If your home is outdated or in dire need of repair, renovation may be necessary to get it ready to sell. But which home improvements will fetch the most money? Scott McGillivray, host of HGTV's hit series Income Property, gives his top five recommendations, "to ensure you get the most bang for your reno buck."
1. Income suites
"There's no renovation you can do to your home that will increase its value as (much as) adding an income suite," says the hunky contractor and real estate investor, who has been buying and renovating income properties for the past 15 years. "Not only will an income (property) add a huge amount of value to your home, but it's an investment that will actively make you money while you build equity."
2. Kitchens: The hub of the home
"Kitchens give the biggest return on investment far beyond any other room in the house," McGillivray says, adding it is possible to do a kitchen remodel without blowing the bank. "There's almost never a need to invest in custom cabinets," he says. "You can customize standard, out-of-the-box cabinetry to almost any kitchen layout." Stone is still the preferred choice for counters, he admits, but there are more affordable options, including butcher block, composite, and high-end laminates.
3. Bathrooms
A spa-like space with a soothing colour palette, clean lines and high-end finishes defines most people's ideal bathroom. "You may be hearing 'cha-ching,' but keep in mind that bathrooms are small and therefore require less material," says McGillivray, who recommends investing in a "standout tile or funky sink or faucet to set the tone of the space -- a little goes a long way."
4. Hardware and fixtures
Doorknobs, light fixtures, toilets, drawer handles and faucets are inexpensive, but make a space feel fresh and modern. Small investment for a big impact, he says.
5. Flooring
From engineered hardwood to more affordable laminates, a flooring update always brings new life to an area and instantly gives the impression of a renovated and redecorated space.
--Postmedia Network Inc. 2015
