Renovations To Increase the Value of Your Home

Home renovation projects not only have the ability to increase your house’s value but also its resale value if and when you decide to sell or refinance. To get the most out of your investment in renovations, you should do some research into which upgrades would have the greatest impact before you start tearing down walls.

Enhancing outdoor spaces by including new structures

Prospective buyers value homes with usable outdoor spaces more than ever since the pandemic taught us how precious our individual moments of joy are. It’s no surprise that more and more people in Canada are trying to improve their backyards and gardens, given the benefits of natural light and exercise for the mind.

Fencing, fire pits, and decks are all great options for enhancing your property’s curb appeal and resale value, not to mention delivering practical benefits to you in the present.

Fencing can increase the value of a home by adding to its visual appeal and making potential buyers feel more comfortable. The supplies could be pricey, but they’ll be well worth it if you consider the project’s value-added outcome.

Any time of year, but especially in the winter months when most Canadians may feel cooped up indoors, a fire pit is a fantastic way to make the most of your outside area. Adding a fire pit to your backyard could be a great investment.

The pandemic has led to a surge in the popularity of decks across Canada, and many people have spent time and money building them where they did not exist before. The truth is out: decks aren’t cheap. But how much you spend on one depends on factors like deck size and the quality of the materials you use. This opens up a wide range of possibilities, from updating an old deck for a facelift to building a brand-new one or going the DIY route to construct a modest deck on a shoestring. Your initial investment is likely to be returned to you in full (or close to it) in either of two ways.

The bathroom makeover

The Appraisal Institute of Canada reports that a bathroom makeover can yield a return on investment of up to 75 percent. You don’t have to break the bank to increase your home’s value. A new vanity, updated plumbing, updated lighting, updated flooring, and a new coat of paint can do wonders for a bathroom. A double vanity/sink is generally regarded as the most wanted bathroom addition by purchasers, so if you’re planning a full bathroom makeover, you may want to consider installing one (if you have the space).

Substituting outdated windows

In addition to updating the aesthetic appeal of a room, new windows can significantly improve its thermal performance. In terms of the selling price, new windows are seen as a plus because of the money they’ll save the buyer on heating and cooling costs. Your home’s value will increase significantly, making the initial expenditure of $10,000 or more well worth it.

Repairing the attic by adding an insulation

It has been shown that attic insulation can provide similar benefits as window replacement. If completed successfully, this improvement project will save money and reduce monthly energy costs. Blown-in insulation, foam board, or spray foam may be necessary to adequately insulate a specific area; however, this should be determined by an expert. Attic insulation can cost anywhere from $1.50 to $5.50 per linear foot, so the price will vary based on the size of your attic and the type of insulation you choose.

Repairing or replacing your roof

You should take a look at your roof if you are on the fence about whether or not to replace it. Depending on what you observe, you may find the solution quickly. Seeing shingles that are buckling, curling or missing is a clear indication that your roof requires attention. Metal roofs (about $20,000 on average, depending on size) can endure a very long period if done correctly with the right materials, so you may want to give them some thought. Adding solar panels to your roof during a renovation project might be a worthwhile investment. Many potential buyers may be put off by the idea of having to install them themselves, but they will be drawn to a house that has them.

The benefits of installing smart home technology in your home

Consumers are searching for smart products that will make their lives simpler, make them feel safer, and give them control over their energy consumption, according to the market study. If you’re selling your house to tech-obsessed consumers who aren’t quite sure how to implement their newfound enthusiasm into their daily lives, consider implementing a few smart-home upgrades. It’s far less intimidating to approach a property that has the fundamentals in place, and you’ll be in a better position to add value by discussing topics like energy management and security. Depending on the features you choose, a smart home can cost anywhere from $750 to $2,000, with the most basic alternatives costing around $1,500.

Remodeling your basement

Potential buyers are more likely to put in an offer if they know there is finished space in the basement. The work will not be simple or inexpensive, but it has the potential to greatly increase the value of your home. Adding a bathroom and updating the finishes can increase the price of a renovated basement from $50 to $90 per square foot. The key to getting your money’s worth out of a basement remodel, as reported by Remodeling Magazine, is making sure everything is properly insulated and the interior is protected from moisture. Potential buyers will inspect the basement closely for signs of water damage, mold growth, and cracks in the foundation, so if you decide to invest in this costly project, hire a reliable professional to do the work.

Find out more about Basement remodelling.

Changing up the kitchen

When it comes to home improvement, kitchen makeovers consistently rank among the top priorities. Time spent in the kitchen is usually spent cooking, eating, or socializing with others. Some people use their kitchens as offices and consider them an extension of their family rooms. In most cases, the value added by a kitchen update increases in proportion to the age of the original kitchen. Buying new appliances, installing new flooring, backsplash, and cabinets, and switching out fixtures and faucets are all part of this procedure. It will cost you between $20,000 and $50,000 to rebuild your kitchen. According to Remodeling Magazine, your return on investment should be over 80%.

Conclusion

Keeping up with what buyers are looking for and what can boost your resale value is a crucial aspect of the renovation process, especially now that more homeowners than ever are investing in upgrades. When you decide to sell your property in the future, the money you put into renovations will not only benefit you personally but also the next buyer.

Carefully thought-out upgrades can affect your ability to refinance even if you have no plans to sell the home. An appraiser might factor in the cost of remodeling work as part of the refinancing process. The loan-to-value ratio and the amount you owe on your property will both go down when the value of your home goes up.

Make a plan, figure out your finances, and see whether the location of your home has any bearing on the amenities that will bring in the most money before you start any major renovations. Keep in mind that the primary goal of any home improvement project should be to improve your quality of life in the property itself, not to increase its resale value. Finding a happy medium between the two is key so that you can enjoy your home while you’re living in it and know that your investments will help you add value for potential buyers down the road.

The Canadian Home can be of great assistance to you. We provide a $25,000 cash loan  absolutely free of any interest charges to help you present your house at its absolute best to potential buyers.