We have good news! Despite the Canadian economy and housing market alike having been hit hard by the changes brought about by the pandemic, the good news is that Edmonton’s housing market seems to be beating these odds.
The Canada Mortgage and Housing Corporation predicted a historic recession for 2020, “with significant declines in all housing indicators.” The Realtors Association of Edmonton reported that total residential unit sales in the Edmonton area real estate market for July 2020 increased
13.58% compared to July 2019 and increased 5.61% from June 2020. The number of new residential listings is up year over year, and residential average prices are up to $369,805, a slight increase from July last year, and up from June 2020.
So now is the time to start (or finish) those renovations that you’ve been planning and get that house on the market! Renovations can have a big impact on property value — investing in regular upkeep and updates to spaces like the kitchen and bathroom can help add equity and value to your home. Here’s a quick look at some renovation options with a high return on investment.
The three most beneficial rooms to update:
- Kitchen – It’s the heart of the home and the most important room in the home in terms of valuation, so it’s worth investing to modernize and update this space. Updating cabinets, installing under cabinet lighting, flooring and new appliances are a few high return updates. Once the kitchen is renovated, the recoverable value is an estimated 75% (or higher) at resale.
- Bathroom – An easy opportunity for a refresh. Like the kitchen, bathrooms are a big influence on buyer’s decisions. Fresh paint, stylish tile work and updated fixtures do wonders. Working with a small space? Use eye-fooling tricks to make your bathroom look larger by swapping an old, clunky vanity for a sleek floating sink, installing updated light fixtures, or changing up the paint.
- Basement – Is it time to consider finishing that basement? Turn that open space into a playroom, work from home office / kids school workspace, or cozy living room that will add equity and valuable space to your home. LED pot lights are a popular basement fixture that are low maintenance and will save on your energy costs. Another popular option is upgrading the basement into a basement suite. Perfect for your teenagers now and rental income later.
We’d be happy to help your renovation plans come to life. You can view our past projects for some inspiration. Get in touch with us today to book your consultation!