1. Creating An Income Suite
The #1 best way to increase the property’s value of your home is to build an income suite. Converting your basement into a rental space or adding another floor to the home will most definitely increase your home’s value. Why not cover a portion, or sometimes all of your mortgage payments by adding a rental component to your home? Bring your home into a cash flow positive position will not only create real wealth that can supplement your income but will make your home more attractive to future purchasers when it comes time to sell
2. Kitchen Renovations
The Kitchen, being the single most important room in the home, can very easily increase the value and make your home far more attractive. The kitchen can make a major difference in the value of your home. Having a modern, fresh and desirable kitchen with newer cabinetry, new more modern lighting and adding new updated appliances will most definitely increase the value of your home on the market today. Custom cabinetry will most likely be the more expensive way to update your space so considering retailers like Ikea or Home Depot should be considered as they also offer installation services and at times “deferred payment plans” with no interest if repaid within a specified time period! Some home renovation centers also offer cabinet re-facing where the base cabinetry remains but only the doors and drawer fronts are replaced. This will reduce your renovation cost significantly and will add huge value. Another option to consider or price.
The bathroom would be the second most important room in the home in terms of valuation. By adding a three-piece bathroom to any home that only has one full bathroom will have a dramatic increase in the market value of your home. One should never compromise bedroom or closet space for a bathroom but adding one in where dead space exists will make a huge difference to the property’s value. Using light colours with a glass shower enclosure will have an appearance of room and will feel more spacious. Vanities are also now designed for smaller spaces too. Bright lighting also helps to make the space feel larger!
Kitchens can look dated because of old fixtures. Simply replacing or updating your cabinet hardware, countertops, light fixtures, backsplash or faucets will result in a quick and less expensive increase in your home’s value especially when a fresh coat of paint is also completed. These easy and effective upgrades will revitalize the entire home fast. New lighting will also do wonders to how your home presents itself.
Newer flooring is one of the most important aspects of any house. Adding an immediate rise in property valuation with the installation of hardwood floors, engineered hardwood or even laminate, this is a big bang for your buck. Existing hardwood floors that can be refinished may be ideal as this is far less costly and may be done in much less time. For bathrooms, tile will resist moisture and can, at times, be installed quickly as the space is usually smaller. Removing and reinstalling an existing toilet is far easier than you may think but don’t discount taking this time to upgrade your toilet for a more energy efficient one.
These Four Renovations DO NOT Add Value To Your Property’s Value
1. Wall To Wall Carpeting
Many purchasers may hate the idea of having wall-to-wall carpeting. Because of chemicals used in producing carpets and also due to the increase of children with allergens, many families are shying away from carpeted homes. Removing old dated carpeting and restoring wood floors would be a far more profitable investment.
2. High End Upgrades
Upgrades should be consistent throughout the home. High-end upgrades generally increase the value of high-end homes but most likely not average or mid-range houses where the upgrades do not match the rest of the home.
3. Over The Top Landscaping
Potential home buyers may appreciate well-maintained landscaping, but the home’s value will not increase because of it. Beautiful yards will show nicely, but will most likely not add to the actual sale price. Many buyers will consider high maintenance landscaping as unwanted work!
4. Swimming Pools
Many potential home purchasers view swimming pools as dangerous and expensive to maintain. Families with young children with no pool experience or exposure may reject an otherwise perfect house because of the pool. Many potential buyers’ offers may be conditional on the seller removing an above-ground pool or filling in an existing in-ground pool.