Home Improvements and Repairs That Add The Most Value
Part 2 of Everything You Need To Know About Your Home's Value series
When it comes to assessing the condition of a home, real estate pros generally break them down into four categories: from not so hot to absolutely excellent. Before you embark on any renovation project for your house though, take some time to think about how big an improvement this could really make – both in terms of bringing up its quality level and adding extra value.
According to The Appraisal Institute of Canada, home updates that could seriously boost your return on investment include remodeling the kitchen, sprucing up a bathroom, freshening interior and exterior paint finishes - plus don't forget about creating more ample storage. Don't underestimate small changes either; brightening countertops to add some sparkle, getting new curtains and cabinet hardware for an eye-catching look or replacing tired flooring with something fresh are all great ways to get good bang for your buck!
With the help of statistics from the 2022 Cost vs. Value Report by Remodelling magazine, here are the significant home improvements that boost a home’s value:
Minor kitchen remodel
Kitchen renovations can take a big bite out of your wallet, but updating the heart of your home is often worth it. A minor remodel costs an average of over $23k and has 78% return on investment at resale. Even better, if all you need are some good looks without breaking the bank - go for cosmetic updates!
Give your kitchen a fresh look with simple, eco-friendly updates like low VOC paint. Change up the style of cabinet fronts and add recessed lighting to really make it sparkle! Don't forget about those small details - swapping out matching drawer knobs, pulls, and faucets are easy ways to give your space that extra chic touch without breaking the bank ... plus you'll be rewarded when it's time for sale day!
Bathroom upgrades
Ready to put your house on the market? Give it a boost with some mid-range bathroom renovations. Swapping out fixtures, replacing vanity lights and shower doors, as well as installing low-flow toilets can all help you turn your resale value up to 64%. Talk about an easy way for big rewards!
If your home only has one bathroom, it's definitely worth investing in adding a second—or even just half of one! Not only will this upgrade spruce up the interior and increase resale value, but that extra powder room on the main floor can be essential during these pandemic times. To do it cost-effectively consider utilizing an existing space like a closet or leftover laundry area; all you need is some stylish accessories to make it feel truly special.
Remodel an existing space/add square footage
Do you have some extra space lying around in your attic or basement? Why not use it to revamp and add value to your home! You can give the empty spaces a new lease of life as an entertainment bar, game room, kid's playroom - get creative with endless possibilities. With more people working from home than ever before, why not turn that walk-in closet into a cozy office nook perfect for productivity too.
Having an extra room in your home is definitely something to look forward to! Whether you want it as a play area for the kids, or just some additional living space - take full advantage of that bonus square footage now. When it's time to move on, potential buyers will be thrilled by its versatility and appreciate how much this adaptable addition can improve their lifestyle too.
Window replacement
Old, drafty single-pane windows are now a major turn-off for many potential buyers, especially if energy efficiency is in mind. This must be one of the reasons why replacing double-hung windows with insulated, low-E (low-emissivity) vinyl windows recovers about 73% of the costs, according to Remodelling magazine's report. Windows with low-E coatings help keep the temperature in a home consistent by reflecting the interior temperatures back inside. Likewise, modern windows don’t only help with energy savings but also add curb appeal to a home.
Deck, patio, or porch addition
Due to previous lockdowns and stay-at-home orders caused by the COVID-19 pandemic, outdoor living spaces have become more desirable. In the latest survey of Realtor.com® and Toluna Insights on what homeowners wish they could change about their home to make it more livable while sheltering in, 9% of respondents wanted to add a yard or patio. Having plenty of yard space has become the ideal as we continue our lives under the new normal.
Adding a deck is one way to upgrade your outdoor living space and increase your home's value. While it can cost anywhere from $14,000 to $19,000 on national average, it can recoup as much as 72% during resale. Again, however, it still depends on the design and materials you use.
If a facelift is all you need, consider improving your deck or patio by adding small details such as decorative planters, lighting, and other features that will make it more attractive and also enhance your home’s curb appeal.
Entry door replacement
Replacing your front door with a new steel entry door has had the best return on investment every year. It's no wonder because a home with old doors that let in plenty of hot and cold air can be a huge turn-off to potential buyers as it might be more costly to live in and maintain. According to the report, an average steel entry door replacement costs more than $1,800 and returns almost 69% at resale. More buyers will appreciate the energy efficiency, low maintenance, and cold-blocking powers of metal.
Garage door replacement
On the other hand, a new garage door is one project that practically pays for itself, recouping about 95% of your costs at resale. A garage door upgrade also helps make a good impression to guests and buyers, improve security, and contribute to your home's curb appeal.
Roof replacement
Replacing a roof might be considered by many as a maintenance project, and it's certainly not a show-stopping improvement like a kitchen renovation. However, it’s one update that can boost your home’s value and on average, you can recover almost 66% of its cost when it’s time to sell. Buyers also appreciate a new roof because they know it will save them the hassle and expenses brought by a new roof installation. It’s especially crucial to update your roof if it is already leaking and is nearing the end of its lifespan as it could hurt the value of your home.
Adding stone veneer
Installing manufactured stone veneer doesn't only make your home more beautiful but also increases the value of your property. According to the 2020 Cost vs Value Report, this update costs an average of $9,357, but recovers as much as 96% in resale value. It’s also a versatile project that you can add in any part of your home, may it be on the front porch, around the fireplace, or as a feature wall in the kitchen or bathroom.
Basic updates like paint, minor fixes, and fixture replacements
Never underestimate the power of doing basic updates to boost your home's value. Small, inexpensive projects like touching up on any flaking or chipping paint, removing dirt and mold, painting the front door, replacing old door knobs and handles, and even updating your mailbox, can help keep your home in tip-top shape that will show buyers that you have a safe and well-maintained home.
Bottom Line
Kitchen and bathroom remodels are one of the smartest investments you can make in your home. The people most familiar with these spaces benefit from having a better quality space that they enjoy more, while those looking to sell their homes get added value on appraisal day; but beware - always keep it tasteful! Going too fancy could lead to trouble if compared against other houses or even just within itself.
Before making any changes to your home, it pays off to plan ahead. A carefully thought out renovation can increase value when you decide to put the house up for sale – meaning more money in your pocket! Now that's a win-win situation.
