3 improvements that increase the value of your home
As much you love your home and neighbourhood, there may come a time to move on, whether you’re upsizing or downsizing. With so much of your net worth tied up in your home, you’ll want to make sure you get top dollar when you put it on the market. That’s when home renovations come into play. If you watch a TV channel like HGTV, you'll find endless home renovations you can do to spruce up your home. But if you’re on a limited budget like most of us, which do you choose? Here are some of the best home improvements to increase the value of home, sweet, home.
Kitchen
Kitchens are usually the most expensive rooms to renovate, but they also are one of the best home improvements to increase value in your home. A new kitchen can provide up to a 100 percent return on investment.
If you decide to renovate your kitchen, similar to any home renovation, it’s important to set a budget. Unless your kitchen is a blast from the past, you don’t need to spend thousands to get a decent return. There are less costly renovations you can do that still provide a decent return. If your cabinets are still in good shape, instead of replacing them, why not reface them? If your flooring needs to be replaced, why not take a free class at a big box retailer in your neighbourhood and do it yourself? Other less costly renovations include a new backsplash and countertops to spruce the place up.
Bathroom
Similar to the kitchen, the bathroom is another room homeowners like to spend a small fortune on. If you’re smart about your home renovations, it’s one of the best home improvements to increase value. It can provide up to a 100 percent return on investment. It all comes down to spending your money wisely. While you can go and spend $100,000 to renovate your bathroom in a $500,000 home, you’re not likely to recover your money. But if you make upgrades for $5,000, you could up the sale price by up to $10,000.
Take a look at your existing bathroom and prioritize your renovations. For example, if you have a lime green tub, sink and toilette, those should go, since most buyers won’t appreciate the retro look. Take the time to replace them or hire a professional. Simple stuff like caulking the sink and toilette can also go a long way.
Painting Your Home
The third way to spruce up your home and help boost its value is with a fresh coat of paint. You don’t have to be handy like Mike Holmes to paint your home. Painting is the perfect DIY project. Just pick up a paint brush, a can of paint and the required tools from a big box retailer and paint your heart out!
While painting isn’t rocket science, you want to make sure you do a good job. A sloppy paint job can actually hurt the resale value of your home. When it comes to painting hard-to-reach places like ceilings, it might make sense to hire professionals to handle.