6 Home Projects to Increase the Value of Your Home
Are you thinking about putting your home on the market soon? Or just planning your summer home project and want to keep resale value in mind? Here are a few home improvement ideas that can go a long way in increasing the value of your property and helping your home appeal to potential buyers. In this blog post, we will discuss six of the best projects to increase your home's value. I have also included options for the more time and budget-conscious homeowners for some of these items to help you save money and time. Keep reading to learn more!
The kitchen
1) One home improvement project that is sure to increase the home value is a kitchen renovation. This is also potentially one of the most costly renovations depending on what you plan to do. A new kitchen can make a big difference in how prospective buyers perceive your home, but also how you enjoy your home while living there. If your kitchen is outdated or in need of repair, consider investing in a renovation. updating or modernizing features in your kitchen will most certainly improve your home. This is, after all, one of the more highly used and enjoyed locations of your home.
Some ideas to add to get you started:
- Update/upgrade your cabinets, countertops, fixtures and appliances
- Paint walls and replace flooring
- Add more storage and counter space
- Open it up to add light and space to the area
- Add additional windows or a skylight to improve the natural light
Time/budget-friendly alternative. Instead of replacing cabinets, you can refinish or paint them and change the hardware to improve the look. New appliances can make a big difference. updating wall paint and light fixtures is another great cost-effective way to improve the look of your kitchen.
Bathrooms
2) Another home project that can add to your home value is a bathroom renovation. Just like with the kitchen, potential buyers will take notice of an updated bathroom. And if you're not selling, this can add significant enjoyment to your home for years to come. Again, the sky is the limit to what you can do, and spend in this area of your home, so plan and budget accordingly.
Some ideas to get you started:
- Update/upgrade your sink, toilet and bathtub
- Replace the bathroom tile
- Replace the floor and paint walls
- Upgrade the light fixtures
- Add creative storage solutions
Time/budget-friendly alternatives - consider updating the paint, fixtures, and decore. If your bathroom is in good shape but dated, you can easily increase value and enjoyment with a few small improvements.
Landscaping & Outside Curb Appeal
3) Overhaul your yard! A well-done outdoor space is a great way to increase your home’s curb appeal, and appeal to potential buyers. Especially now, with so many people enjoying their outdoor space more than ever. If you have the time and resources, consider planting some new flowers or even starting a small vegetable garden. You could also add a new patio or deck for additional outdoor living space. This is a great way to add livable space to your home with your own outdoor oasis. It doesn't add square footage to your home, but it does create a new space to enjoy when the weather is good.Some ideas to get you started:
- Build or repair your deck or patio area
- Replace/repair grass in high traffic or disturbed areas
- Plant shrubs, trees, and flowers to add colour and variety to the landscaping
- Add a pergola or create a covered outdoor space to enjoy the space in various weather conditions
- Add exterior solar lights to highlight your landscaping
- Build a fire pit and seating area
- Paint, or refinish the exterior of your home
- Paint/repair the trim around windows and doors
- Add/upgrade screen doors if damaged
Time/budget-friendly alternatives - Make sure the yard and grass are in good shape. Weed everywhere, trim the hedges, cut back the tree that is blocking your beautiful home, stain the deck that has faded over the years, clean out the gutters, and paint the trim around doors and windows. It doesn't need to be an expensive project. A little can go a long way!
Basement Improvements
4) Finish, or remodel your basement. If you have an unfinished basement, or your basement was finished back in 1991, remodeling, or finishing your basement is a great way to add resale value, as well as increase the saleability of your home. Consider adding additional bedrooms and a bathroom, and leave space for a family room and storage, and it will be sure to not only appeal to prospective buyers when you sell but make your home more enjoyable for however long you plan to stay. If you are in an older home, you can consider making the basement bedroom windows meet egress standards to the bedrooms can be considered a "legal" bedroom.
Some ideas to get you started:
- replace floor and paint walls
- Add, or upgrade bedroom and bathroom areas
- Add creative storage areas
- Make the bedroom windows meet egress requirements
- Create a functional laundry area
- Add lighting and replace fixtures and wall plugs/switches with something current & modern
- Create a functional family room, or entertainment space
- Add second kitchen or wet bar
Time/budget-friendly alternatives - If your basement is already finished, but just old and dated, you can simplify this project by improving what is already there. Stick to the basics! This could include paint, flooring, light fixtures, updating wall plugs/switches, or adding/removing a dividing wall to improve flow through the space.
Energy Efficiency
5) Another great way to increase the value of your home is to make sure it is energy-efficient. There are several ways you can do this, such as installing new windows, and attic insulation, adding solar panels, and changing mechanical features such as your furnace or hot water tank to a more energy-efficient model. Making your home more energy-efficient will not only make it environment friendly, but it will also help with the heating and cooling costs. Now, in the interest of being completely upfront about what I see as a real estate professional, not all buyers find added value in adding energy-efficient features to your home. For example, if you have two identical homes listed for sale in the same community. One has energy-efficient features, and another doesn't, but the energy-efficient home is significantly higher in price due to the efficient updates, not all buyers will find value in that and will be willing to pay a premium for these features. Many do see added benefit and value, but not everyone... not yet anyway. As people become more educated about the benefits of going greener with their homes, and as the cost to add these features has started to come down a bit, I can see this becoming more and more important to prospective home buyers. On the subject of cost, make sure to check with your local governments to see what kind of rebates are being offered for updating your home to be more energy-efficient. If you are here in Edmonton, you can check out these links to Canadian and Provincial rebates here:
Some ideas to get you started:
- Replace old windows with new high efficient windows
- Replace furnace to high efficient
- Replace hot water tank with a high efficient tankless alternative
- Add solar panels
- Add insulation to your attic, and makes sure there is appropriate ventilation.
- Seal windows, doors, attic hatch and anything else to enhance efficiency
- Replace appliances with high efficient models
- Use high efficient light fixtures and light bulbs
https://www.nrcan.gc.ca/energy-efficiency/homes/20546
https://www.alberta.ca/clean-energy-improvement-program.aspx
Updating The Roof, Windows & Mechanical
6) If you live in an older home, it could be time to start considering the replacement of some of the major "meat and potatoe" items, such as windows, shingles, furnaces, and hot water tanks. These items may not add a "wow factor" to your home, but they can certainly add to your home value, as well as the efficiency of your home. If you are planning to sell shortly, a buyer who can concentrate more on cosmetic updates to personalize your home will appreciate that the big important items like these are already done.
You don't always need to invest huge money into a big renovations or project!
Finally, I'd like to finish by stating you don't always need to spend money or significant time to improve the value of your home. You can simply work on maintenance items semi regularly to keep on top of things. By keeping your home in good condition, you'll ensure that it retains value over time, and won't leave you with a mile-long list of things to do when it comes time to sell. I know, life is busy and there isn't always time. Keep a list, add to it as you notice things, then prioritize based on important and what you can actually commit to. It's a good idea to plan for 1-2 projects per year depending what you have time and resources for, along with regular maintenance items. This is a fairly realistic goal to aim for, and will be sure to have your home looking sharp along the way!
Looking for some inspiration? There are so many resources nowadays to help you find ideas, styles, and materials to help you with your projects. Check out Pinterest, home and decore magazines, online blogs (like this one), home and garden shows, and so much more!
I hope you have found this information helpful! please consider sharing us on your social media if you think others can benefit from this information.
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