Are you thinking of renovating? While home upgrades are often performed to improve the look and feel of a property, they can also add significant dollar value when it comes time to sell. That said, not all renovations are created equal. In order to get the maximum return on your home investment, choosing the right improvements is key.
Whether you’re planning to put your home on the market soon or many years in the future, here are a few value-boosting updates to consider…
1) Make your home more energy-efficient
Increasingly, home buyers are seeing eco-friendliness as a major selling point. For this reason, optimizing the energy efficiency of your home has the potential to help you sell for a better price. There are many steps you can take to achieve this goal. For one, think about upgrading outdated appliances—such as your old washer and dryer, stove, and refrigerator. If you have an HVAC system that’s functioning poorly, consider replacing it. Reinsulating your home can also go a long way toward making it more efficient.
2) Add a steel entry door
If you’re wondering which renovations are worth doing, don’t discount the potential value of new doors. According to the Appraisal Institute of Canada, replacing doors is one of the top improvements for maintaining your home’s worth. Paying attention to your front entrance is especially important, since it’s one of the first things that home hunters will see during a viewing. To make the best possible impression, select your material wisely. Steel doors are particularly popular with buyers, since they’re durable, secure, and aesthetically pleasing.
3) Replace your siding
While many homeowners focus on redoing their home interiors, exterior improvements can also provide significant returns on investment (ROIs). Specifically, new siding has the power to boost your curb appeal while conveying the amount of care you’ve put into maintaining your property. While there are many different types of siding, vinyl is usually a great option—since it’s both easy to clean and relatively inexpensive.
4) Perform a minor kitchen remodel
The kitchen is the heart of a home, and most buyers are willing to pay more for one that appears modern. For this reason, the Appraisal Institute of Canada pinpoints a kitchen update as one of the top five renovations for boosting ROI. While it’s true that major remodelling work is often costly, even small updates can have a big impact. For example, refacing or resurfaing outdated cabinets can completely transform the look of your kitchen—without breaking the bank.
5) Upgrade your bathroom
Along with the kitchen, the bathroom is considered by many buyers to be the most important part of a home. By redoing this all-important room, you can potentially increase the overall value of your property—and add to its appeal for future showings. Remember that home hunters tend to prefer either a standalone shower stall or a freestanding bathtub to a combined shower-tub. You can also help modernize your bathroom by updating your vinyl or linoleum flooring and outdated hardware (such as your old faucets and drawer pulls).
Renovations can significantly boost the value of your house, but it’s important to think carefully about the improvements you make. Once you’re ready to sell, ensure that you work with an experienced agent who knows how to determine your home’s worth—and price it accordingly.
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