If you’re thinking of renovating your house with an eye to upping resale value, you may want to focus your dollars on projects that will give you the best return.
Kitchen renos usually offer the best return of any major improvement. Just make sure you’re keeping your update in line with the rest of the house and with other homes in the neighbourhood. Don’t have to spend large amounts into your kitchen. A small facelift: new hardware, freshly painted cabinets or new appliances can make a big difference
Buyers like bathrooms that are up-to-date and stylish. Despite being one of the most expensive renos you can undertake, updating an existing bathroom or adding a new one can really boost the value of your home. If your home only has one bathroom, adding a second one is always a good idea, especially if all other homes in your area have two.
Finishing your basement (or your attic or any other unfinished area) can increase the value of your home tremendously. Adding living space almost always pays for itself. Plus, it’s more cost-effective than building an addition.
A well-constructed addition usually offers a good return at resale. Improvements that increase functional space (rather than just making your home look better) hold their value longer. Just be careful not to add on so much that there’s no space left on the outside; a yard that’s too small may not appeal to buyers.
5. Hardwood floors
Wood floors are elegant, durable and easy to keep clean. Stick with light or medium wood; dark wood looks formal and isn’t to everyone’s taste. It’s a pricey update, but you can usually recoup a good portion of what you pay for new floors.
6. New paint (interior and exterior)
Painting your home is inexpensive, easy, and is one of the few investments you can make that will likely see a significant profit. Stay away from intense or unusual colors that won’t appeal to most buyers – tasteful, current neutrals are best. If you’re painting the outside, keep colors in line with other homes on your street.
7. New deck
An attractive, well-designed deck is a cost-efficient way to add usable square footage to your home, and offers excellent payback.
8. General improvements
These may seem boring, but overall, fixing the small stuff may increase the value of your home the most. Before you spend money putting in a Jacuzzi tub, first see if any structural or mechanical fixes take priority, such as roof repairs, fixing a leaky basement, repairing doors that stick, dripping faucets, etc.