Even though you may not see yourself moving in the near future, home improvements can have an impact on your home’s value and appraisal. And speaking from lots of home renovation experience – it’s nice to live in it and enjoy the newness of the update.
So, here’s some ideas you could run with if you’re considering making an update to your home to possibly increase its value:
Minor kitchen remodel
Because the kitchen is considered the heart of the home, updates in this space usually pay off.
For example, adding a fresh coat of paint can go a long way in updating the look of your kitchen. Consider using low-VOC paint to make it more eco-friendly. Other projects may include replacing cabinet fronts with an updated style or adding recessed lighting to brighten the countertops. Also, small, inexpensive upgrades such as adding matching drawer knobs, cabinet pulls, and faucets can easily add a modern touch to the room and can have a big impact if it’s time to sell.
Bathroom upgrades
Just like with the kitchen, you can give your bathroom a face-lift with simple fixes like swapping out fixtures, replacing the vanity lights, removing dated wall coverings, or replacing old shower doors. To make it more energy-efficient, replace your old toilet with a low-flow model that uses less water per flush.
But if your home has only one bathroom, it might be a good idea to spend money on adding a second bath or a half-bath rather than remodelling your existing one. A new bathroom will not only improve your home’s interior but can also raise its value. It might be less costly to convert any small or under-utilized space, such as a walk-in closet, an area under the staircase, or an old laundry room, although it still depends largely on the items and accessories you will use.
Remodel an existing space/add square footage
If you can remodel and utilize unused areas, such as your attic or basement, it’s a good way to boost value and add square footage to your home. You may opt to finish a basement and reinvent it into an entertainment bar, a game room, or a second living room; convert the attic space into a bedroom or a kids’ playroom; or turn a walk-in closet into a home office that’s perfect for many professionals nowadays.
This way, even if you’re planning to stay in the home for a few more years, the extra space will be enjoyed and benefit your family. And once you’re ready to sell, having a versatile room that can be converted into anything will appeal to prospective buyers.
Window replacement
Old, drafty single-pane windows are now a major turn-off for many potential buyers, especially if energy efficiency is on their mind. Windows with insulated low-E (low-emissivity) coatings help keep the temperature in a home consistent by reflecting the interior temperatures back inside. Likewise, modern windows don’t only help with energy savings but also add curb appeal to a home.
Deck, patio, or porch addition
Due to previous lockdowns and stay-at-home orders caused by the COVID-19 pandemic, outdoor living spaces have become more desirable. Having plenty of yard space has become ideal as we continue our lives under the new normal.
Adding a deck is one way to upgrade your outdoor living space and increase your home’s value.
If a facelift is all you need, consider improving your deck or patio by adding small details such as decorative planters, lighting, and other features that will make it more attractive and also enhance your home’s curb appeal.
Garage door replacement
A new garage door is one project that could practically pays for itself. An upgrade also helps make a good impression to guests and buyers, improve security, and contribute to your home’s curb appeal.
Roof replacement
Replacing a roof might be considered by many as a maintenance project, and it’s certainly not a show-stopping improvement like a kitchen renovation. However, buyers appreciate a new roof because they know it will save them the hassle and expenses brought by a new roof installation. It’s especially crucial to update your roof if it is already leaking and is nearing the end of its lifespan as it could hurt the value of your home.
Adding stone veneer
Installing manufactured stone veneer doesn’t only make your home more beautiful but also increases the value of your property. It’s also a versatile project that you can add in any part of your home I.e. the front porch, around the fireplace, or as a feature wall in the kitchen or bathroom.
Basic updates like paint, minor fixes, and fixture replacements
Never underestimate the power of doing basic updates to boost your home’s value. Small, inexpensive projects like touching up any flaking or chipping paint, removing dirt and mold, painting the front door, replacing old door knobs and handles, and even updating your mailbox, can help keep your home in tip-top shape that will show buyers that you have a safe and well-maintained home.
Bottom Line
Kitchen and bathroom remodels continue to be two of the best investments you can make in your home to boost its appraisal and resale value. These areas are where people spend the most time in their homes, so experts say you can almost always tell if money has been well spent or not. Also, whether your goal is to enjoy your home more or make the most return on investment when it’s time to sell, remember to never go overboard and never make a space fancier than the rest of the house or the neighbourhood.
