ROI for Oshawa home renovations
Christmas has just passed us and in a few short days we will ring in a brand new year. Many of us make resolutions to better ourselves but it’s important to also think about your plans for the future in general. What are your goals for your home? Are you planning any upgrades, renovations or maybe some landscaping? Perhaps you can use some help calculating Your Return on Investment or ROI for Oshawa home renovations. Should you get new windows? New front door? Maybe a new garage door? Well, lucky for you I have put together a list of the biggest Return On Investment to help you make some great decisions for your own Oshawa home renovations.
#1. New Front Door
Replacing the front door with a brand new steel door is top of my list. Your return is almost 102%. So, not only will you get all the money you’ve invested back but you will put a little something in your pocket. Depending on the state of your current door you may actually save some money on your heating/cooling bills if your old door was letting in drafts. This is a great time to consider installing a high tech keyless entry system. A new front door does not cost much, you can probably install it by yourself and you will love unlocking the new door from your phone!
#2. New Garage Door
Second to a new front door, replacing your old garage door with a new garage door will also increase your re-sale value. When you’re ready to put your home on the market, you will sell much quicker with those new doors. You can expect to pay on average, $1500 – $3500 for a new garage door but your return is valued at almost 90%. Not bad considering this is probably a 1-2 day job at most.
#3. Outdoor Wooden Deck
A wooden, outdoor deck you will probably run you between $10,000 – $15,000 and your return will be on average 80% of the initial cost when you decide to sell. Still not a bad investment when you consider that you, your family and friends will benefit from the deck on those warm summer nights and for hosting those amazing week-end get togethers.
#4. A new Kitchen
A new kitchen, well this one is not really surprising. Your costs will vary depending on your choice of finishes. As a ballpark you can estimate spending $20,000 – $30,000 for a full remodel of your kitchen and you can expect to recoup upwards of 80% of your investment. You may want to ask your real estate agent for some comparisons in your neighbourhood just to get a better understanding of the demographics of who lives there and what their needs are.
#5. New Windows
New windows, often looked over but this is very important. Inefficient windows increase your monthly heating/cooling bills and will most definitely hinder you during a sale. Prospective homebuyers do not want to replace things or especially to install new windows, they may even ask for a reduction in price because of this. You can bank on getting about 80% of your investment back on replacing your old windows.
We want to help you and your family begin your new year on the right foot. The main goal of renovations, remodels and investing in your property is to benefit from the improvements for years to come until you decide the time is right to move on.
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