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Whether you are looking to get the most resale value out of your old and beloved home, or simply wish to spend your money the wisest, certain home renovations are known to provide better returns than others.
In this article we will go over the very best types of home renovations you can perform, in order to set yourself up for success when selling your home. We have tailored this list specifically to a Canadian audience, but many of these renovations also do well in the US and Europe for instance. Enjoy!
1. Renovating your kitchen
Perhaps no other home renovation can provide as much resale value as the kitchen. This is after all one of the rooms in which families spend the most time awake. And no matter if you are only using the microwave, or cooking gourmet meals on a daily basis, having a nice, functional and presentable kitchen will certainly entice future buyers.
Not only will this mean that your overall home can see an increase in value, it will also be a top selling point that convinces potential homebuyers to choose your home over the others on the market. If you are unsure where to start, renovating the kitchen is always a sure thing.
2. Renovating your bathroom
Next on our list is the bathroom. Once again an updated bathroom that keeps in line with the modern aesthetics and has a timeless feel can add significant value to your home. Some ideas to consider include upgrading the fixtures, adding new tiles, and installing a modern shower or bathtub.
In Canada the trend has been moving towards larger bathrooms than in previous decades, so if you have room for it, consider adding some square footage where possible. This can make the bathroom feel inviting and luxurious, adding even more value to your home.
3. Energy efficient renovations
Gone are the days of wasteful excess. Today many Canadian homebuyers are increasingly interested in efficient features, such as windows, insulation, and heating systems. By renovating with a mind for sustainability and efficiency, you can achieve reduced energy costs and make your home more attractive to environmentally conscious buyers.
4. Curb appeal
Spending some time on improving the curb appeal is important for making a good first impression on potential buyers, but be careful what you choose. Not all exterior projects provide the same levels of value.
A spa or pool will typically not increase the home value, and in some cases might even detract some value, or dissuade certain homebuyers due to the added upkeep and maintenance involved. Instead, you should consider adding universally useful features, such as a deck, patio, or outdoor kitchen, as well as refreshing your landscaping with new plants and flowers.
Final thoughts
Remember that not all renovations are created equal when it comes to adding resale value. Before you begin any major renovation projects, it can be a good idea to consult with a real estate professional in order to determine which upgrades are likely to yield the best return on investment for your specific market.
