Adding value to your home can be as easy as renovating existing features or adding new ones. You can add significant value to your property by making strategic home improvements without breaking the bank. Here are some of the most common renovations that increase home value:
Update your kitchen
The kitchen is the heart of the home. It’s where you feed your family, entertain guests, and relax after a long day. The kitchen also accounts for nearly half of all remodeling costs on average—and with good reason: kitchens return more than 80% of their cost upon resale. As a result, a remodel can mean an increase in value anywhere between $9,000 and $40,000! Depending on the size and style of your current kitchen and what you want to change about it (or add), expect to spend between $12,000 and $33,000.
Give your bathroom a makeover
Bathrooms are one of the most critical areas in your home, and they can also be the trickiest to renovate. You’re not only dealing with a significant selling point for your property but also a functional space that needs to be functional while you work on it.
So what should you do? Start by focusing on what matters: toilets. The toilet is where most people spend most of their time in an average bathroom—and it’s also usually one of the least expensive fixtures to replace. So if yours is old, corroded, or stained and you haven’t had it replaced yet, now is the time!
Energy efficiency is a huge selling feature and one of the easiest ways to increase the value of your home. Upgrading windows and insulation will help you save money on energy bills, reduce your carbon footprint, and improve the quality of life for you and your family.
Energy-efficient appliances are also a wise investment. You can save thousands of dollars by buying an energy-efficient appliance like an ENERGY STAR refrigerator or dishwasher. When shopping for appliances, look for those that meet ENERGY STAR standards—they use at least 20% less energy than standard models!
Remember not to skimp on insulation! It’s tempting to try saving money by buying low-quality materials or getting the wrong size of insulation—but you must get enough insulation installed to get good results from your renovation project.
Add or update a deck
A deck is a great way to increase the value of your Toronto home. Adding a deck can add 5-10% to the value of your home, and it’s also a great place to entertain guests and spend time with family. In addition, you can use your deck as an outdoor play space for children or even add a hot tub (if you live in a suitable climate). If you don’t have room for a full-sized deck, consider building one that extends from an existing window or door. Then, you have access to fresh air without losing out on valuable square footage inside your house.
Finish your basement
Finishing your basement is one of the most popular renovations for adding value to your home. It’s relatively inexpensive compared to adding an addition, and you get more extra space.
If you have a finished basement, consider expanding it:
- Add another bedroom or bathroom.
- Turn your recreation room into a family room.
- Make it a playroom for children.
If the space isn’t big enough to accommodate all these things, use it as an office instead.
Give your home a fresh coat of paint
If you’re looking to increase the value of your home, a fresh coat of paint is one of the most effective and inexpensive ways to do it. If you’ve ever been on a house hunt, you know that some homes have the wow factor while others look dull and uninspiring. A fresh coat of paint can add instant charm to even the most humble abode, making it feel more inviting and creating an impression that people are drawn to.
These renovations are sure to add value to your home
Your home is the most important investment you’ll ever make, so it’s essential to do everything to protect that investment. By making some simple renovations, you can increase the value of your home and make it more enjoyable to live in.