Does Renovating a Home Increase Its Value?

renovating home increase its value

A lot of debate surrounds whether renovating a home will increase its value. Some people feel it does, while others think it doesn’t.

Due to buyer demand and pandemic-related priorities, some renovation projects have a higher ROI than before. If you renovate your property, you can add value to it, improve its look, get more satisfaction from it, or even improve your lifestyle.

Tips to Raise Your Home Value

Having a good working plan is crucial to a successful house renovation. Here are a few things you can do to increase the chances that your home will increase in value after being renovated.

Determine What Will Stand Out

Make a strategy for t your home remodeling. You can start with a kitchen renovation, bathroom renovation, or basement which can be profitable. To get started, identify your priorities and the work that will make a real difference.

According to the Appraisal Institute of Canada, kitchen, bathroom, and interior and exterior painting are the most valuable renovations. Adding storage space and updating lighting, choosing right kitchen countertops, curtains, cabinet hardware, and flooring are also profitable projects.

Prioritize Roofing, Windows, and Doors

Be sure to prioritize the more pressing work that can be a reliable investment, such as roofing, windows, and doors. Quartz countertops, for example, will not sway potential buyers if they need to replace them and do more renovations than usual.

According to many specialists, windows and roofs can return up to 75% of their cost. This is why you should begin your home renovations here.

Invest in Energy Efficiency

In addition to raising occupant comfort and lowering electricity bills, energy efficiency provides another profit-generating investment.

Generally, municipalities and governments will offer tax credits and financial assistance to help lower the initial costs of energy-efficient renovations. However, presenting an energy-efficient home is attractive to potential buyers in the future.

Boost Curb Appeal

Boost curb appeal

With people staying at home more often, it’s vital to let potential buyers know that your property is well maintained and that you care about it.

You don’t have to invest much to reap the benefits. According to a recent survey, buyers are willing to pay 7% more for a house with excellent curb appeal.

Invest in curb appeal projects, such as:

  • Basic yard care
  • Mulching at least three cubic yards of bark
  • Ensure your landscaping area’s shrubs, walkways, and flower beds are tidy.
  • Get a fresh coat of exterior paint, install a new garage door, and batten siding, amongst others.
  • (Optional) Add low-voltage wiring on the walkways and driveway to capture buyers’ attention.

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Increase the Amount of Livable Space

Adding living space to your home can increase your appraised value. According to a survey, prospective buyers wish about 8% more than their current area footage. The pandemic caused 21% of Toronto buyers to want larger homes.

Create a livable space by adding flooring, walls, and other finishing touches. In this way, you’ll be able to drastically increase your ROI by converting your extra room into a “specialty room” that you will entice buyers to buy.

You can also convert a porch to a four-season room by adding windows and a small electric stove or mini split heating system. Installing an outdoor firepit works wonders, too!

Devote a Space for a Home Office

space for home office

Home offices have long been sought after and much loved by those who have them. They provide a peaceful environment to concentrate on work, store and organize necessary paperwork, or read without interruptions. In the past, home offices were viewed as a luxury feature that many people wanted but didn’t necessarily need.

Nevertheless, this year has dramatically changed how we work and learn, and we have had to adjust to new ways of working quickly.

These days, buyers find homes attractive when they have an extra room dedicated to remote work. Adding this increasingly popular feature to your house can boost your house’s value and help buyers invest in their careers long-term.

Also Read: How to Choose a Basement Renovation Contractor?

Build a Functional Kitchen Island

An island is a must-have feature when remodeling an outdated kitchen. Kitchen islands are included in more than half of new and refurbished kitchens because of their additional counter space, workspace, and storage.

Space is the most significant advantage an island has for small kitchens. With the island, you can store items you did not have before and have counter space. You can expand island kitchens with additional cooking areas, prep sinks, refrigerator drawers, trash and recycling storage, and more.

Overall, a kitchen island makes any sized kitchen more convenient and functional, attracting potential buyers and increasing your ROI.

Why is House Renovation Essential?

House renovation is essential as it increases property value and many more. Below are some benefits listed:

  • Increased Value: The most significant benefit of renovating a home is that it can increase its value. Remodeling a home can make it more appealing to potential buyers looking for a house in good condition for several reasons.
  • Increased Comfort: Renovating a home can also increase its comfort. Renovations often involve updating a home’s flooring, paint, and fixtures. As a result, the house can become more welcoming and comfortable.
  • Increased Safety: Renovating a home can also increase its safety. Renovations often involve updating a home with new roofing, windows, and doors. As a result, the house will be more secure and safer to live in.
  • Increased Quality of Life: Quality of life is measured by your comfort level, physical and mental health, and living conditions. How you keep your home can profoundly impact all of these factors. Renovating a home increase its value leading to improve your quality of life.

Conclusion

Renovating a home at a reasonable cost is essential to appeal to potential buyers and increase your ROI drastically. It’s crucial to invest the time in planning them well while also considering the value they will bring. As a result, you’ll be able to reap the benefits of your decision in the future.

A total return on investment is never guaranteed, so you should take advantage of this investment for a few years. Let a professional expert of home renovation Toronto near you help bring value to your home today! Contact Senso Design home remodeling near you and save your time and effort now.

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