You need to know which home renovations add the most value to your home and therefore will provide the best return on investment.
The Appraisal Institute of Canada says that the renovations that generate the highest return on investment are the kitchen, bathroom and interior/exterior painting. Storage space and giving new life to lighting and flooring are also on the list of profitable projects. Here are some interior and exterior remodeling projects that deliver the highest return.
An updated kitchen can make a significant difference in the value of your home. Invest in fresh, modern cabinetry, under cabinet lighting and counter tops. New faucets, sink, hardware, splash and new, energy-efficient appliances, will greatly increase your homes value. Replace laminate counter tops with granite or quartz. Paint the trim and walls; and replace vinyl flooring with modern flooring.
Options like using existing cabinet boxes and updating with modernized Shaker-style wood panels and drawer fronts will give you a good return on your investment. Using Ikea cabinets can decrease costs if you can't afford custom cabinetry. The visual appeal, size and efficiency of a kitchen can make or break the sale of your house.
Bathrooms are the second most important rooms and will definitely reflect the age of your home. Give your bathrooms a functional facelift by updating with new cabinets, counters, tubs, showers, toilets, hardware and lighting. The pristine condition of the bathrooms will influence whether or not a potential buyer will feel that your home is move-in ready. Stained counter tops, old grout around the tub, shower and toilet and faded, worn cabinets will give the impression that the bathrooms are not clean. This is an immediate turn-off.
Adding a three-piece bathroom to a bedroom or any other area, can dramatically increase the market value of your home.
The least expensive and easiest way to freshen up your home and make it appear newer, is to have it professionally painted. Everyone seems to think they can paint themselves and save money. No! Hire a good, professional painter. A professional will fill holes and sand imperfections before painting the walls and ceilings. It is well worth the cost to have an immaculate, long lasting application done with quality material.
Professional painters have sprayers that can make surfaces look flawless. Stick with soft colours in neutral tones. Beige, taupe, and soft greys are very current. White is ideal for window casings, crown mouldings and trims. Don't forget to paint and stain battered doors (especially the front door). Always remember the first impression is crucial!
Never underestimate the importance of modern, quality lighting and fixtures. Pot lights are extremely popular for open concept homes. Recessed lighting is practical and elegant. Install dimmer switches on lamps and light fixtures. You can create a soothing mood in the bathroom for a relaxing bath or make a bedroom more romantic. You will be able to control the intensity of light and save energy at the same time. Install under-cabinet light strips in the kitchen, desk area, or workroom. Install can lights to replace older ceiling fixtures.
Install motion sensors to outdoor light fixtures for security purposes. Motion sensors also work well for dark stairs, hallways or bathrooms for safety of movement.
Flooring is one of the most important investments you can make in your home. You will be able to greatly increase the value of your property with the installation of hardwood floors. Wood floors are definitely all the rage right now. Wood floors are much richer and modern looking than carpeting. If you have existing hardwood floors, lucky you! Restored genuine wood floors are more desirable than modern flooring. You can have them professionally refinished to show to their best advantage. Wood, cork, bamboo and ceramic tile are easy to clean and very popular with allergy sufferers and others concerned with dust, pet hair and dander, that become caught in carpet fibre.
Take advantage of the tremendous selection of bathroom and kitchen tiles. With modern technology, flooring can mimic a realistic wood look without the burden of “real” wood maintenance. Marble, slate, granite and limestone make for stunningly impressive foyers and courtyards.
Mortgage Helper Suite
Undoubtedly, the best way to increase the value of your home is to build a mortgage helper suite. The financial stability that a rental property is able to provide will cover part (or all) of the mortgage payment or supplement the buyers income. This bodes well with the bank when buyers are shopping for a mortgage. Converting your basement or garage into a rental suite will increase your home’s value and will greatly increase the number of buyers interested in your property.
Prioritize the Critical Work
Beyond the aesthetic value that you want to bring to your home, prioritize the most pressing work that will turn out to be a safe investment. Roofing, windows and doors are extremely important. If they need to be replaced, the potential buyers may not be swayed by your new granite counter tops. Many specialists agree that the cost of windows or a roof could return up to 75% of the amount invested.
Take the time to ensure the skills of the people involved in the renovations. They must have the necessary permits and insurance to carry out the work. Keep your receipts (materials, fees, etc.) to prove the date, cost and quality of the work. This will add value when negotiating the sale of your property.
In the end, before undertaking renovations, take the time to plan them out well. Consider the return on investment they will generate. Then, when it comes time to sell your home, you will be able to fully enjoy the economic benefits of your decisions.