Whether it’s giving your own home a glow-up or you’re considering putting it up on the market, renovations can do wonders for a home. They’re a brilliant way to boost the value of your home, but only when done correctly.
While some renovations provide a great return on investment, others, not so much, so when considering renovating and if you have a limited budget, it’s best to prioritize upgrades to areas you know will help increase your home value. It also doesn’t hurt to hire a highly-skilled renovation team.
Keep reading to find out five home renovations that you can implement into your home to increase its value while giving it a fresh and modern look.
1. Bathroom Remodel
Bathrooms are an essential part of the home, making them one of the most important renovations you can do. Having an outdated bathroom can cost you. Therefore, ensuring that you update your bathroom fixtures and amenities while giving it more of a modern look (or even adding a bathroom) can increase your home’s sale appeal. You can expect to recover anywhere from 75% to 100% of your investment from a bathroom remodel.
Having not enough bathrooms can be a struggle. This is why when you have enough, your home can appeal more valuable to potential buyers. If you don’t have the space for a full bathroom, a great alternative is creating half-baths out of small closets or under eaves.
When shopping for a home, buyers will look for spacious showers, plenty of square footage and a master bathroom with his and her sinks. Some other things to consider when remodelling your bathroom are the vanity, tub, toilet, shower and changing the flooring. Traditional ceramic floors outperform wood floors in terms of water resistance. It is equally important to consider energy-efficient updates as they will positively affect your home’s resale value.
When designing your bathroom, it is best to keep your design in the same period as the rest of your home. This isn’t to say you can’t combine a classic design with modern fixtures. It’s beneficial to make your bathroom as functional and spacious as possible. All in all, when designing your bathroom, it’s okay to splurge. The average bathroom remodel can recoup the majority of your investment.
2. Replacing Old Windows
Windows are a fantastic method to update the look of your home. Not only that, but replacing your existing windows with energy-efficient ones can save you and future homeowners money on cooling and heating expenditures.
3. Kitchen Remodel
The kitchen is often referred to as the ‘heart of your home.’ Similar to a bathroom, an updated kitchen can drastically upgrade the appearance of your home while driving up its value. But it is important to be careful when it comes to a kitchen remodel. When budgeting, the value of your home vs. the cost of your materials should be considered. In short, will you be able to recoup the money spent on materials?
A remodelled kitchen can provide a near-100 percent return on investment if executed properly. Many home buyers search for adequate cabinet and counter space. We generally recommend quartz countertops as they are more durable and lower maintenance than granite countertops, at a fraction of the cost and can boost the value of your home. A window above the sink is a further addition that can add a lot of charm and value to your home.
As long as you plan accordingly and don’t overspend, you can make some nice upgrades while boosting the value.
4. Finishing Your Basement
When potential buyers are shopping, they consider the useable square footage of your home. A finished basement can add a lot of opportunity to your home. Whether it’s kept as a basement to rent out to a tenant, a recreation room, theatre room or even a “man cave,” it is a great way to bring in more money when you decide to sell.
While it’s not the easiest task, once done, you can expect a 75% return on your investment.
Before beginning your basement reno, ensure that your lower-level remodel includes a bathroom, as this can drastically increase its value. Also, make sure that you will be insulating it properly to keep it protected against moisture. Avoid adding many walls or hallways as this will make your basement appear darker and smaller, as they already tend to feel that way. Try to keep an open floor plan, and installing a gas fireplace can also help make the area feel brighter and cozier. Storage space is also a must as potential home buyers always look for more.
Once you have finished your basement, the possibilities for it are endless.
5. Increasing Light and Space
While this is probably a given, we thought we should shed some ‘light’ on how more brightness and space within your home can increase its value.
The most important thing you can do as a homeowner during renovations is to increase your home’s appeal and open it up to enhance natural light. Dark, small, cramped rooms are a no when it comes to real estate. So light goes a long way. An open floor plan will make your home feel much bigger, so consider knocking down some walls to let more light in. Knocking down the wall between your kitchen and dining room can create better flow without sacrificing the function of either space. If you decide not to knock down walls, widening doorways 6-12 inches can also make a noticeable difference.
Vaulted ceilings are another option as they will help create an illusion of more space. While skylights can offer another window of bringing in more natural light.
Not only will you enjoy the space and lighting in your home now, but it will feel more welcome to buyers later.
Smaller Projects To Consider
While the five projects mentioned above can drastically increase the value of your home, there are also smaller remodelling projects that can also have an impact on your home resale value:
- Give your walls a fresh coat of paint
- Updating your curb appeal
- Installing a water heater
- Minor kitchen renovations (i.e.: upgrading kitchen lights)