South Surrey Renovations

Versa Construction and Home Renovations in South Surrey, BC

The real estate market in South Surrey is on fire right now! Homes are selling within days of being listed and South Surrey has rapidly become the hottest real estate market in BC. With properties selling so quickly, why not increase the potential value of your home with a quick and tasteful Versa Homes renovation?

A good renovation can earn you between 50-100% return on investment. This means if you spend $40,000 on a kitchen renovation, you can expect to list your home for $60-80,000 higher! I bet we've got you thinking...

Continue scrolling down for some important statistics and data from Royal LePage Canada and the Appraisal Institute of Canada that will help convince you to get started on your home renovations in South Surrey before you contact a REALTOR®!

CONTACT VERSA HOMES TODAY FOR A FREE QUOTE ON YOUR SOUTH SURREY HOME RENOVATION PROJECT

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Update the core rooms of your home for maximum ROI

According to the Appraisal Institute of Canada's guide titled, "Tips to Choosing SMART Home Renovations", these are some general tips to achieving the highest ROI when investing in renovations.

1. Choose improvements with long life expectancy. Roofing, energy-efficient heating and cooling systems, and windows can provide homeowners worry-free home improvements for as long as 10 to 15 years. But remember…regular maintenance is as important as the initial investment.

2. Invest in modern updates in high-traffic areas. Update the core rooms of your home such as the kitchen and bathroom. This can be as simple as changing door knobs, resurfacing cabinets, or replacing fixtures and countertops.

3. Don’t underestimate the value of inexpensive updates. A fresh coat of paint, modern lighting fixtures, light landscaping or gardening, or upgraded door handles can give your home an updated look and feel – and it doesn’t have to cost a lot of money!

4. Consider energy-efficient renovations that have a high return relative to cost. Energy-efficient renovations are considered one of the highest paybacks relative to cost. Energy efficiency translates into reduced operating costs over time.

5. Be careful about over-improvement. Consider your neighborhood and the expectations of buyers in your area when planning your next renovation project. Investing in an expensive project may be an over-improvement for a home in particular market, and the investment may only be partially recognized by homebuyers.

6. Think about your personal needs. How much you spend on improvements will depend on how long you plan to live in your home. If you you’re thinking shorter-term, smaller and less –expensive improvements may be your best bet to recover your investment.

7. Be sure to get a building/renovation permit. Take the time to obtain the proper building permits from your municipality or appropriate authority. This is a good step to ensuring that the renovation work complies with the building codes.

8. Hire a designer, architect, or contractor. Talk to a professional when you start planning your renovation project. They can help you draw up a plan, provide renovation advice, or assist in the construction. This will add to the quality of the renovation and go a long way in preventing cost overruns.

9. Consider unique features with care. Unique designs or improvements that are uncommon for a particular market may impact the resalability of a home. This is where the expert advice of a real property appraiser can provide an objective perspective on the marketability of the property.

Source: http://www.aicanada.ca/wp-content/uploads/Renovation-Tips-Appraisal-Insititute-of-Canada-April-20131.pdf

Get 80-100% ROI over and above your investment with an additional bathroom

According to a study by Royal LePage, here are some statistics for top Return on Investment for minor and major home renovations:

MINOR RENOS
Renovation Project Approximate (Material) Cost * Approximate ROI
Paint the Exterior $1,000 50-100%
Replace carpeting with affordable laminate $2,000 (per 1000 sq ft) 50-75%
Install new light fixtures $2,000 60-70%
Groom the exterior landscape $2,000 25-50%
Replace knobs and hardware $2,000 75-100%
Update the entryway $3,000 50-75%
Replace carpeting and laminate floors with hardwood $5,000 (per 1000 sq ft) 50-75%
Build a Fence or Deck $5,000 50-75%
MAJOR RENOS
Renovation Project Approximate (Material) Cost * Approximate ROI
Install an additional bathroom on main floor Under $5,000 80-100%
Renovate bathrooms $5,000-$8,000 75-100%
Renovate kitchen $12,000-$15,000 75-100%

Source: http://www.newswire.ca/en/story/272613/reach-for-a...
(*) Assumes mid-grade quality finishes, labour excluded