Thinking of doing some renovations to your home? Home owners will often contemplate different changes to their home, either because their style has changed, or they would like a new element – such as an addition – in their living space. Renovations can range in cost depending on the type and scope of the changes. While they can be pricey, renovations can also add value to the home. Below, we have compiled the most valuable renovations you can make on your home.
Home Renovations: Deck
While a deck might not be located inside, it can add around 80% of it’s cost to the resale value of the home. Adding a deck to a home is also a more ‘friendly’ renovation to complete if you are residing in the home at the time, as all of the construction work would take place outside. Decks can take many shapes and sizes, but are a key thing buyers can look for when choosing a property. As well, they can add great value to the homeowner as they allow for increased use of the outdoor areas. Another easy add-on to a deck would be to add a firepit. While there are some by-law constraints to having a fire pit within the city, it can have great use on chilly fall days.
Decks, on average, cost between $3,000 to $8,000 to build depending on the size and material used. If you have some building experience, they can also make a great DIY project! One key thing to know is that while decks add resale value to your home, pools do not. Once you factor in all of the maintenance fees you are unlikely to make your money back, but they can add a lot of value to the current homeowner.
Home Renovations: Painting
Painting either the interior or exterior of your home also recoups 100% or more of the cost in resale value, and breathes fresh life into the building. This renovation is fairly inexpensive and averages around $0.50 to $3.50 per square foot for the interior of a home. This can vary depending on the cost of the contractor (or if you DIY it!) and the quality of the material used. Adding a new coat of paint can make the home feel fresh and new, which is attractive to buyers. We recommend choosing warm neutral colours, such as beiges or tans. Choosing the right colour is important, as you could actually turn away buyers if you pick something too intense, like fluorescent green or pink. Choosing paint colour strategically can also help a small room feel larger if you chose a lighter colour. Lighter colours also photograph well.
Home Renovations: Curb Appeal
Another easy home renovation that can add a lot or resale value is minor changes to the exterior of your home. This is known as “curb appeal” for your home. Having a nice looking exterior can create a good first impression for home buyers and can cause them to pay more for the home. Curb appeal renovations can be anything from replacing old siding, to repainting your front door to make it pop more, depending on the amount of money you are willing to spend. Landscaping can also increase the resale value of your home. A well planned out and maintained landscaping project can increase the value of your home by 10 to 20%. Choosing a reputable landscaper and designer can help you make sure your plans will be well received by any future buyer.
Home Renovations: Kitchen/Bathroom
Kitchen and bathroom renovations also have the potential to increase the sale value of your home. However, in order to make back most/all of your money that you invested into the project, we recommend that you make a smaller scale renovation, mostly focusing on easy aesthetic changes. If you were to replace all of the appliances, counters, and hardware it would be difficult to make back your investment in the sale of your home. Instead, try just replacing the hardware, or updating the sink or repainting/refinishing the cabinetry.
These four types of renovations are of course not the only ones that will increase the resale value of your home, but are the most common. If you have additional questions or would like advice on contractors or how to renovate your home, please feel free to reach out to us. We would be happy to help you with any of your real estate needs.