Renovations, whether big or small, can be a great way to increase the value of your home. However, it’s crucial that you carefully choose what kind of renovations to undertake. Here are some of the most common home improvement ideas that will add value to your home:
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Curb Appeal
If your house doesn’t look appealing from the outside, chances are a potential buyer will never make it inside. According to Bankrate.com, a good first impression can add five to 10 percent to the value of your home. If the exterior color of your house is dated or fading, painting is a good place to start your improvements. Choose colors and exterior details that match the period of your house. Shutters add charm and depth, but not if they’re hanging crooked or flaking paint. Paving a driveway or walkway that is in disrepair is a must, because this is what leads people to your home — you want it to be welcoming. Attractive, manicured front-yard landscaping will also add value to your home. Drought-tolerant plants and easy-to-care-for perennials are a good option if you don’t have a green thumb. And don’t forget about your backyard either. Outdoor living is very popular as more people wish to commune with nature in the comfort of their own home. Sprucing up a deck or patio with attractive furniture, raised garden beds and maybe even a water feature will give you years of enjoyment and appeal to future buyers. Source: HowStuffWorks
Focus on Basic Updates
Basic updates add the most value to your home. Keep the paint fresh, fix the roof when it leaks, replace wood that rots, and get rid of any mold that you find. These types of chores keep your home from deteriorating over time. Buyers want a healthy, solid, safe home, and they look carefully for signs of routine maintenance.
I’ve replaced the electric wiring in my home, repainted the outside, replaced the plumbing, and repainted the interior. These projects keep my home in tip-top shape so that when I do decide to try and sell again; buyers will see a well-cared-for home. Source: MoneyCrashers
Renovate Kitchen and Bathroom
Spend the bulk of your renovation money in the kitchen and bathrooms. Kitchen and bathroom renovations consistently provide high returns on investment, usually in the range of 70 to 80 percent.
- When renovating your kitchen, avoid the temptation to introduce expensive, top-of-the-line appliances and fixtures. You will realize a higher return on your money by focusing on replacing old and worn flooring, wall coverings, and cabinetry with new mid-range products.
- Focus most of your attention on your master bathroom if you have one. Potential buyers like to see the master bath as an oasis of sorts, so updating the finishes and fixtures in this room will yield a high return.
- If your home only has 1 bathroom, consider adding a second bathroom or powder room if possible. Expensive as this renovation can be, it will likely add considerable value to your home. Source: wikiHow
Know Which Home Renovations to Avoid
Personal preference projects are nifty items that you want but that other people may not like or be willing to pay to get. In most areas of the country, these include amenities such as swimming pools, tennis courts, hot tubs, wine cellars, basement game rooms and ponds. There’s certainly no harm in adding these items to your house, but don’t expect potential buyers to be willing to pay a premium to get them when you are ready to sell. Source: Investopedia
Renovations are something that require some serious planning; hopefully these tips will be able to serve as a great starting point for those of you wanting to add value to your property.
Contact:
Kerrisdale Roofing & Drains
8279 Ross St, Vancouver, BC V5X 4W1
(604) 360-2114
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