Increasing the value of your property is something every home owner should be thinking about. Buying a house is probably the single biggest investment you have made – and like any investment, property will begin to depreciate if you don’t maintain it.
Here is the thing: starting on a renovation project can seem a very daunting task. Should you really add a third floor to your two-story home? How much will it cost to finally finish the basement? These are questions to ask of a professional contracting company before coming to any conclusion.
Here are 5 simple tips to increase the value of your home for you and for your potential sale (side note: check out this blog for advice on making the selling experience a bit easier).
Most of these are skilled jobs and should be left to a licensed professional renovation team for the best results and the highest quality finished product.
- Swap Out Your Light Fixtures
Changing a couple electric plugs a month is a good way to start a home improvement project on a small scale. Soon, you will realize that changing all the light fixtures is the next step, giving your home a fresher and more modern look, and in many cases also cutting down on energy costs. Recess lighting is an excellent option these days, as are the hanging lamps associated with art deco design.
- Update the Flooring
No area of the house should be left with substandard flooring. Besides, you may even have a leaky laminate floor without realizing it! Signs of water damage in laminate floors include cracking, splitting, or any discoloration.
When it comes to tile flooring (a popular choice in bathrooms and kitchens) it is best to replace if the grout becomes stained or cracks appear in the tile. Replacing a damaged floor is the one renovation project on this list that is recommended to do as soon as possible because dealing with water damage can get quite expensive if it’s not addressed right away.
- Improve the Bathroom
Is your bathroom due for a make-over? A lot of homes built in the 70s and 80s, or earlier, have colourful tile designs in the bathrooms that no longer appeal to today’s home owners. You can bring your bathroom into the 21st century with a variety of fun upgrades: new faucets, marble countertops, modern lighting, heated floors, or even installing a steam resistant mirror. The best part is that pretty much anything you do will add huge value to your home because a beautifully renovated bathroom is one of the main selling features of any property.
- Update the Kitchen
Renovating the kitchen can mean a whole host of things, ranging from a complete re-modelling to a few key upgrades. Some prime kitchen renovation ideas are: re-designing the cabinets to improve the use of space, replacing the countertops with something more durable and modern, upgrading to energy efficient appliances, or putting in a new floor. Remodelling your kitchen might be costly in the short term. However, it will allow you to raise the asking price by $10,000 – $20,000 when it comes time to sell.
- Build a Rental Unit
Consider finishing the basement and putting a bathroom and kitchenette down there to re-purpose the space as a rental unit. Many new buyers are looking for homes with basement rental units to supplement their monthly income and help with mortgage payments, making this a worthwhile renovation investment. Looked at purely from a financial standpoint, building a rental unit would bring the highest return year-over-year out of any other type of renovation.
Save Money and Add Value
If done to standard, these five renovation jobs will bring a return on your energy bills within months and will bring you immediate enjoyment of your home while you are still living there. Furthermore, maintaining excellent operations and making key upgrades throughout the house allows you to set an asking price anywhere between $10,000 to $30,000 higher than market average.