How to Increase the Value of Your Home
If you have plans in the future to sell your home, you will do all you can to make the most money from the deal. You not only want to impress all potential buyers who step foot on your property but you also want to keep the house in tip-top condition so basic repairs and upgrades don’t discourage potential buyers and they lower their offers.
And while there are dozens of projects you can complete around your home, a handful of them will actually increase your home’s value and help you receive more money on the sale of your property. Let’s talk about several things you can do to increase the value of your home.
1. Focus on the Curb Appeal
When selling your home, you want to make an instant impression the minute buyers pull up to your property. You want them to fall in love right away and be anxious to see what the interior of the home has to offer. You do this by improving the curb appeal of the property.
There are many ways that you can improve the home’s curb appeal. Little things like keeping the grass short, planting fresh flowers, and even trimming the trees and bushes will all make a difference in the look of your home. Additionally, take the time for small exterior details such as paint the trim, sweep the balcony, remove all clutter such as yard toys and bikes from the side of the home, etc.
If you truly want to make a difference to the exterior of your home, enhance the front entryway. Sweep the porch, lay down a new welcome mat, and place a planter of fresh flowers near the door. If the door is old and worn down, you may consider replacing or painting it.
In fact, a study by Zillow found that by painting or choosing a black front door, you can improve your home’s value up to $6,271.
2. Transform Your Kitchen Area
No matter if you have plans to sell your home in the near future or you just love to cook and have family around, you want an open, bright, and functional kitchen area. Kitchens that are cramped, have little counter space, and are outdated are going to detract and turn away potential buyers. Plus, if there are a substantial number of upgrades needed in this space, you may receive even less than you desire for your home.
A kitchen remodel in your Toronto home is one of the best things you can do to increase the value of your home. However, it can also be very costly if you are not prepared. A luxury remodel could cost you over $100,000 while a more basic upgrade could cost a few thousand dollars. However, you can work closely with a professional contractor to transform your kitchen area and stay within budget.
One of the benefits of completing a kitchen remodel is you can create the space that you want — the space you want to spend time in each day. Consider replacing items such as cabinets, countertops, flooring, the layout, lighting, and even paint colors. Work with your contractor to create a customized and gorgeous space for your family to gather in each day.
3. Finish a Basement
If you have an unfinished basement in your home, finishing this area should be a priority. Unfinished, this turns into unusable living space, but when completed, it adds significant, usable square footage to a home. Additionally, there are many uses for this area of the home. A few ideas that you can implement include:
- Home office
- Large living room
- Theater room
- Guest room
- Apartment for family members or to rent out for additional income
- Laundry room
4. Add More Square Footage
One way to immediately increase your home’s value is to complete a home addition. You may consider adding a living room, a laundry room, or even just expanding a bathroom or the kitchen area. The project you choose to complete will affect the cost and even the time required to complete it, but it can produce large results. By adding more square footage, you increase the amount of usable space in the home, the property feels and looks larger, and it can improve the home’s traffic flow as well.
Similar to other projects, what you choose to do with this added space and how you complete the project will affect how much your home’s value will increase. For example, adding another bathroom to the home with have a big return on your investment — an average of 86%. Consider why you want to add more square footage to your home and make sure your plans fall within your budget.
5. Update Bathroom Features
The bathroom is one area of the home where potential buyers will pay particular attention. This is because this is a room that is visited multiple times of the day by household members and guests alike. If the bathrooms have features that are outdated such as pink toilets and tubs, it can quickly turn away potential buyers and hurt your chance of a great sale.
While a bathroom remodel in your Markham home may be advisable, simply updating some areas of this room may be more plausible. For example, replacing old and faded vinyl flooring, updating the vanity, and refurbishing the tub and shower area may be what you need to give this room a lift. Even small details such as upgrading light fixtures, swapping out hardware such as faucets and showerheads are all going to make a difference as well.
If your bathroom is small, dark, and has little counter space, it may be worth your time to consider a full bathroom remodel with a contractor. Expanding this area, updating its design, and bringing in more storage options are just a few of the ways that you will totally transform this area and drastically increase your home’s value.
6. Paint!
One of the most simple and effective ways to increase your home’s value is to grab a paintbrush and begin painting. A fresh coat of paint can actually increase your home’s value by several thousands of dollars — if you choose the right colors. Plus, painting is a project that can be done in a weekend, and a few gallons of paint and several painting supplies can be acquired for less than $100.
If you are considering painting your home, a few projects you may consider that will increase your home’s value include:
Kitchen cabinets: By painting two-toned cabinets in your kitchen area, you can see a price increase of up to $1,500.
Bedroom walls: By choosing neutral and light colors for the bedroom, such as a light blue, you can see an increase of almost $1,800.
Living rooms: For living rooms, you also want to choose very neutral and light colors. A living room that is painted a light beige or taupe tone can increase your home’s value up to $1,800.
Unfortunately, just like there are many paint colors that can increase your home’s value, there are also many that can lower it and hurt your sale. These include:
- Brown color on both the interior and exterior of the home. According to Zillow, brown or stucco home exteriors can reduce your home’s sale price by up to $1,900.
- Red kitchen and dining rooms can also have a negative effect. While you can certainly use red in these areas, you want to make sure that these bold colors are more as an accent color, not the main color in the room.
- White rooms such as bedrooms, living rooms, and even bathrooms can make you feel calm and peaceful, and that the area is clean, but they can decrease a home’s sale price by more than $4,000.
If you are ready to transform your home and increase your home’s value, contact The Renovators of Canada today. They can help you determine the best projects to create a living space that you can’t wait to come home to every night and potential buyers will immediately love.
