Best renovations for improving your home’s value
Image credit: Naomi Hébert
Where (and if) it pays to do home improvements
Okay, so you’ve decided that this is the year that you finally spend some money on your house and get going on renovations. Good for you!
But, like any smart homeowner you’re also thinking about the future. Sure, you want to make your home more suitable for your family’s needs, but you’re also wondering about where to put your reno dollars in terms of resale.
When it comes to where (and if) to work on home improvements that increase the sale value of your home, here are my suggestions.
Kitchen and bathroom renovations pay off
Not only are kitchens the heart of the home, studies show that they’re the most important room in terms of valuation, so spending some money there is never a bad idea. Regardless of your budget, this is a great place to start. From adding modern appliances and fresh paint to redoing the cabinetry and fixtures, there are plenty of options. Not sure where to start? Your realtor can always suggest some ideas.
Bathrooms are the second most important room when it comes to increasing resale value. Adding a shower or fitting in a small half-bath (where one never existed) is almost guaranteed to get equal returns.
The right flooring can make a big impact with sellers
Depending on your home and lifestyle, you may want to consider changing your flooring. It is the largest and most noticeable feature of any house, so a change from laminate to hardwood will instantly increase your home’s value. That being said, it is a big investment, so make sure that you speak to a professional (such as your realtor) to ensure that it’s the best place to put your money.
Don’t forget about basic home maintenance
I know, I know, new windows may not be as “sexy” as granite countertops, but it’s the wisest option. If your house has an issue like a leaky roof or weepy windows, buyers will notice – regardless of how pretty your front-yard water feature is.
Other thoughts on home renos and increasing value
Wherever you decide to spend your money, make sure that you are happy with your decision. Unless you’re planning on listing tomorrow, you need to know you can live with the renos for a while.
And, of course, speak with a realtor before you make any big decisions. As experienced professionals, we know your home’s worth, where your house fits in terms of other neighbourhood options and what the market trends indicate. Maybe a new coat of paint and modern fixtures is the best approach at this point.
Considering a reno or just wondering about the local real estate market? Feel free to call me at 250-792-0464 or email melissa@melissaberrigan.ca.