Best Home Renovations to Increase Your Property Value
Whether we like them or not, home renovations 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 essential 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 renovation budget in mind. This helps you 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 renovations that increase home value.
Updating the Kitchen
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 renovation budget and preferences.
Homeowners looking to renovate their kitchen should consider aiming for a modernized look.
- Repaint cabinets or replace them entirely.
- Switch out old appliances for energy-efficient ones.
- Replace old countertops with something low maintenance but long-lasting, like quartz.
Minor 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.
Renovating the Bathroom
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.
- 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- Replace broken or outdated faucets, bathtubs, or vanities for a modern look.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 more spacious.
Finishing the Basement
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. As such, it provides more functional space to act as a home office, media room, and much more. Installing a bathroom can also increase the value of your home.
Completing a basement can be costly and time-consuming. You’ll have to account for drywall, flooring, and plumbing, among others. But it will turn into a great long-term investment.
Upgrading Windows and Doors
If your windows or doors have cracks or gaps, it is time to replace them. New windows are energy-efficient, meaning it retains heat better. It also creates less work for the furnace, meaning more money in your pocket.
Replace wooden or aluminum frames with vinyl frames. This material is stronger and more affordable. It’s also more energy-efficient and recyclable when it reaches the end of its life span.
Swap out old doors for steel doors. This type also offers energy efficiency and easy maintenance. It also blocks out the cold. Its recoup value is 72.3%.
Replacing the Garage Door
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. This helps achieve a well-maintained appearance and increased curb appeal.
Aside from appearance, a reliable garage door can safeguard your home 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.
Adding Fresh Paint
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 colours for the front door. Doing so makes it pop against neutral colours.
Many interior designers recommend neutral colours for interior paintings. Potential home buyers find it easier to imagine their belongings in homes with a neutral palette. Light colours give a sense of freshness and style, and beige radiates a “feeling of sunshine.”
Installing Smart Home Technology
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 house 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, it adjusts them to a point where it can predict what you want while reducing energy consumption to help save money.
Many smart home gadgets can be controlled via an app on your phone. This is so you can shut it off when you are away or turn on the heat before you come back.
Renovating Your Home
Dream home renovations are no easy task. For example, the construction costs can pile up. The renovation process can also be more complex or take more effort than expected.
All these 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. After all, you’ll be looking at it for many years to come!