Home renovations, whether we like them or not, are a necessity in home upkeep, especially if we want our homes to appeal to buyers. As anyone who has owned a home knows, the property is a great piece of investment so it’s important to take care of it. Even if you are not looking to move out in a few years, it is still a great practice to maintain the property.
The right home renovations add to a home’s value due to functionality and beauty. While renovations can add up quickly, most jobs can be recouped during a sale. The first thing to do before you start, however, is to keep a budget in mind to help focus on which areas take priority.
Whether you are looking to get your home ready for sale or think it’s time to do some maintenance, here are the focal areas to consider:
The kitchen is regarded as the heart of the home. It is the first area most people pay attention to when they enter a home, and it’s the strongest selling feature.
The kitchen has shifted from an area strictly for cooking to a casual hangout spot, work area, and dining room. It’s one of the most used rooms and where a lot of socializing occurs.
You can have a major kitchen remodel or aim for minor upgrades, depending on your budget and preferences.
Homeowners looking to renovate their kitchen should consider aiming for a modernized look. This means repainting cabinets or replacing them fully, switching out old appliances for energy-efficient ones, and replacing old countertops with something low maintenance but long-lasting like quartz. Small upgrades like replacing the dining room table or cabinet pulls are more budget-friendly.
Remodeling Magazine shared in its 2020 Cost vs Value report that a minor kitchen remodel recoups 77.6% on Return on Investment (ROI). While the magazine conducted its study in the United States, the trends should be similar to Canadian values.
Bathrooms are another key area to look at. Midrange bathroom upgrades have a higher recoup value (64%) compared to an upscale bathroom renovation (56%). Simple renovations such as upgrading fixtures can instantly change the bathroom’s appeal.
Repaint old cabinets and change pulls and knobs for trendier ones (brushed nickel and oil-rubbed bronze are safe choices). Replace broken or outdated faucets, bathtubs, or vanities for a modern look. Upgrade lighting fixtures to make the bathroom brighter and spacious.
Complete the basement if you haven’t gotten around to it yet. A finished basement can recoup ROI by 70%.
The main reason is that it increases the square footage of your home, giving more functional space to act as a home office, media room, and much more. If you decide to install a bathroom as well, it adds to the value.
Completing a basement can be costly and time-consuming, accounting for drywall, flooring, plumbing, among others, but it will turn into a great long-term investment.
Windows and Doors
If your windows or doors have any cracks or gaps, it is time to replace it. New windows are energy efficient, meaning it retains heat better and create less work for the furnace, meaning more money in your pocket.
Replace wooden or aluminum frames with vinyl frames. This material is stronger, energy-efficient, affordable, and recyclable when it reaches the end of its life span.
Swap out old doors for steel doors. This type is also energy efficient, low maintenance, and blocks out the cold. The recoup value is 72.3%.
Garage Door Replacement
Garage doors recoup an amazing 94.5% ROI since it’s one of the first features noticed on the home’s exterior. Garage doors should be free of dents, scuff marks, and the like for a well-maintained appearance–and increase curb appeal. Aside from appearance, a reliable garage door is able to fend off against break-ins.
Consider investing in an insulated garage door if it is attached to your home. You can also consider heavy-duty galvanized steel tracks too.
Add a fresh coat of paint to both the exterior and interior. It’s budget-friendly and makes your home look new again.
Repaint old chipped or faded areas, especially the front door and trim. ProTect Painters suggest painting bold paint colors for the front door makes it pop against neutral colors.
Many interior designers recommend neutral colors for interior paintings. Potential home buyers find it easier to imagine their belongings in homes with a neutral palette. Light colors give a sense of freshness and style, and beige radiates a “feeling of sunshine”.
Smart Home Technology Installation
Investing in smart technologies like a smart thermostat increases buyer appeal and helps you save money. Future homebuyers are interested in energy-efficient tools for their home, so seeing a home with a smart thermostat will leave a strong impression. The NAHB survey has mentioned that programmable thermostats and other energy-management systems have ranked as the third most wanted home technology.
Smart thermostats learn your gas and electricity usage habits, then adjusts them to a point where it can predict what you want while reducing energy consumption to help save money. Many smart home gadgets include a feature where it can be controlled via an app on your phone, so you can shut it off when you are away or turn on the heat before you come back.
Home renovations are no easy task. The cost of construction, time, and effort can make it feel like a daunting task, but the emotional return can be rewarding. Not only do these renovation projects increase the sale price, but it also appeals to potential buyers.
There are several renovation upgrades you can consider. If you’re not sure where to start, consider seeking advice from a trusted real estate agent who can point you in the right direction. They will know which areas to focus on and recommend experts in interior design.
Don’t be afraid to show some personality in these upgrades, since you’ll be looking at it for many years to come!
Categorised in: Real Estate
This post was written by Derek Timmons