Do you feel the weight of the years? So is your home.
With a few renovations, you can not only improve your comfort but also increase the value of your property. If you're not sure where to start, follow these tips to make the most of your time, energy, and budget.
Increase property value through renovation
Renovating your property should be approached differently depending on whether you're doing it to improve your living environment or with a view to resale.
If you're renovating for your comfort, the only things you need to consider are your taste and your budget. On the other hand, if you're preparing to sell, you don't want to go for overpriced fads. It's best if your home appeals to the average buyer and remains affordable. That means opting for quality materials without going overboard with luxury.
Adjust your work to the current value of your home and other homes in your neighbourhood. Otherwise, you run the risk of not getting a return on your investment. And the good news is that sometimes little things can make a big difference!
One way to make sure you're spending the right amount of money is to hire a building inspector to do a pre-sale inspection. This building inspection will help you prioritize the work that needs to be done. It will then be easier to determine the budget available for other renovations and make choices accordingly.
8 renovations that pay off
What renovations should you focus on to make the most of your investment? Let's take a look at a few.
The kitchen
The kitchen is the most profitable remodel. According to the Appraisal Institute of Canada (AIC), you can recoup between 75% and 100% of your investment.
Whether you're talking about a complete remodel or simply replacing certain elements (sink, backsplash, countertop, etc.), bringing this room up to date is sure to appeal to potential buyers. Granite, quartz and Corian continue to be popular materials for both kitchens and bathrooms.
Inexpensive kitchen renovation tip: refinish cabinet doors and replace handles.
The bathroom
The bathroom is another room that must be renovated if you want to impress visitors. Again, according to AIC, it's possible to recoup between 50% and 100% of the amount invested.
Depending on the condition of your fixtures and fittings, renovations can be as simple as replacing faucets and taps. But for an extra touch of modernity, if you have enough space and savings, opt for the installation of a freestanding bathtub and shower enclosure.
The roof
Don't forget that the exterior of your home is the first thing potential buyers will see. But when it comes to the roof, it's not just about the look.
As part of a pre-purchase inspection, this element of the building is bound to be examined. So you'll need to make sure there's no infiltration and take appropriate action if necessary. If it's not a renovation you can profit from in the short term, a roof in poor condition is likely to work against you in negotiations.
If the property for sale is a condominium, ask the syndicate of co-owners for the date of the last repair and the amount of cash available for future work.
The basement
It's undeniable that the extra space provided by a finished basement can only add value. A simple, ready-to-use space will allow a buyer to envision how he or she might use it. And, depending on your budget, you could even install a laundry room. Having a room dedicated to this purpose is highly valued.
The payback on this type of renovation is between 50% and 75% of the amount invested. It's a job well worth doing, especially if you want to make the most of it yourself before selling.
Painting
Painting is the easiest, quickest and most affordable way to make your home look like new.
To get a better overview of the interior, choose white or a derived colour. Then simply add a few colorful accents to liven up this neutral color. You can even use matte paint to hide wall imperfections.
Again, do not overlook the importance of your home's exterior. A freshly painted house will reassure you that it has been carefully maintained.
The advantage of painting is that you can do it yourself, as long as you do it carefully.
Multiple storage options
If you decide to renovate, it can be a wise decision to optimize the organization of your interior. The amount of storage space you have can make all the difference.
Uncluttered rooms offer a much more spacious and calming living environment. Don't hesitate to multiply storage spaces: in the kitchen, in the bedrooms, in the hallway... wherever possible!
Doors
Outdated or damaged woodwork can easily detract from the overall look of your home. You may be able to replace them with more modern products.
However, if your budget is limited and your doors are in good general condition, such as kitchen cabinets, a simple coat of paint and handle replacement could give the whole look a facelift.
Light fixtures
As with doors, a quick and inexpensive renovation idea is to replace light fixtures and switches with new, more aesthetically pleasing models.
Renovations that make you want to live in your home
Buyers quickly form an impression when they visit a home. That's why you need to do everything you can to make sure your home is appealing from the very first moment.
Discover our tips for getting the most out of your home once you've completed your renovations.
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