Renovations can increase the value of your home, but if not done correctly could break the bank. Although some updates can add more value than others when it is time to sell, what are the best home improvements for your dollar? Its important to know what kind of return you might expect before you decide to take on a home renovation project.
Exterior of home:
The curb appeal of your home is incredibly important when it comes time to sell. The first impression of a home that someone will have is from the look of the exterior. A well-maintained property is most likely making your home more appealing to a buyer. An external makeover (which the majority of the time can be done without professional help) such as decluttering, cleaning the roof, fixing fences, window frames, landscaping and adding a fresh coat of paint will improve the value of your home with small costs associated.
Interior & Add-ons:
If you are thinking of updating a kitchen, new deck or remodeling a bathroom- that’s when things can get pricey. The goal is for value to go up at least as much as the cost of the renovation. You want to avoid poorly thought-out modifications that are unnecessary and costly. Some can even bring down the value of your home (in some cases a pool can do this). When thinking of more intense renovation projects think of the professionally labour associated with the work to be done.
2 Remodels that will increase the value are:
- Adding a bathroom – Homes with a bathroom upstairs and an additional half or full bathroom downstairs are attractive for hosting events or bigger families.
If you can put a bathroom on the same level as the bedrooms it can increase the worth of your home by up to $10, 000.
- Outdoor Structures-
Outdoor structures like decks, fire pits, and pools can bring a lot of extra enjoyment and usable entertaining space and real value to homes. In some cases, the cost from construction and upkeep it may be more difficult to re-coup from your investment.
Fences: A new fence will add more privacy and keep kids safe. It can also have an impact on your curb appeal. It can have a positive impact on the value of your home.
Deck: A deck is not a cheap investment, but it does pay off. Depending on the material and size of the project, you can see upwards of an 80% of the price of the deck reflected in the new value of the home.
Fire Pit: Fire pits are a nice, cozy way to increase the usability of your yard. This can be cost effective and add real value for potential buyers.
(Information found: https://makeitright.ca/holmes-advice/home-renovation/8-home-renovations-that-add-the-most-value-to-your-home/)
In conclusion renovations can be hard physically, mentally and sometimes on your relationships. Be sure to set priorities, look closely and what you have, set a budget and do some work yourself. In the words of an unknown author “The hard you work at something, the greater you’ll feel when you achieve it”.
Feel free to check out some useful websites below:
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