Whether you create your dream kitchen, add a spacious deck or simply apply a fresh coat of paint, home improvements can add major value to your property when you decide to sell.
But that’s only part of the story. Home improvements can also have a major impact on your family’s quality of life so it’s worth investing some time and money sooner rather than later.
As any homeowner will tell you, there is never a shortage of things to do when it comes to maintaining a property. This is one of the main reasons people find the prospect of home renovations so daunting.
But while some homeowners find it difficult to justify the cost of these projects, the truth is that home renovations can actually make you money in the long run, all while improving your family’s living conditions.
While you won’t see the profit from your investment until you’re ready to sell, home renovation projects are well worth the trouble if planned properly.
Where to Begin?
Most homeowners can easily identify which needs are most pressing for their homes, but anyone who is unsure of where to begin should start with projects that will bring the greatest return on investment.
Unsure of where to get the money to take on such a renovation? Taking out a home equity loan can give you the capital to jumpstart these projects, and start dramatically increasing the value of your property.
Here are just a few examples of good home improvement ideas:
Building an income suite
Renovating the kitchen
Renovating an existing bathroom or installing a new bathroom
Updating flooring and/or fixtures
Building a deck
Improving energy efficiency
Adding a fresh coat of paint
Creating a source of revenue from your property can also put money in your pocket in the short term, as well as have a major impact on your property’s eventual sale price.
By turning your basement into a rental unit or building a detached secondary suite like a laneway house, you can make your property work for you. These additions are highly sought after on the open market, and can help turn your home into a buyer’s dream.
The Most Important Room
Many would say that the kitchen is the heart of any home, which makes it a perfect start point to begin increasing the value of your house.
A sleek kitchen is something that will catch a buyer’s attention. And it doesn’t necessarily take a big investment to get a big return. Something as simple as modernizing the cabinets and countertops or updating the sink and faucet will have an outsized impact on your kitchen’s visual appeal at a minimal cost.
As with kitchens, a stunning bathroom can have a major impact on potential buyers. Bathroom renovations provide an excellent return on your investment, and you get to enjoy your updated amenities until you’re ready to cash in.
If your home has only one bathroom, consider adding another. Like kitchens, bathrooms are high-traffic areas, so adding a bathroom will make daily life easier for your family and immediately increase the value of your home.
A half-bathroom could fit in as little as 18 square feet so take another look at your extra rooms or underutilized spaces to see where one might fit. For a full bathroom that includes a stand-up shower, you will want to have at least 30 square feet. Either way, this kind of project can be easily completed in most homes.
The results will not disappoint!
Hardwood floors are visually striking and highly sought after by home buyers, which is why they are often listed at the top of real estate descriptions.
Good tiles also never go out of style, and they retain their value! So whether in the kitchen, bathroom or the rest of the house, it is worth investing in flooring. Sometimes, simply sanding and staining the existing hardwood floors can be enough to take your house from looking like a fixer-upper to being sought after.
Potential home buyers are always on the lookout for outdoor living spaces. Decks help increase the visual appeal of your home and serve a critical function.
These days, staycations have become increasingly popular and working from home has become the new normal for many so a well-appointed outdoor space can serve many needs.
The cost of a deck can vary widely depending on size, materials and details so it’s always a good idea to seek out quotes from multiple contractors if you don’t plan on doing the work yourself.
Energy costs money. Making your home more energy efficient can therefore lead to major savings on your regular bills and bump up your home’s value in the process.
Lower Utility Costs
Potential home buyers will inquire about your property’s utility costs, and they could use high monthly costs to negotiate a lower price. This is why some of the best return on investment from home renovations comes from things that usually go unnoticed.
Embracing energy efficiency can be a small- or large-scale project. But even the smallest efforts can go a long way.
Update Your Appliances
Replace old appliances with up-to-date and energy-efficient models. Not only will they look better, but you will see immediate savings on your energy costs; these two factors can have a big impact on potential buyers.
Replace Your Windows
Aging, drafty windows and doors can have a big impact on your home’s heating and cooling costs. Installing high-quality windows and doors could save you hundreds per year, and they will greatly improve the look of your house.
If that kind of a project feels too big to tackle, consider smaller projects like adding to or replacing the caulking around windows and doors or improving your attic’s insulation.
Depending on where you live, you might also be able to cash in on tax rebates and government incentives to help defer the up-front costs of improving your home’s energy efficiency.
A Little Paint Goes a Long Way
You don’t get a second chance to make a first impression, and neither does your home.
Weathered exterior paint looks dingy and can undermine your efforts to get the best price on the open market, which is why a fresh cost of paint is one of the simplest and cheapest ways to increase your home’s curb appeal and the price it will fetch.
How to get Started
To start increasing the value of your home, you will want to make sure you have the funding necessary for the projects you want to undertake. For many people, the best way to go is by taking out a home equity loan. These loans are a secure and stable way to secure funds with minimal hassle.
When used for home renovations, home equity loans can actually make you money in the long run by increasing the value of your property and could lead to a handsome profit when you are ready to sell.
Until then, you get to enjoy the improved quality of life that comes with having a modern home suited to your family’s needs.