Kitchen and bathroom renovations are two of the most popular home improvement projects and Spring is a great time to start planning.
These types of projects can have a significant impact on the value of a house in the Greater Toronto Area (GTA). The exact amount of increased value will vary depending on the specific renovations that are done, the quality of the materials used, and other factors such as the age and condition of the home. However, typically a well-done kitchen renovation can increase a home's value by anywhere from 10-20%, and a bathroom renovation can increase the value by 5-10%.
Kitchen and bath renovations can greatly increase the value of a home for a number of reasons. These types of renovations often improve functionality and increase the visual appeal of the most-used spaces in the home. A modern and updated kitchen or bathroom is often more attractive to potential buyers, which can lead to a faster sale and a higher sale price. Additionally, many home buyers are willing to pay a premium for homes that require fewer immediate repairs or renovations, and a well-maintained kitchen and bathroom are key components of a move-in ready home.
Knowing these statistics is a good starting point to keep in the back of your mind when considering a renovation but don't just renovate with someone else in mind. Do a kitchen or bath renovation that suits you and your family's needs to a tee. When it is time to sell, the new potential buyer will see the added value in the selections you and your designer have made that suit the space so well.
Happy renovating!
Comments