If your current house isn’t intended to be your forever home, or you purchased the property as an investment, you can speed up the home’s increase in value over time by making smart improvements. According to a cross-Canada survey of over 750 Royal LePage real estate experts, there are some clear winners when it comes to home renovations. Let’s take a look at how these improvements stack up:
Kitchen Renovation: Increase of 12.5%
The key to a good kitchen remodel is to open up the space. Whether you have to knock away walls or just rethink the layout, prioritize the open concept floor plan that buyers are after. There’s no use spending thousands on top quality appliances if they’re going to be crammed in a small corner. If you are renovating primarily for resale value, it’s a good idea to select colours and finishes that compliment each other, and are easy to match with décor. ‘Neutral’ does not have to mean ‘beige only’; but muted colours will go over better with buyers than bright, saturated hues. Countertops remain important, so choose yours carefully. Granite is still highly popular, but quartz and solid-surface have come into favour as of late. If you have the budget, marble is highly desirable for higher end buyers.
Bathroom Renovation: Increase of 12.5%
When tackling a bathroom remodel, consider upgrades you can add to increase the ‘wow’ factor of your home. Transform the look of the space with stone or ceramic tiles, and add in heated floors for an extra feature. Splurge on a beautiful bathtub, and add jets for a unique touch. The biggest ticket upgrades will be in the tiles and plumbing, but there are small things you can do to improve the value of your bathrooms. Swap out fixtures such as lights and handles, and buy a large, attractive mirror to make the space look more expansive.
Finishing the Basement: Increase of 12.5%
There are many buyers who have a finished basement on their list of ‘must haves’. By forgoing this step before listing your place, you could be missing out on multiple offers. When you go to make your renovation plan, think about function. Does your home need another full bathroom? Is the basement suited to support a big rec room, or would a bedroom and home office be a better use of the space? Basements can often look dark and gloomy, so invest in plenty of lighting to brighten up the space. Repaint with this in mind as well; choose light colours to avoid the ‘dungeon’ look.
Eco-Upgrades: Increase of 10%
Saving the planet and getting you a better sale price: going green is a no-brainer. Windows are the obvious first choice for an eco-upgrade. Energy efficient windows act as an extra layer of insulation, and help maintain an optimal indoor temperature. Think of the areas of your home that are the worst on the energy bill. Insulating your attic and garage can make a big difference, as can a brand new garage door. Consider installing solar panels, if you have the budget. This kind of upgrade is sure to grab the attention of energy conscious buyers, and can very well be the determinative selling feature.
Installing a Basement Apartment: Increase of 10%
There is a lot to consider when building a basement apartment. You will have to deal with zoning laws to ensure the bedroom meets egress, you will have to invest in an exclusive exterior entrance to the suite, and you will have to ensure the basement is on an independent heating and cooling system. However, if you are looking to sell to a property manager or landlord, this can be a game changer for your home. Consult with a real estate professional before making this leap. Call or text Bryan at 204.891.3083 if you’re considering building a basement apartment.
Landscaping the Yard: Increase of 7.5%
Making a great first impression is huge for buyers. For more info on how to improve the look of your yard, read our blog on drive up appeal here.
Interior Painting: Increase of 5%
Even if your home already has modern, attractive colours, a fresh coat of paint can have your house smelling and looking like new.
Exterior Painting: Increase of 5%
The colours on the exterior of your house can make a big difference in making your home look new and modern. Pay attention to current home trends and choose colours that complement each other without being too extreme.
Adding a Deck: Increase of 2.5%
Adding a wooden deck to your home can be one of the most cost effective ways of immediately improving its value. It’s more affordable than its composite counterpart, but requires more diligent upkeep in areas with extreme weather, so if you’re still many years away from selling, it may save you money in the long run.
Adding a Pool: Increase of 2.5%
To determine whether it’s worth it to add a pool to your backyard, consider your home’s current value and the area you live. If many of your neighbours have pools, you can safely assume it will be an attractive bonus to those looking for houses in your area. However, if your backyard is on the smaller side and pools are uncommon in your area, then you may find that the investment won’t be recouped when you go to sell.
To discuss these and other options for investing in your home, call or text Bryan at 204.891.3083.
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