5 Upgrades That Will Increase Your Home Value

When it comes to increasing the value of your property, it’s important to first establish your property’s immediate needs in order to determine the best use of your upgrade budget. You’ll want to allocate funds toward upgrading items that offer the greatest return on your investment, either via immediate benefits to your quality of life or the eventual resale value of your property – and ideally, if possible, both!

To ensure you are considering upgrades of value, ask yourself the following:

Will this make my home more efficient and/or more appealing to a potential buyer?

While there are several upgrades that can increase your home’s value, there are 5 popular items that homeowners will turn their attention to when considering upgrading their property: the bathroom, the kitchen, any outdoor space, the basement and the home’s high-efficiency details. 

Bathroom

While this is largely dependent on the age of your home (a newer-build will likely not require any updates in terms of layout or aesthetics), bathrooms are typically one of the areas that can either make or break interest when it comes to potential buyers. 

Upgrading an older bathroom can mean anything from some cosmetic updates for general aesthetics to a full “gut job” in which you’re getting down to the bones and changing the entire layout of the space. While not everyone is willing – or able – to perform extensive remodels on their home in a bid to increase its value, a functional and attractive bathroom is certainly a big-ticket item on any home-seekers list.

When it comes to your existing bathroom(s), ask yourself these questions:

• Is this bathroom contemporary or is the design significantly outdated?
• Does this space have a clean, neutral aesthetic, or are the design choices too particular?
• Does this bathroom offer overall functionality? As is, are all the major components situated in a flow of layout that makes sense and offers optimal accessibility and use?
• What are the immediate concerns in this space?
• What is my budget for this space?

TIP: Adding some tile detail from the tub to ceiling is a great way to clean up a space. There’s a cost to that, but the payoff is worth it in terms of freshening up the space. A replacement countertop in an up-to-date material like granite is also a great way to upgrade the bathroom in way that’s both aesthetically-pleasing and practical in terms of maintenance and durability.

Kitchen

While generally one of the more costly renovations in a home, there’s a reason why so many homeowners look to this space when considering where to allot the bulk of their home upgrade budget. The gathering place for most families, the kitchen represents one of the most highly-trafficked and frequented “common areas of any home. This is where the family comes together, where they host friends and relatives, and the “meeting” place for shared meals throughout the day. In a nutshell, the kitchen represents the heart of the home. 

A remodel of the kitchen can mean a fresh coat of paint and some new lighting elements, or it can extend to new appliances, countertops, cabinetry – the works. The options for updating your kitchen space, on every end of the budget, are extensive. Take a good look at the area you’re working with and invite friends who can be objective to help you consider:

• Does this space feel current? 
• Is this a bright, clean and open-feeling area? Does it feel inviting and conducive to its purpose?
• Are there any design elements that stand out – i.e. the backsplash, countertop, cabinet hardware, lighting, etc – anything that might be more appealing in a more neutral style?

Your kitchen will often set the tone for your home as a whole, and because of that, extra attention should be paid to this space in particular. 

Outdoor Space

Outdoor space, from front to back and even around the sides, is a major factor in the value of any home. 

As far as your front yard, keep in mind that this zone will be the first impression for onlookers and potential buyers, as “curb appeal” either piques their interest, or turns them off before they even step foot indoors. This isn’t about size and scale, either. Even the smallest lot can prove attractive by being well-maintained and cleverly landscaped. A few choice plants, healthy grass and a weedless driveway are excellent starting points. 

Your backyard space, no matter the size, should be given the same treatment. Clean space and healthy vegetation, trimmed trees and as blank a canvas as possible, to allow potential buyers to envision their own best use for the area. If you’re fortunate enough to have a perfectly landscaped and designed backyard – great! – but for many, the backyard takes a backseat to the home reno budget, as homeowners choose to allocate immediate funds for indoor areas instead. No worries if this you – just ensure that your outdoor space is clean, tidy and as healthy and uncluttered as possible, and often, this is all it takes to make a positive impression.

Basement



When homeseekers search online for homes that match up with their criteria, one major point of note is the basement. People want to know if the houses they’re interested in have a finished basement – or if this is going to be another (large-scale) project they will be assuming once they move in. A finished basement not only boosts your home’s value in terms of added square footage, but it allows for potential buyers to better envision their best use of the space – whether that means a home gym, play area for the kids, a basement guest suite for visitors, whatever they need. 

High-Efficiency Details

High-efficiency and “smart” home elements will increase your home’s value, minimize your carbon footprint and allow for reduced energy costs – which mean more savings for you, and more potential savings for any potential buyers in future. 

High-efficiency features can include items like:

• Energy-efficient lighting
• Energy-efficient windows, doors and siding installations
• Energy-efficient appliances
• Energy-conscious landscaping and exterior functions, including your sprinkler system
• Solar panelling

Ultimately, upgrading your property is two-fold in benefits. On the obvious end, your upgrade investments will translate to an increased property value, reflective in any appraisals done on the property. But in the present sense, enhancing your home in these various ways will result in immediate benefits to yourself and anyone else currently living in the space. You will feel an increased pride of ownership and enjoy heightened livability in the space. 

Curious to know more about the many communities that Royal LePage Your Community Realty serves? Check out our Community Information page for more information and active local property listings today! 

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