Top Renovations & Improvements to Increase Property Value


Top Renovations & Improvements to Increase Property Value

From kitchen upgrades to bathroom renovations, learn about our top recommendations for increasing your home’s property value. These improvements will contribute to a greater return on your investment. Successful renovations are about making smart choices that appeal to you and a broad range of potential buyers down the road.

1. Kitchen

Kitchens have the most significant impact on the value of a house. As such, it’s a crucial investment to keep the space up-to-date – a contemporary kitchen goes a long way. Modern cabinetry, under cabinet lighting and new energy-efficient appliances will contribute to a good increase in the value of your home. To save on cost without compromising construction and desirability, prefabricated options, such as Ikea cabinets, can often take the place of custom cabinetry. More budget friendly options include replacing cabinet doors or painting cabinets and updating hardware.

2. Bathroom

In determining property value, bathrooms are the second most important rooms in the house. If you can add a three-piece bathroom to a home with only one full bathroom, you’ll notice a rise in the market value of your property, as well as appeal to a larger market share of purchasers. While we don’t recommend compromising bedroom space for a bathroom, try adding one into an area of unused space in the home. An additional tip for maximizing washroom space is to use glass for the shower – it makes the room feel more spacious. If your updating an existing bathroom on a budget before selling your home, the key is to make it look fresh, so clean/re-grout tiles, install low-flow toilets, paint the room including ceiling and trim, add a new framed mirror and light fixture.

3. Fixtures

Kitchens and bathrooms often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will increase your home’s value and be attractive to potential buyers looking for move-in ready homes. This small, but effective upgrade will also revitalize the entire home. Pot lights or recessed lighting are in high demand in open concept style homes.

4. Flooring

Flooring is one of the most important features of your home. Main level hardwood and tile flooring has almost become the norm, especially when you look at newly built homes that tempt buyers. If you plan to be in a home for three plus years then the investment into hardwood flooring will provide you with enjoyment as well as give you a good return.

But if you plan to move within the year, it may not make sense to make this investment. Instead consider lower cost options, first get the carpet cleaned and see how it looks, clean and/or refinish existing hardwood floors, consider lower cost vinyl plank.  For the bathroom space, tiled flooring will always be in high demand and retain its value exceptionally well. If you don’t have tile, first clean the vinyl floors and see how they look, if they need to be repaired consider different options based on your budge and time that you will be in the home.

5. Basement

A finished basement will also increase the return of investment of your home and give you extra living space. This is a good renovation option if you plan to be in the home for sometime and need the space. Try to keep the room as open as possible and light and bright, that will appeal to more people down the road and give future owners the option of making a home office or extra bedroom. A basement that is carved up into several rooms is harder for potential buyers to see how they will use it. Before undertaking a basement renovation it’s important to check for foundation cracks and leaks, these should be addressed before insulating and installing drywall.

Source: from Joan Smith Real Estate Family and Royal LePage partner Sagen

It is best to speak with a professional before undergoing renovations on your home. As experienced realtors®, we would love to have a discussion with you to determine the best options to increase the value of your property! We can also provide contacts of different professionals, i.e. painters, handyman, renovators, to assist you.

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