Renovations That Increase Home Value

Looking to refresh your home in order to get some extra resale value?

Thinking of purchasing a property that looks like it will need a bit of work?

Not all renovations are equal when it comes to return on investment, so it’s good to start with those that will get you the best bang for your buck.

Curb Appeal

The overall appearance of your home from the street is what will draw those new buyers in, or keep you invested in the home when you roll into the driveway every day. Exterior renovations are a great way to increase curb appeal and generate interest from buyers if you are looking to sell. 

Exterior siding that has become worn should be refreshed by being replaced, or repainted, depending on the condition. New exterior siding can offer the benefit of increased energy efficiency if backed with foam, and will give a new clean look to the home. 

Aging windows are another worthwhile expense and can give a whole new look to a house when painted. Windows are a huge source of energy loss in a home, and can really detract from a home's value if they are poorly maintained. Although windows can be a large and expensive investment, they generally recoup close to 75% of the cost on resale.

Replacement of deteriorated roof is a must when it comes to exterior renovations. A roof in dis-repair, or shingles close to the end of their life cycle are a huge liability and can cause great damage to the rest of your home when not addressed. Replacement of a roof or shingles, however; may not stick out to prospective buyers, so ensure your real estate agent makes a point of the renovation when showing the home. Any new homeowner can appreciate the value of not having to go through the hassle of replacing shingles. 

Interior Renovations

Giving the interior of your home a facelift when it comes time to sell is another great way to increase home value. But not all of the renovations need to be major.

When it comes to the kitchen, avoid major gut jobs if at all possible. Replacement of a kitchen can be one of the costliest renovations in a home, but it doesn’t necessarily mean you will regain that investment. When tackling a kitchen renovation, evaluate the condition of the furnishings. In most cases, existing cabinetry can be professionally painted, sinks and countertops replaced, and new flooring put in, without having to tear everything out.

A similar approach can be said for bathroom renovations. Newly painted cabinets, a clean acrylic bathtub, and new, simple tile and flooring may be all that is needed to refresh your bathroom. Only have a single bathroom in your home? Consider adding a powder room. Addition of that second bathroom is a must these days and will keep buyers interested in your home.

When looking at other areas of your home, evaluate the condition of flooring, baseboards, and paint. At the very least, a fresh coat of paint on the walls and baseboards may be all it takes to make those rooms new again. In some cases, flooring can be replaced at a fairly low cost.  

Home Integrity

When it comes to the safety of the home occupants, or the integrity of the home itself, it is paramount that you address these issues first. Don’t consider putting off minor or major renovations that are required to maintain the safe operation of your home. Things like leaky roofs or basements might seem like a small issue, but can become a major problem if not remedied in a timely manner. 

Cleanliness

A simple way to make your home look appetizing to buyers is simply to keep it clean. A well kept yard and garden, clean windows and eaves, and a swept patio are some simple things that show prospective buyers you care about the home and have maintained it throughout your ownership. A fresh coat of paint to walls and baseboard trim, and clean flooring and cabinets are low cost ways to give the interior of your home a facelift and keep buyers interested during a showing. 

Government Incentives

In the past there have been many government incentive plans for upgrades to increase the efficiency of your home. When planning a renovation, make sure you do your research and include energy efficient materials that may offer government rebates, as well as reducing the overall costs of operating your home. 

When it comes time to make that sale, or new home purchase, ensure you have your mortgage needs in mind. Will your new home require some work? You might then consider a purchase plus improvements mortgage to get you started on the right foot. Whatever your mortgage needs are, a TMG The Mortgage Group broker is your best resource. If you are unsure of what financing you require, or what options are available to you, give me a call at (604) 710-8934, and let's chat about what options are available to you. 

Looking to finance your next renovation? We have many options available! Book a call to see what would work best for you.