One of your objectives as a homebuyer – and ultimately, a home seller – is to achieve the highest return on investment. A hot property value boils down to a number of factors, such as location, proximity to public transit, the local and greater economy, and the market conditions at the time you list your home. While some of these factors are entirely out of the seller’s control, there are some things you can do to influence your home’s selling price.
According to a social media poll by RE/MAX Canada, 60 per cent of respondents believe a home renovation is worth the return on investment.
Here are some fast facts to mull over. Data from Statistics Canada’s 2016 Census reveals:
- There are 3,126,380 occupied private dwellings in Canada that were built in or prior to 1960. There are another 4,185,510 that were built between 1961 and 1980.
- A total of 920,480 occupied private dwellings in Canada were in need of “major repairs.”
- Another 13,151,600 occupied private dwellings in Canada were in need of “minor repairs.”
Whether your home is in desperate need of a total overhaul, or it’s a bit dinged up and dated, and could use a little love, renovating can increase its resale value. However, not all home renovations are created equal. Be mindful of what homebuyers are looking for when deciding which areas of your home to invest in.
According to the Appraisal Institute of Canada, these are the five home renovations that will yield the best return on investment.