The Top 5 Home Renovation Tips for 2018
Has the thought of buying a new home begun to stress you out? We don’t blame you. With the government recently introducing new regulations to first-time and second-time home buyers it’s more difficult than ever to acquire a mortgage. This has diminished many young peoples dreams of homeownership as the cost is just too big of a burden to take. Here’s an idea – Why move? If you have begun to develop roots in a neighbourhood why not just renovate or add an addition to your home, instead of taking on the gruelling process of home searching. We here at GTA General Contractors have got you covered. Here are the top five home renovation tips for 2018. These tips can have an average return on investment (ROI) of 2 – 3x the cost of the renovation.
#1 – Flooring
Flooring is one of the most crucial points of your home. You will see an almost immediate increase in your homes value with the installation of new flooring. If your budget is tight, there are always alternative options such as hardwood floor refinishing or panel replacement which can still improve your homes worth. Great choices are hardwood for general living areas and tile in areas with water such as bathroom and laundry rooms.
#2 – Kitchen
Kitchens can easily show their age after a couple of years of heavy use. Easy fixes for this can be replacing or refinishing cabinet doors, hardware, lights, counters and new fixtures can easily increase your homes worth. This upgrade is most effective because the kitchen is one of the most visited rooms for guests and is a central point of the entire house.
#3 – Bathroom
After kitchen, the second most important area of a home is the bathroom. You will see a dramatic rise in your homes valuation by refinishing or improving the bathroom. If your home has only one bathroom, look into adding another one in the basement. A huge selling feature today is having more than one bathroom in the home. Another option is to add a shower/bathtub to a secondary bathroom to boost your homes value even further.
#4 – Rental Space
This shouldn’t come as a surprise to many but adding a rental space to your home can dramatically increase your homes value. Another big selling feature for first-time and second-time homebuyers is the opportunity turn the biggest lifetime purchase into a money-making opportunity. Having a renter helps you pay down your bills quicker as they provide you with a secondary source of income for your family. This option can create real wealth that can even encourage you to look into a secondary rental property down the road for a potential retirement investment.
#5 – Backyard
The choice to renovate the front vs the backyard is a very tough choice. The front does improve the homes “curb appeal”, however, the backyard is the real selling feature. The backyard provides homeowners with a place to unwind and relax with planning a vacation, a home away from home – sort of. Having an amazing backyard also allows you to have awesome parties with friends and family and makes you the real envy of your neighbours. Adding a BBQ area, a fireplace, a gazebo and / or improving / adding plants are excellent choices and really tie the whole backyard together.
For close to three decades GTA General Contractors Ltd. has consistently provided The City of Toronto and the GTA with exceptional quality renovations. From residential to commercial, GTA General Contracting Ltd. will assist with all of your renovation needs. GTA General Contracting Ltd. are the go-to experts in all aspects of home or commercial renovation including design services and permit application assistance.