Do you feel the weight of the year? Your home might too. With a few renovations, you can enhance your comfort and boost your property’s value.
If you’re unsure where to begin, here are some tips to help you make the most of your time, energy, and budget.
Increase property value through renovation
When planned and executed correctly, presale renovations can significantly boost your home’s value, often in ways you may not expect.
Strategically investing in certain renovations is a smart way to maximize your return when selling. Not only does it help attract more potential buyers, but it also allows you to set a higher asking price.
A well maintained and updated home is viewed as a property with fewer hidden issues, which can speed up the sale process.
To ensure you’re spending wisely, consider hiring a building inspector for a pre-sale or preventive inspection. This will help you identify necessary repairs and renovations, allowing you to prioritize improvements within your budget and make more informed decisions.
What renovation can increase the value of your house?
What renovations should you prioritize to get the best return on your investment? Here are a few key areas to focus on.
1. The kitchen
The kitchen is the most profitable room to renovate. According to the Appraisal Institute of Canada (AIC), you can recoup between 75% and 100% of your investment.
Whether you’re doing a full remodel or just updating certain elements (like the sink, backsplash, or countertops), upgrading this space will certainly attract potential buyers. Materials like granite and quartz remain popular choices for both kitchens and bathrooms.
Inexpensive kitchen renovation tip: refinish cabinet doors and replace the handles. This simple upgrade can make a big difference without breaking the bank.
2. The bathroom
The bathroom is another key area to renovate if you want to impress potential buyers. According to the AIC, you can recoup between 50% and 100% of your investment in bathroom renovations.
Depending on the condition of your fixtures, updates can be as simple as replacing faucets and taps. For a more modern touch, and if you have the space and budget, consider installing a freestanding bathtub and a separate shower enclosure. These upgrades can elevate the bathroom’s appeal and add significant value to your home.
3. The roof
The exterior of your home is the first thing potential buyers will notice, and the roof plays a crucial role in both appearance and functionality.
During a pre-purchase inspection, the roof will be closely examined, so it’s important to ensure there are no leaks or damage. If there are issues, take action to repair them, even if this renovation doesn’t provide an immediate return. A roof in poor condition can hurt your negotiations and lower the perceived value of the property.
If you’re selling a condominium, be sure to check with the co-ownership syndicate for the date of the last roof repair and the available funds for future work. This can provide reassurance to buyers about the building’s maintenance and potential costs.
4. The basement
A finished basement can significantly add value to your home by providing extra, usable space. A simple, ready-to-use basement allows potential buyers to easily envision how they might utilize the area. Depending on your budget, you could also consider adding a laundry room, an often highly valued feature in a home.
The return on investment for basement renovations typically ranges between 50% and 75%. This makes it a worthwhile project, especially if you plan to enjoy the space yourself before selling.
5. Painting
Painting is one of the easiest, quickest, and most affordable ways to give your home a fresh, updated look.
For a more spacious and cohesive feel, consider using white or a light neutral colour for the interior. You can then add colourful accent to liven up the space. Matte paint is a great choice to hide any wall imperfections and create a smooth finish.
Don’t forget the exterior! A freshly painted home will convey that it has been well maintained, which is important for first impressions.
The best part about painting is that it’s a DIY-friendly projects, as long as you take your time and do it carefully.
6. Multiple storage options
When renovation, optimizing the organization of your interior can be a smart choice. The amount of storage space in your home can make a significant difference.
Clutter-free rooms create a more spacious and calming living environment. Don’t hesitate to add more storage options throughout your home, whether in the kitchen, bedrooms, hallway, or other areas. Creative storage solutions can help maximize space and make your home feel more functional and inviting.
7. Doors
Outdated or damaged doors can significantly impact the overall appearance of your home. If your budget allows, consider replacing them with more modern options.
However, if you’re working with a limited budget and your doors are in good condition, like kitchen cabinets, a simple coat of paint and a handle replacement can do wonders to refresh the look and give your home a facelift.
8. Light fixtures
Similar to doors, upgrading light fixtures and switched is a quick affordable way to enhance the aesthetics of your home. New, more stylish fixtures can transform a room and elevate the overall ambiance, making it feel more modern and inviting.
Renovating according to your goal
Renovating your property should be approached differently depending on whether you're improving it for your own comfort or preparing it for its sale.
If you’re renovating for personal comfort, your primary considerations should be your own tasted and budget. You have the freedom to make choices that will enhance your lifestyle.
However, if your goal is to sell, it’s important to avoid spending on expensive, trendy features that may not have a broad appeal. Focus on making your home attractive and accessible to a wide range of buyers. Use quality materials, but avoid going into luxury territory, as it may not provide the return you’re hoping for.
Tailor your renovations to the current value of your home and those of nearby properties to ensure you get a good return on your investment. And here’s some good news: sometimes, small, well chosen touch can create a ‘’WOW’’ effect without the need for major costly changes!
Looking for an expert to determine your property's market value?
XpertSource.com can help you find a certified appraiser. When you tell us about your project, we put you in touch with qualified resources for FREE. Simply fill out our form ( it only takes a few minutes ) and we will connect you with professionals.
