Home Improvement Return On Investment

Home Improvement Return On Investment

Many homeowners in Nanaimo think that if they spend, say, $15,000 updating their kitchen, then when the time comes to sell they’ll get all of that money back.

While renovating your kitchen and bathroom will get you a lot of your money back, it will never be a 100% return.

The reason is that there’s a big difference between price and value.

The price of the renovation - in this example our kitchen – is $15,000.  But due to various reasons the value of your house for sale is not going to increase by the same amount.

If you had the only house for sale in Nanaimo it would be a different story.  But there are always other homes available, probably similar to yours, in the competitive Nanaimo real estate market.

For houses that needed updating and improvement anyway, doing a renovation bring your home up to the level of the competition’s, so that a buyer can come close to comparing apples to apples.

So while from your view your improvement is a big change from what your kitchen used to look like, from a buyer’s perspective your kitchen is now what they expect it to have looked like in the first place.

This isn’t to say that you shouldn’t do any renovation on your Nanaimo home at all.  Quite the contrary, because you’ve still got competition out there, and when the time comes to sell you’ll want to be sure that your house for sale compares well to the other choices a buyer is going to have.