buck, according to the Appraisal Institute of Canada: 1. Painting and interior decor Most prospective buyers can't help but fall in love with a well-staged home. Investing the time to add a coat of paint to the walls and either buy or rent some fashionable furniture will go a long way in getting a 'sold' sign on your front yard. 2. The kitchen While a kitchen renovation can often be the most pricey, you're virtually guaranteed a return on your investment. New buyers love new appliances, fancy countertops and plenty of storage space. 3. The bathroom They don't call it the 'throne room' for nothin'. A bright, clean bathroom – with nice fixtures and tiling – will make prospective buyers feel at home.    |
