The homeseller understands the way to any potential homebuyer’s heart is through the
kitchen. Over the years, the kitchen has shed its once humble beginnings as a
place to simply prepare and serve meals, to more of a place where friends can
socialize over a glass of wine or where children can do their homework. With
the kitchen becoming one of the most multi-dimensional and functional rooms in
the house, kitchen renovations have attracted the attention of many who are
looking to increase their home’s resale value or would simply just like to
enjoy the improvements to their home.
Nevertheless, many sellers would rather not deal with the expense and length of
the project before they sell their home. But for many, kitchen renovation can
mean top return for the prospective home sellers. According to the Appraisal
Institute of Canada, kitchen renovations represent a 75% – 100% return on
investment, which is the second highest return in the home, next to bathroom
renovations.
Fortunately, home renovation is not as difficult as one might expect; the
recent expansion of renovation centres across the country has led to a
burgeoning “do-it-yourself” project culture. The “do-it-yourself” renovation
can be a cost-effective way to increase the value of your home without the high
price of a trained professional.
Here are a few steps you can take to increase the equity in your home.
According to Rona.ca, kitchen cupboards are one of the best investments one can
make in terms of return on investment on the home. Many homebuyers’ first
impressions of the home take place in the kitchen, and much of that is
highlighted by the kitchen cupboards. By spending a few more dollars on high
quality cabinetry and hardware (knobs and handles on cabinets), you can expect
your investment to reward you handsomely.
By either painting the walls and/or cabinets, it will update the look of the
kitchen with minimal costs and make the room more spacious
Lighting is often one of the last fixtures to be considered, and often
forgotten when the kitchen is remodeled. But by adding new light sources to the
kitchen, it can be a great way to bring together architectural and decorative
balance to a room. Good lighting can highlight certain features of a kitchen
such as the backsplash to create a more colourful and robust look.
Every kitchen needs a sink and faucet. But when it comes to the resale of the
home, few home sellers see the value of replacing the sink. “The faucet and
sink are one of the most important features of a kitchen. When homebuyers enter
the room, they naturally gravitate toward the sink and test out the faucets”,
says Mike Mazza of Mazza Renovation Group Inc, “it provides a sense of hearth
for many buyers because they spend a majority of their time in the kitchen”.
Financing your “do-it-yourself” project can be quite overwhelming. Many
renovation centres offer financing options, but usually charge up to 18%
interest rate after the introductory “interest-free” period is over. For a more
prudent option to finance your project, visit your local financial institution.
By going to your local financial institution rather than the
renovation centre for your financing needs, you can save hundreds of dollars on
interest.
