How to Renovate Your Home to Increase its Value

How to Renovate Your Home to Increase its Value

Ready to tackle some renovations but not sure where to start? Why not focus on fixes that do double duty: look great and increase the value of your home. Here are a few of our favorite renos that can reward you with a higher home sale price.

Focus on Flooring

Do you have old wall-to-wall carpeting throughout your home? What about dated linoleum in your kitchen? A quick way to increase the value of your home is to update your flooring. Get rid of those used carpets and opt for something more up-to-date. Ceramic tiles are a great option for bathrooms, kitchens and entryways. Hardwood or laminate are great for bedrooms and living spaces. To minimize your costs, don’t go custom. Choose among the many beautiful yet inexpensive options at your local hardware store.

Freshen Up Your Bathroom

Another room than can get dated is the bathroom. Renovations that increase home value include a fresh coat of paint, an updated vanity, a new toilet and a new bath/shower. Aim for modern and clean, not over the top luxury.

It’s easy to go overboard and blow your budget on a new spa bathroom, so choose your finishes carefully. Paying a premium for marble or heated floors won’t necessarily increase the value of your home.

Update Your Kitchen

A fabulous kitchen is a great way to increase the value of your home. But according to this HGTV article, it’s also the area where you must be most careful:  “Remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it!”

If you are renovating your kitchen right before putting your home on the market, keep it simple. Focus on giving it a fresh, clean feel. A new paint colour, backsplash and cabinet hardware may be all you need to give your kitchen an up-to-date look.

Step Outside and Improve Your Curb Appeal

Don’t forget the outside of your home! Curb appeal is an easy way to increase the value of your property. For the best bang for your buck, clean up your landscaping. Get rid of any sad looking plants and trim back overgrown bushes. Focus on neat flower beds and a well-maintained lawn.

Another great renovation is updating outdoor light fixtures and hardware. Choose a new mailbox, house numbers and lights in a finish that has impact but coordinates well with your current exterior. Paint your front door to make it a focal point. A bright colour will make it pop, or paint it dark to create some drama.

Don’t Use Increasing Your Home Value as an Excuse to Renovate

Unless your home isn’t up to par with similar properties, you might not recoup all of your renovation costs once you sell. This is especially true if you aren’t planning to sell your home for several years. If you want to renovate part of your home, go ahead. Just don’t use a future increase in value as an excuse. Base your decisions on how much you are willing to spend, and what renovations make sense for your home.