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Home improvements and remodellings can help you maintain your home’s value. Some remodellings can add value to your home and have a good return on investment at resale. While this is true, not all remodellings have a high return on investment and many renos won’t recoup 100% of their cost.
If you’re wanting to renovate as an investment, RTA Contracting in Calgary shares these tips:
1. remember that kitchens and bathrooms are valuable.
The two main remodellings that are many attractive to home buyers are kitchens and bathrooms, especially kitchens. You can recover over 80 percent of your kitchen renovation, according to this report. That remodelling can literally add thousands of dollars to the value of your home. There is also value in marketability. A home with a spectacular kitchen will stand apart in a crowd of so-so kitchens on the market.
A restroom renovation, or adding a restroom where there wasn’t one before, can also be a smart investment. buyers usually want homes with two or much more bathrooms. A master ensuite is always a plus. If you have the space for a restroom addition in your one-bathroom home, it might be worth the cost to build.
2. Don’t over-renovate for your market.
Think about your target market. If you live in what would be considered a ‘starter home’, be careful not to over renovate it. Splurging on expensive natural stone countertops and other high-end features might not be worth it if every other home in that target market is selling fine without them. no one will pay $400,000 for a house in a $300,000 market, even if it has marble countertops. Make sure you don’t renovate yourself out of your particular market.
Look at other homes to buy in your neighbourhood. What kind of remodellings have they done? how much are they selling for? This can give you a good idea of how to be a strong competitor in your market without overdoing it with unnecessary spending.
3. set a sensible budget and stick to it.
Not having a clear budget can result in overspending. Overspending will lower your return on investment on any home renovation. think about the purchase price of your home, the total cost of the remodelling and the price you might sell your home for in the future. how much can you spend and still make a profit on the sale of your home? What kind of remodelling can you do with that amount?
The most significant mistake novice renovators make is to underestimate costs and review budget. When you work with a full-service remodelling company like RTA Contracting, they will help you put together a budget that includes the things you want. Your cost-estimate ought to include everything from materials and labour to inspections and permits.
General Contractors in Calgary
RTA Contracting is a full-service remodelling company in Calgary. They have an exemplary portfolio of complete home renovations, re-roofing, deck design and builds, basement and basement suite developments and customized kitchens and restroom renovations. The core values of RTA Contracting are to be 100% transparent and deliver quality renovations. RTA Contracting uses best practices to guarantee customer complete satisfaction of their projects. big or small the team is ready to go to work for you.
Contact them today!
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