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Home Renovations – Getting the Biggest Bang for your Buck

There are lots of things that you can do to increase the value of your home – some of them very expensive. However, there are also some relatively simple and inexpensive improvements that you can do to increase your home’s value and improve its livability. Here are five top renos that offer excellent ROI:

  1. Income Suite – no other renovation will do more to add value to your home than the addition of an income suite. This could mean turning your basement or attic into an apartment, or building a separate carriage house. Not only does an income suite add value to your home – it actively earns you money while you build equity.
  2. Kitchen Updates – contrary to popular belief, a kitchen reno doesn’t have to cost an arm and a leg yet it provides one of the biggest returns on your investment. There’s no need to spring for expensive custom cabinetry – buying pre-built cabinets is much cheaper. While granite is still the countertop of choice, it’s very expensive and there are lots of much more affordable yet attractive and durable alternatives like laminates or composites.
  3. Bathrooms – a bathroom renovation sounds expensive, but since they’re small spaces they don’t have to cost a fortune. Something as simple as cool tiles and a great sink or faucet could be all that’s needed.
  4. Hardware and fixtures – make a room feel fresh and modern by changing the cabinet hardware, switch plates, or faucets. They’re easy to install and are relatively inexpensive but they can make a huge difference in the appearance of your house. 
  5. Flooring – hardwood floors are the number one item on the wish lists of home buyers and renters. They are beautiful, warm, and easy to keep clean. They make any room look fabulous. However, real hardwood is very expensive. If you are on a budget there are many less expensive alternatives such as engineered hardwood and laminates that still look great.

If you’re thinking about renovating your home on a budget and return on investment is a major consideration, each of these renos will increase the value of your home, and make your living spaces more fresh and modern.

By Patrick Murray