From remodelling the kitchen, to building a deck, to adding in another bathroom, which renovation delivers the best return on investment? A renovation will not only make your home a more enjoyable place to live, but if done correctly it will also increase your property value. But renovating your home for a profit isn’t easy; it’s a science that takes research and practice to get right.Some home renovations pay off at a much higher rate than others, and you don’t want to spend too much if you are not going to get a good return on your investment when it comes to sell. Here are our top renovations that will increase your property value this year and for years to come.
The return on investment of any given renovation project depends on the condition of the real estate market in your area as well as the quality of the work performed. But, on average, there are certain projects that show the greatest return on investment.
KITCHEN
A kitchen renovation should be at the top of your list. Often referred to as the heart of the home, and the room where families spend most of their time, the kitchen is one of the first place a potential buyer looks at. These days, homeowners and home buyers alike want a big, open, modern kitchen with windows to let in the natural light. They want functionality, such as high-quality energy-saving stainless steel appliances, and countertops made from engineered stone or granite to elevate the aesthetic appeal of the space. Other details can also make a significant difference, such as soft-close cabinetry and pantry drawers. Adding a kitchen island is also currently very popular and one of the most desired additions to a kitchen. A tidy, modern-looking kitchen can seriously improve the value of your home. The state of your current kitchen, budget and end goal will determine whether you can renovate your kitchen, or consider replacing it entirely.
BATHROOM
The next renovation on your list should be the bathroom. The key here is cleanliness and modernity: a bathroom that looks old will instantly date your entire home in the minds of prospective buyers. But refreshing or modernising your bathroom needn’t be expensive or difficult. Simple fixes, such as updating the light fixtures, putting in a new mirror, or installing new countertops and cabinetry are all straightforward and cost-effective changes that will make your bathroom much more pleasant to use and, when it comes to reselling, will leave a good impression with buyers. Proper lighting can also be a great value booster, such as adding a window in the bathroom, so natural light can illuminate the space. A clean, modern, and well-maintained bathroom is definitely money well spent.
FLOORING
Flooring is one of the most important aspects of your home. For the bathroom, tile will always be in demand and retain value exceptionally well. Replacing aging carpeting with hardwood, laminate or tile is a definite worthwhile investment. Hardwood has the highest appeal among owners and buyers, and fits in well with both traditional and modern looks. In addition, wooden floors tend to be easier to clean and don’t show as much dirt. Choosing the right flooring for your renovation is one that involves deciding on appearance, texture, feeling, budget, style, lifestyle choice, timescale, and ease of cleaning.
CURB APPEAL
Never underestimate your home’s curb appeal. Even if your home is fabulous on the inside, if it’s lacking in aesthetic appeal on the outside, you’re never going to be able to sell it for its true worth. There are numerous ways to boost your curb appeal without breaking the bank. A fresh coat of paint goes a long way, as does a well-tended front and backyard, a tidy and smart garage and, if you’re budget is higher, some exterior lighting on entrances and pathways. First impressions last, and creating curb appeal is one of the best ways to add value to your home.
Accent Renovations is a multi-award-winning renovations specialist located in the picturesque Okanagan Valley. We specialise in kitchen and bathroom and remodelling, basements, decks, patios, and much more. So, if you can dream it, we can build it.