Renovations that Add the Most Value to Your Home
Increase the value of your home or condo
Whether you are selling or just maintaining the value of your home or condo, regular renovations can be a good investment if handled properly. You want to get the most value out of every renovation dollar, so here are some tips to follow when deciding on which home improvement projects to embark upon.
Energy Efficient Homes
Traditionally it’s been the cosmetic changes that most attract potential buyers to a home, but home owners are savvier these days. That means nothing adds value to your home more than energy efficiency. Showing buyers that your monthly utility bills are low and that your home is healthier for their family and the environment will be invaluable.
To create a more energy-efficient home, use the Scotiabank Home Energy Savings Calculator which will show you just how much each energy-efficient renovation will save you.
Proper insulation will also make a difference and can be done post-occupancy in terms of putting blown-in products in exterior walls or insulating attics with batts. Remember to check the R-value as the higher the rating the better it will insulate.”
Kitchen and Bathrooms
Mike Holmes from HGTVs Holmes Inspection has this advice: “Kitchen and bathroom improvements increase the value of your house more than most renovations and offer the highest average return on investment.” HGTV estimates that you can recoup 60%-120% of an investment in your kitchen, provided you keep your spending sensible. The kitchen shouldn’t be too ostentatious and should be in keeping with the standard of the home and neighborhood to ensure you are staying within your budget.
If your home or condo only has one bathroom, you can expect an 80%-130% return on your investment by adding a second bathroom.
Small Projects with Big Impact
If you are planning to put your home or condo on the market, there are some small changes that can really make a big difference. If you don’t want to risk a large investment, the renovations that have the most impact are:
Painting: Nothing freshens quite as much as a new coat of paint. For homes about to go on the market, opt for neutral colours and VOC-free paints.
A new front door: You only get one chance to make a good first impression and a brand new front door is a wonderful start.
Curb appeal: Landscaping and a new deck or front porch will only add to the allure of your new front door.
Open up: Buyers love homes that are light and open, so consider knocking down an interior wall or two to open up your space.
Underfloor heating: Underfloor heating adds comfort, particularly in the basement and in your bathrooms, and costs little to run.
Whether your home improvements are intended to add resale value or for the comfort of your family, opt for the renovations that will enable you to enjoy your home and make it healthier for your family and the environment.
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