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.
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:
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.
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:
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, 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.
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 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:
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.
Enjoyed the read? Have a look at some of our other recent blog posts:
Stay ahead by signing up for our new listings notifications today!
When selling your home, it’s important to enlist the help of a professional real estate agent who can effectively help you to navigate the ins and outs of the selling process. This is where a seasoned agent, backed by an award-winning brokerage, like the team at Royal LePage Your Community Realty will make all the difference.
Looking ahead to the added time spent at home indoors this winter season might just inspire you to get creative and try your hand at some DIY home renovations. The home experts at Royal LePage Your Community Realty have compiled a list of popular winter home renovation projects that you can tackle this winter.