Specific renovation projects will improve BOTH your experience and your home’s value.
If you are to renovate your home, you cannot always guarantee that the cash that you put in will all be recovered when you sell your property.
The goals for renovations are:
- To create a more functional and enjoyable space for you and your family
- To get the best return on your money in increased property value
But it is easy to get off track from meeting these goals. There are some essential things to remember.
Before you begin the project, think of the expense versus the market value, and then contemplate if renovating your home is something you’ll gain something from in the future. Are the types and styles of the renovations you have planned going to work for both you and the market when you plan to sell?
Renovating your home not only lets you enjoy its beauty and comfort. If you focus on the right aspects, you can demand a higher price for it than the amount it’s supposed to cost.
Light and Space
Dim and cramped rooms are red flags for real estate agents and buyers.
To visually expand a dark space, open up your house through renovation to let the natural light in. Remove walls to light up the rooms and open the floor plan; the house will look and feel bigger.
Don’t assume a wall cannot be removed. Talk to experts like us, and we may have a solution to open or remove both structural and non-structural walls safely and securely.
Another way you can establish a more spacious home is by having vaulted ceilings. Skylights can shower your interiors with natural light.
If there is no way to get natural light into an interior space, then consider installing pot lights, hanging lights, or wall sconces. Turn your “cave” into an inviting space by bathing it in light.
A skylight Bradburn added to the home of one of our clients.
Curb Appeal
The attractiveness of the outside of your property, or its curb appeal, says a lot about its resale price. It’s the first thing that buyers see from the outside.
Experts suggest that if a property’s exterior looks good, the homeowner can easily add an extra 7% to its price and up to 14% in a slow market (Journal of Real Estate Finance and Economics).
The homeowner should take care of any visible signs of wear and tear (loose siding, peeling shingles, etc.). Ensure your exterior paint is flawless. The driveway and the lawn space should look professionally designed and cared for. Supposing you have a deck, put in some furniture and create a garden that bears colourful flowers and leaves.
Home Office
Post-pandemic, nearly all buyers require a home office in the property they’ll buy. Since more and more companies are letting their employees work from home, having a workspace is an asset in the eyes of homebuyers.
Convert an extra space in a living room, hallway or bedroom into an office. The desk doesn’t need to be huge, but make sure it’s spacious enough for the occupant’s comfort.
There should be property installed outlets as this simple detail can tell if the home office is ready for use. A built-in desk and cabinet storage is a high-end touch.
For more information, read our article on planning an addition to create space for a home office.
Finished Basement
The best way to add value to a property is to renovate unfinished spaces to be usable and enjoyable. Finishing a bare basement to make it a functional room will nearly always add value.
It’s best to transform a basement in a way that residents can use in multiple ways. Turning it into a bar, a bedroom for kids, a media room, or simply a living space shouldn’t be challenging. Having a bathroom in your basement guarantees a better resale value. Keep the area open for a brighter ambience.
A multi-function space the Bradburn Group of Companies renovated.
Conclusion
Choose the right projects, plan and budget properly, and you will improve your quality of life AND your home’s value.
These are specific projects you can make to increase the value of your property. Take time to plan before you begin the renovation to avoid overspending and ensure you’ll have efficient upgrades.
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Photo by Anastasia Shuraeva from Pexels
