Building a Secondary Suite and Renovatin
Building an income suite is by far the most profitable homeowner reno in Lethbridge.
How do I increase the value of my property? That’s the question on every homeowners mind. There are two key survival strategies. The first is to think long term, have a plan and stick to it. History shows that this plan of action can pay off.
The second tactic is to outperform the market. This means ensuring your property increases in value at a greater rate than those in your surrounding market. One way to do that is through home renovations – but not all projects are created equal when it comes to generating a return on investment (ROI).
Here are the top five “renos for ROI” that happen in Lethbridge:
1. Building an income suite
Also known as a rental suite, this is by far the most profitable reno a homeowner can undertake. Income suites typically have a 150% to 250% ROI.
This is an inexpensive way to freshen up a property. Picking neutral tones and doing a good job are key. This simple reno project gives 100% ROI.
Renovating Kitchens and bathrooms
Kitchens should be bright and spacious with a smart layout. Replacing old appliances with inexpensive and more efficient newer ones also adds a lot of appeal. Bathrooms are equally important. The more you have, the better the ROI. This delivers about 75% to 100% ROI.
This has a dramatic impact and hard surfaces are the way to go. Laminate flooring is inexpensive, easy to lay, durable and looks great. With modern styles and improved design, it has become the flooring of choice for real estate investors. New flooring can generate an avg. of 70% to 90% ROI.
5. Light Fixtures and Door Hardware
These can reveal the true age of a property. Installing proper lighting and a few nifty fixtures in the right places, namely the kitchen and dining room, will brighten up the space and create atmosphere. With the right touch, updating light fixtures and door hardware can generate 60% to 75% ROI.
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.