What Renovation Projects Add Home Value?
Performing renovations to your home not only improves the aesthetic appeal, but when done correctly, can also add value to your home. However, if your sole purpose for renovating is to increase that value with a high return on investment (ROI), there are certain projects that – despite all your efforts – won’t make the dollar sign increase to make it worth your while. If you’re trying to plan your next home reno, here are the best areas of focus if you want additional value that is worth your while.
If you were questioning whether it’s worth it to rip out those dated cabinets and cupboards – it is! Just like we’ve always been told, the kitchen is one of the most important features of a home, especially when it comes to selling it. It’s the most utilized room, and therefore the most significant. For any areas that look decrepit, outdated, or just ugly, renovating and upgrading them will benefit your ROI in the future. If budget is tight, affordable but effective changes like replacing cabinet hardware and adding a modern backsplash are well worth it. If the budget is higher, a new countertop, new floors, and new sink will pay off. To save money, try to keep your existing cabinets if they’re in good shape, and avoid moving the plumbing (sink, dishwasher) if you can help it.
These days, flooring is a big deal, and new buyers aren’t exactly keen on purchasing a home when they know they’ll have to spend more time and money ripping up that floor. It’s worth your time and money to bite the bullet and install that beautiful hardwood flooring that buyers are looking for. Then, you can just tack on a little extra when it comes to your selling price – you can bet that people are willing to pay more for work that’s already been done. If your carpeting is in rough shape, consider peeling a corner discreetly to see if hardwood lays underneath.
If your exterior has little to no curb appeal, you can bet that it will impact any prospects for selling. Since your exterior is the first thing potential buyers will see, it’s one of the most important for giving them a great impression of the home. Whether it’s the dead lawn, cracked patio stones, or crumbling façade of the home – add it to your renovation list!
Gone are the days when the state of the basement wasn’t really a significant factor in the success for selling purposes. But today, more and more homeowners take great value in having that extra space remodelled and finished, not only for the potential purpose of having an extra den or TV room, but for renting purposes as well. So if your basement is unfinished and could use some extra TLC, take the time to finish it. This goes doubly so if your basement is damp or mouldy.
When it comes time to place your home up for sale, you want to make sure that the effort you put into your renovations will benefit your return on investment. So focus on these main areas and you’ll be set to bump up that value to your home, guaranteed. What renovations will pay off for you? Schedule a free in-home consultation with RenosGroup.ca. Our Ottawa general contractor will evaluate your home and recommend the best areas for improvement. Contact us, or give us a call at (613)727-9427