If you have the funds to perform improvements OR you may use a Purchase Plus Improvements mortgage. You will want to consider the long-term payback in terms of increase in value and payback when you sell. So, what improvements get you the best return for your Victoria, BC home?
Adding Square Footage – although a quite significant project both in time and money, this can return between 50-83% of the initial investment and is a key option for a home value adds improvement.
A Deck – adding this brings more use and appeal to the outdoor space, and can return between 65-90% of initial investment.
Kitchen Re-Model – there is a sweet spot here, extremely niche styles with million dollar price tags don’t return. However, quality timeless appliances and finishes can get you a return between 50-120% of initial investment.
A New Bathroom – adding a bathroom, especially to a one bathroom home (typically older homes have a shortage of bathrooms) can return 80-130% of initial investment. New fixtures, cabinets and colour are just a few of the many easy to do improvements. Arguably the best Value Add Home Improvements you can do for maximum effect.
The most important thing to consider is who your future potential buyers may be. Make improvement that will be generally seen as increasing the appeal and livability of the home. Let’s get started today and contact us to get going!