Increase your home’s value with these 3 renovations
However, not all renovations are created equal and some renovations will add more value to your home than others. So how do you know which renovation job will increase your home’s value the most? The answer’s may surprise you. Take a look at the three best renovations for adding value to your home.
The kitchen is, for many people, the most important room in their homes. That’s why a kitchen renovation has the potential to add the most to your home’s value. Kitchens also typically attract the most foot traffic through your house, which means that if and when you choose to sell then a renovated kitchen can make a big impact on potential buyers. A kitchen remodel can easily make up over 100 percent of its cost. However, a word of warning before you get too carried away: kitchen design is subject to trends, which can be fickle. What is “in” today may not be so popular in five years. If you’re planning on selling within the next few years then a complete kitchen remodel provides a healthy return on investment. If, however, you’re planning on living in your house for a while yet then it may be smarter to focus on less extensive renovations and leave the major work until closer to the time when you actually want to sell.
If you are looking to not only increase your home’s value down the road but also to start saving money today then investing in energy efficient windows ticks all the boxes. Homebuyers today are increasingly concerned about a home’s energy costs, which is why newly replaced windows can be so enticing. You can expect a return of investment on your new windows of anywhere from 60 to 90 percent. Even better, because less heat will be escaping, your home will become much cheaper to keep warm during the winter months. You may even be eligible for tax credits from your local, provincial or federal governments to help you recoup the costs further.
If you’re looking for the biggest relative increase to your home’s value then the surprising truth is that just taking care of those odd jobs around the house are well worth the effort. In fact, the best return on investment of any home improvement project is nothing more than a fresh coat of paint. Spending a weekend giving your home a new coat of paint will give you an impressive 165 percent return on investment. Other jobs like updating your light fixtures, upgrading your flooring, fixing the siding, replacing the doorknobs, and adding some landscaping are cheap, easy, and can increase your home’s value in significant ways.
When it comes to home renovations, the best investments aren’t necessarily the most expensive ones. From a fresh coat of paint to a major kitchen remodel, there are countless ways you can enjoy the benefits of a better looking and more valuable home by embarking on a new renovation project today.