Home renovations don’t come cheap that’s why it’s always wise to ensure that they add on to the property value. There are so many remodeling projects that may seem beneficial but do not add any value to your property and in fact make it even harder to sell. Before you undertake any remodeling project, first determine whether you will be improving the value of your property. Calculate how much the project will cost you versus the returns you should expect. Here are a few renovation projects that we suggest if you want to increase your property’s resale value.
Kitchen remodeling projects can add on to a property’s value if they add functionality, boost appearance or value of the space. For instance, you may want to renovate the kitchen in order to add more space to suit your growing family. When it comes to kitchen remodels always opt for quality materials.
Wood cabinets, marble and granite countertops are common in contemporary kitchens. Making adjustments like staining your wood cabinets or countertops can give the kitchen a traditional or classic look. If you want to give your kitchen a more modern style, consider painting your cabinets white, using stainless steel accents or high quality quartz countertops that uplift the entire space.
While materials like marble may be expensive to install, they significantly impact on the property’s value. If you are working with a tight budget, think of simple renovations like painting or staining the kitchen cabinets to give it a modern look. Incorporating the latest technology when it comes to kitchen appliances as well as fixtures can also be a great value-add.
What to expect: Expect to spend up to $20,000 on a complete kitchen remodel and get up to 50% ROI.
Bathroom renovations will always be value-adds depending on how well you conduct the project. Most home buyers will want to know how many bathrooms are in the house before they invest; that’s why adding an extra bathroom to any home will instantly increase its resale value. Other simple remodels in the bathroom like installing new lighting or changing the faucets can give it an instant upgrade while improving the overall value of your home.
When it comes to bathroom renovations for a modern home, think of features that will appeal to most buyers such as proper flooring, lighting, shower and tub. While you may want to design the bathroom to suit your sense of style, remember some renovation jobs can make your home harder to sell. Go for basics such as adding a waterfall shower, a glass enclosure, a jacuzzi or even including a walk-in tub in one of the bathrooms to make your home stand out from others in the market.
Don’t forget to start off with repairs that are needed to make the space functional for its users. Make sure the sink, toilet and showers are working fine before you start renovating the space. You can replace these items with modern fixtures that will last longer.
What to expect: The cost of adding an extra bathroom can be as high as $50,000 depending on the materials you use. With this, expect to get a 50 to 60% return on your investment.
Homes with proper flooring sell very fast. It’s one of the areas that significantly affects the entire look of a home. Hardwood, laminate and carpets are common flooring options used. If well maintained, they can look appealing and retain your property’s value for years to come. You may also consider investing in floor heating systems. Underfloor heating can give your home an extra feature that makes it stand out and sell faster.
More and more of modern homes in Canada have floor heating systems to make winter more bearable and add on to the value of the property. Other than the comfort of having a warm floor, underfloor heating provides flexibility because it can be turned on and off for different rooms and is also very easy to maintain.
Understand the pros and cons of any flooring material before you install it. If you opt for hardwood floors, expect to spend $3 to $6 per square feet depending on the type of wood. You may even spend more if there is an existing floor that needs to be removed before the new one is installed. Hardwood floors are usually more expensive than laminate which can be designed to mimic the look of real marble or wood.
What to expect: The cost of flooring will vary depending on the material used but on average flooring can cost $3,500 per 1000 square feet and you should expect 50% return on investment.
Finishing your basement can significantly add on to the value of your property. Not only will you get some extra space to work with but also prevent your home from structural issues like foundation problems. You can transform a basement to become an extra bedroom, an entertainment center for your home or a laundry room.
What to expect: The cost of renovating your basement will depend on its size. If the basement is say 1000 square feet, expect to spend between $25,000 to $35,000 on a complete basement remodeling project.
You probably don’t pay any attention to your landscape. Nothing catches a buyer’s eye more than the home’s exterior. Homes that have a nice-looking exterior are easier to sell because they don’t turn off buyers. It’s time to put some money and time into your landscape because it may increase your property value. Consider getting rid of weeds in the garden, placing some beautiful flower pots and investing in a new fence and deck in order to create a pleasant exterior for your home.
What to expect: You’ll need to invest in regular maintenance tasks such as mowing the lawn and checking the garden for weeds. A complete landscape project can cost you up to $100,000 and you can expect a 15% return.
There are many other revamping ideas that may provide value addition to your property. Remember to speak with a remodeling contractor regarding ways to renovate your home within a budget while improving its value.
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