The Best Condo Reno's for Increasing Property Value

12 August 2016
Remax-Condos-Plus

In our last blog post we discussed the real cost of flipping a property. We mainly focused on the costs that most Flippers tend to overlook, such as closing costs, land transfer costs and commission. Today, we thought we would take a look at what home improvements will have the biggest impact, if any, on your selling price down the road.

Not all projects will give you a 100% return on your investment (in fact, very few do). However, upgrades can always help sell your property faster and give your property that "love it, have to have it" quality that can help your home stand out. What renovations stand out the most to Buyers? According to the REALTORS® surveyed, a new kitchen, bathroom or wood floors make the biggest impact. We put together a handy chart that compares a project's estimated cost with the estimated cost recovered when it's time to sell.

*info taken from the 2015 Remodelling Impact Report, The NARI and National Association of REALTORS®

As you can see, very few projects will give you close to a 100% return rate, especially in Toronto where the market and location are the driving force behind the listing price. Of course, this doesn't mean you should never upgrade your house or condo. We suggest doing renovations that help you enjoy your home to the fullest. Isn't that part of the joy of being a home owner?