In our last blog post, we suggested some smaller and less expensive upgrades you can do in 2022 to increase the curb appeal and value of your property. In this entry, we will tackle those larger home improvements that require more investment but can reap huge rewards for your bottom line. Your first decision is whether you want to make improvements primarily for yourself, or for a potential sale. If you plan to sell your home in the near future, you should focus on the improvements that will increase the value of your house. We will look at the top 6 areas for renovations that will give you the best return on your investment.
Kitchen improvements are among the most valuable home improvement projects. It is often the first place that buyers look when considering the overall value of a home and there is such a wide range of improvements that can be done. If done correctly, a kitchen renovation can add huge value to your home overall. If your kitchen is outdated, this is the place to start. The two major considerations are accessibility due to the aging population, and efficient appliances. Upgraded appliances (stainless and eco-friendly) will fetch a fair return in value. Modernized cabinets are the next must-have feature, so you can either consider a full rebuild or adding new paint/stain. Upgrading your lighting and faucets are the next most important features to update. Flooring and countertops round out the list of kitchen updates to consider. However, if you are looking to sell, this is not the place to cut corners because it is often the primary consideration for prospective buyers.
A bathroom remodel adds value to a home, especially if it’s an old model being modernized. The most commonly recommended improvements are those that improve accessibility. Adding a walk-in shower along with a traditional faucet and lighting upgrades will increase the value of your home by 75%, according to the Appraisal Institute of Canada. Pick neutral and upscale fixtures for your bathroom. With an aging population and the desire to keep elderly relatives at home as long as possible, these changes can make a huge difference to potential buyers. The population of people 65+ is expected to double by 2050 and these types of renovations will eventually become the new normal, but for now, they put you ahead of the curve.
Installing new windows is a large undertaking but cannot only bring a return in the sale of your home but also save you money in heating and cooling. Finding drafty windows in a home can be a quick turn-off. New windows can not only increase the value of your home but will also save you money in heating and cooling costs. A home with drafty windows can turn people away quickly. Choose energy-efficient options and in addition to your savings on bills, you can see a 75% return on the investment.
Your Home’s Exterior
While you’re looking at those windows, updating your siding or stone façade can add a lot to your curb appeal and selling power. While the thought of upgrading your garage door is not exactly exciting, you’re likely to receive the full value of the replacement upon selling. In some markets…even more than the value! That’s nothing to balk at. Look at a new door that is energy-saving and beautiful, such as a wood or fibreglass composite that is weather-resistant. If you’re looking to add a deck or a fence, they generally have a good return, while pools and firepits are more varied in value based on your specific market. This is where it’s important to reach out to someone who is well versed in the local market.
You can rely on Blackwell Group to determine what improvements are worthwhile.
Finishing the Basement
This is another project that can be quite costly but can make a huge impact on your selling power. Reach out to someone who knows the local market well enough to explain whether this is a task you should undertake. The Appraisal Institute finds that you will get about a 75% return on what you spend on a basement renovation so looking at finishes that increase your useable square footage and help lower bills such as improved insulation, moisture protection, and upgrades to your ductwork or furnace should be considered as part of the plan.
The Smart Home
One of the most modern upgrades that will attract buyers is smart technology devices. These include integrated thermostats, fire detection, cameras, smart locks and doorbells, and leak detectors. There are intercoms and smart appliance technologies as well for even higher-end upgrades. Market research indicates that smart home tech is becoming a bigger priority for homebuyers. The costs can range from $1500 to several thousand for touch screens and Wi-Fi connectivity but the upgrades are usually non-invasive and will bring a new level of convenience to your life.
It is always a good idea to look at improvements if you are planning to sell your home soon. Cost vs Value reports in Canada is a great place to start if you want to find out what renovations will mean the most for the value of your home but nothing is quite as effective as someone with local market knowledge.
Reach out to The Blackwell Group today. We can analyze what’s happening in your neighbourhood and let you know what renovations need to happen before you list your home. We would love to work with you to increase your value and put more money in your pocket this year!