Ask the Expert

ANSWER:

While it is tough to guarantee a higher asking price, buyers continually cite updated kitchens and bathrooms as key attributes when making an offer on a resale home.

Royal LePage, a leading real estate service, recently released a survey that showed that installing another bathroom on the main floor would increase a home’s return on investment (ROI) by 80-100%, renovating existing bathrooms would help by 75-100%, while a total kitchen renovation that cost $12,000 – $15,000 could have an ROI of 75-100%. If you anticipate selling in three years, no other improvements will ensure your home is as attractive as possible to buyers as updating these two areas.

When carrying out your work, keep in mind that you’ll want to appeal to as many potential buyers as possible. That typically means choosing a more classic neutral décor that will have wide appeal. Remember that nothing beats a fresh coat of paint throughout to make a house seem fresh and well maintained (that same survey gave a $1,000 paint job an ROI of 50-100%).

And lastly, don’t forget to adhere to your own tastes when renovating — you’re still planning on living in the home for a while, and you’ll want to enjoy every well-planned minute of it.

Expert's Bio

Charles Bull manages a design build construction company in Toronto, Canada, spending his days looking into everything from permits to the latest green building methods. With more than 15 years of experience in residential real estate, construction and renovation under his belt, Charles knows the answers to your home renovation queries — or will find them out if he doesn’t!

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