Every home as we know has been put up for sale after endless months of renovations. Every homeowner who knows the potential of their home has invested their time and money in bringing all the glitz and glamour back into it, and making those wished for deals.
A new report brought by RE/MAX Canada has shed light on shifting consumer trends in home renovations and the perceived return on investment (ROI). As you may have known ( or maybe even done it yourself), in this past year, most homeowners have renovated their homes to a certain degree. Since citizens are spending so much time at home, they became open to the possibilities of finishing a project that had started the year prior (if not longer).
The stats read that every three in ten people renovated their homes for non-ROI purposes, and non-essential purposes. Lifestyle, as dictated by RE/MAX Canada, still remains the top reason for renovations. However, the remaining percentage see worth in renovating for ROI purposes.
Sixty-five per cent of RE/MAX brokers claim that kitchen upgrades, including cabinets, countertops and appliances, create the highest ROI for sellers, and it is the most anticipated renovation for anyone selling a home.
Regions including Toronto, Ottawa, Hamilton-Burlington, Niagara, London and Kingston/Napanee noted a strong shift toward outdoor upgrades and amenities in 2020; specifically the addition of a pool or larger exterior living area. Across markets such as Mississauga, Thunder Bay, London, Barrie and Ottawa, painting is the top renovation that homeowners are doing themselves, as well as one of the best ways to also see an improvement on ROI. Therefore, creating projects at home for all Ontarians.
COVID-19 has tossed a lot of free time our way. Some of us have called up many interior-design projects, most have called it quits and moved. What have you done? Have you started any new renovation projects?
Article Credit: RE/MAX