How Do Home Renovations Increase Your Home’s Value?
There are a few different reasons why you may want to renovate your home.
- Your home needs an update.
- You are planning to sell your home.
- It’s time for a change.
Whatever your reasons for renovating your home, home renovations can increase your property’s value if done correctly. It can be tempting to give your house a complete overhaul when you start looking around deciding which parts of your home need an upgrade. Prioritizing projects by ‘need’ and ‘want’ can help you decide which ones are imperative and which updates are nice to have. Having said that, the right home renovation projects add to the overall value of your home. Read on to learn which remodeling projects give you the most ROI.
Exteriors
The Wall Street Journal reports that homes with excellent curb appeal sold for 7 percent more on average than similar houses with poorer curb appeal in the same neighbourhood. Additionally, a joint report by the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI) found that exterior projects like upgrading roofs and garage door gave 100 percent returns on investment. Here are a few different remodels that improve curb appeal.
Basement Renovations
Increasing your livable space adds to the value of your home. Converting your basement into a usable space immediately increases the livable area of your home, adding value. A few ideas include a home office, an entertainment lounge, or a secondary suite.
Upgrade Your Kitchen
Depending on the extent of renovations, you may not get the complete cost of renovating your kitchen back. However, it can make a difference between a sale or not. If you already have a well planned kitchen, smaller upgrades like updating the cabinets or improving the lighting can make a huge difference. Islands can also increase usable counter space in your kitchen and they look great too.
Bathrooms
Updating your bathrooms can instantly give your home a modern appeal. Updating tired bathroom vanities, adding shelves or new mirrors add a nice flourish. Even giving your bathroom a fresh coat of paint can give it an instant update.
Painting your home is a quick cosmetic fix that can make even the oldest interiors look brand new.
As you can see, certain renovation projects can instantly add value. Even if you’re not planning to sell, they can enhance your quality of life.
Tartin Wood offers everything from complete home remodels and basement upgrades to single project upgrades and guarantee a 3-year limited warranty on our craftsmanship. We’re committed to creating a beautiful space for you and your family.
Get in touch with us and let us know what you need.
Exterior Doors
Replacing old, worn-out exterior doors can make a huge difference to the curb appeal. Steel and fibreglass glass doors instantly add character. Adding smart home security technology like smart locks also bring your home into the modern age. New garage doors also add to your curb appeal. If your home doesn’t have a garage, adding one can make a huge difference to buyers who are familiar with Calgary’s temperamental weather.
Decks and Fences
Decks have become increasingly popular post-pandemic, especially since they add more usable space to a home. While adding a deck is not the cheapest remodel, you can expect to recoup about 80 percent of the cost added to the value of your home, provided it is well-maintained of course. Similarly, fire pits make your outdoor space usable in cooler weather too.
Adding privacy fences is an inexpensive way to add curb appeal and increase the security of your home, both appealing characteristics to potential buyers.
Apart from these, replacing old siding, power washing your driveway and giving your home’s exterior a fresh coat of paint can go a long way toward increasing appeal.
Interior Projects
There are plenty of interior fixes, big and small, that can instantly increase the value of your property and add to its functionality too. According to the report mentioned earlier, refinishing or adding hardwood floors recoup a whopping 147 percent and 118 percent of the costs of the remodel project. Upgrading your home’s insulation also adds instant value with a 100 percent of the costs recovered. Other interior projects that add to your home’s value include:
Basement Renovations
Increasing your livable space adds to the value of your home. Converting your basement into a usable space immediately increases the livable area of your home, adding value. A few ideas include a home office, an entertainment lounge, or a secondary suite.
Upgrade Your Kitchen
Depending on the extent of renovations, you may not get the complete cost of renovating your kitchen back. However, it can make a difference between a sale or not. If you already have a well planned kitchen, smaller upgrades like updating the cabinets or improving the lighting can make a huge difference. Islands can also increase usable counter space in your kitchen and they look great too.
Bathrooms
Updating your bathrooms can instantly give your home a modern appeal. Updating tired bathroom vanities, adding shelves or new mirrors add a nice flourish. Even giving your bathroom a fresh coat of paint can give it an instant update.
Painting your home is a quick cosmetic fix that can make even the oldest interiors look brand new.
As you can see, certain renovation projects can instantly add value. Even if you’re not planning to sell, they can enhance your quality of life.
Tartin Wood offers everything from complete home remodels and basement upgrades to single project upgrades and guarantee a 3-year limited warranty on our craftsmanship. We’re committed to creating a beautiful space for you and your family.
Get in touch with us and let us know what you need.