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Many homeowners begin their home renovations without considering the effect it has on the property value. And while this can work if you plan on living in your home for the next 8+ years, in other cases you might be better off considering what potential homebuyers would like to purchase.
We have gathered some of our best tips and tricks to help you learn all about how your home renovation can increase your property value, and which things might best be ignored if your main focus is adding worth to your home. Enjoy!
Consider the regional trends in Canada
Before we get started, you should consider the area in which you are picking the style for.
Homeowners in the more urban areas of Canada could go for a more modern or contemporary style, possibly even a Scandinavian style. The buyers in these areas tend to be more internationally oriented and are actively looking for these styles.
Compare that to the more rural areas of the country, where a farmhouse style or more traditional interiors tend to do better. Ultimately, the decision is up to you, but it can help looking at what other homes in your area have done, and you might even want to look at house listings to try and find a red thread between the different styles and home values.
Choose the right renovation
We have written another article on our blog, where we list some of the best types of renovations for increasing your property value. In short however, it all comes down to renovating the parts of your home that the largest amount of buyers are interested in.
Therefore kitchen and bathroom renovations tend to yield higher returns, compared to say basements or garages. Again this might vary depending on where in the country you live, so do your research before hiring contractors.
You might be well served by contacting a real estate agent, a home services company such as HandyForce, or other professionals that have the necessary experience and knowledge to provide competent guidance in this area.
Choose the right materials
No matter what room you are renovating, choosing too cheap, exotic or expensive materials can lead to a poor return. Striking a balance here is key to getting the most value for your investment.
If potential homebuyers notice that you have laminate flooring in the living room, they might make a mental note that they need to spend money on upgrading the flooring to hardwood, thus wanting a discount in the price.
The same goes for too exotic or expensive materials. These might look great as of right now, but homebuyers that are forward thinking might be concerned about the maintenance and cost of replacement.
Going green can help
We are not referring to painting your walls green, but rather renovating your home to be more energy efficient. By insulating your home, upgrading your windows to thicker glass, replacing old and worn doors and so on, you can improve the value dramatically of your home.
This is not just because these things result in lower monthly utility bills, but also because more and more buyers are looking for environmentally friendly and sustainable housing. And since this is not necessarily more expensive than alternative methods, this should be a priority for anyone looking to get the most value out of their renovations.
