Renos that Add Market Value to Your Home
Photo from Pexels
Originally Posted On: https://sherhill.ca/renos-that-add-market-value-to-your-home/
While many homeowners complete remodeling and renovations for their own enjoyment, most property owners consider the long-term value of their space when they make these decisions.
Whether or not you’re looking to sell your home in the next few months or years, it’s important to be savvy when remodeling your home.
Quick fixes and “mascara and lipstick” jobs that only cover up issues will be scoped out by any qualified inspector the moment you attempt to sell, so it’s better to invest your money and try to get a high percentage back on the final sale price.
While most realtors agree that a newly renovated home will sell better than a fixer-upper, some renovations add more value to your property than others.
Let’s take a look at some high-value renovations you should consider.
Standing out isn’t always easy in today’s competitive housing market, but having a beautiful outdoor living space can go a long way. For example, adding a practical feature, like a fence, will add privacy and safety to the property. On the other hand, a deck will create more usable living space for the new owner, and you could see up to 80% return on the value of deck construction.
Some renovations, however, are less valuable than others. Adding a swimming pool, for example, is not a great choice if your goal is strictly to add monetary value to your home. Many buyers will see a pool as an expense as they are laborious to maintain.
When thinking about investing in the value of your residential property, considering energy efficiency is an excellent place to start. Today, more than ever, homeowners are concerned with the cost of utilities, not just because they are becoming more expensive, but for environmental reasons too.
Fixing up areas and investing in features that save energy, in this sense, will be very attractive to potential buyers – here are a few ideas.
Drafty windows can be a major red flag for prospective homebuyers. While investing in new windows can be expensive, it’s an investment that will eventually pay for itself.
New windows can also have a positive impact on the overall appearance of the home from the inside out.
A poorly insulated attic can be detrimental when it comes to energy efficiency, so having it professional insulated is a great idea for adding home value. A few insulation options include:
- Blown-in insulation
- Spray foam
Damaged roofs can be a big turnoff for new homebuyers – they know how expensive adding a new roof can be, and they likely don’t want to do it themselves. If you add a new roof a few years before you sell, you can reap the benefits of energy savings and enjoy a return on your investment later.
Be sure to explore your options when it comes to investing in a new roof. Sometimes slapping on another shingle roof is not the best use of your money. We recommend consulting with an expert before you move forward.
Updating your bathroom is great because it gives you some flexibility. While it is, of course, possible to complete a full-scale bathroom remodel, upgrading a few important features like the vanity, the floors and tiling could go a long way too.
The bathroom is another space in which thinking about energy efficiency is important, so ensure you consider it when choosing fixtures and materials.
A quality bathroom remodel could allow you to recover up to 75% of your investment when the home sells.
Most modern homes will feature a finished basement, but if you live in an older house, your property may be missing this highly sought-after feature. While investing in a basement remodel is no small feat, it is one of the most significant additions you can add to your residential property.
Basement finishing can add hundreds of square feet of liveable footage to your home, which is sure to make buyers happy. Make sure, however, that you are completing the project properly but prioritizing good insulation and moisture protection.
A good basement renovation should allow you to gain 75% of your investment back in the home’s final sale.
As the old saying goes, “the kitchen is the heart of the home,” and for most families and individuals, this sentiment could not be truer. It’s pretty likely that your home is one of, if not the most heavily used spaces in your home, and there’s a lot that can be done to improve it.
Kitchen remodels aren’t just about aesthetic changes, although these do go a long way, especially in older homes – but functional upgrades are equally important.
If a kitchen remodel is on the agenda, we encourage you to consider upgrading appliances and considering storage space as well as aesthetic changes.
Statistically, a kitchen remodel is the most valuable, with up to 80% back on your investment.
It’s important to understand that not every renovation and remodeling project is created equal. If you choose to work with cheap materials and complete quick fixes, your renovation may not make you the kind of money you want it to.
The more you spend, the better your return will be, but you don’t want to overdo it either.
If you are looking for a bit of guidance around how much you should be looking to spend on your home remodel to increase the value of your property, turn to your friends at Sherhill Construction. We have worked with dozens of homeowners in the local area to complete significant residential renovations in the local area, and we understand the real estate market too.
We can work with you to determine what areas of your home would significantly impact your property’s selling power, what materials to use and get the job done right.