By Realty Times
If you’re looking to increase your home’s property value and are considering a home reno project, you may want to consult a local real estate agent who can provide you with market research data and help you make an informed decision.
A real estate agent will find comparable properties that are currently listed for sale and recently sold properties in your Mississauga neighbourhood. How your home stacks up against comparable properties will tell you your home’s current market value and inform your decision on any home improvements.
So, if, for example, your kitchen’s appliances, countertops and cabinets are in the same condition as similar properties in your neighbourhood, it’s unlikely that you’d recoup the costs of a kitchen remodel when selling your home.
But if your kitchen’s appliances are struggling to keep up and your counters’ and cabinets’ dated looks are holding your home’s potential selling price below market value, giving your kitchen a well-thought-out makeover may be worth the investment and sell your home faster.
With that being said, the home improvements below are commonly known as renos that can add value to your home.
Create an Outdoor Living Space
While the easiest way to increase your property value would be to simply increase your square footage by adding an extension to your home, that’s a lot easier said than done. A major reno like that comes with major costs, headaches and inconveniences. There is a much less painful option that not only increases the livable area of your home, it’s also a lot more fun when the weather’s nice.
The trend is definitely to get more creative and elaborate with backyards and outdoor spaces by essentially turning them into a convertible inside-outside extension of your home. Outdoor kitchens are commonplace now, and covered decks seem to be the standard.
If you are looking into a major backyard makeover, get the most out of your new deck, patio or outdoor lounge by installing an outdoor patio heater so you can enjoy your outdoor space well after patio season is over.
Flooring is one of the few exceptions to the rule that home improvements won’t make you more money than you invested. Flooring upgrades can potentially return 100-150% of what you spent, with the disclaimer that the type of flooring and the quality of installation are critical for getting a good return.
Stay away from carpet, and if you have carpeting, you might want to consider replacing it as your next project. Perfectly installed hardwood floors can be a home’s key selling feature, but you will have to pay premium material and labour costs, and they are high-maintenance. Laminate flooring provides stylish, cost-effective options as an alternative.
Structural and Efficiency Improvements
While roof replacement, drainage upgrades, foundation repair and waterproofing aren’t commonly among the most popular or sexy home reno projects, these types of renos are money well-spent.
Protecting the interior of your home from water damage and dreaded mold by reinforcing the exterior carries significant weight with homebuyers. As does replacing old, drafty windows that save you and your potential homebuyers energy costs. Renovations of these types that save buyers money are attractive to buyers and their agents.
If it’s been a while since the windows were installed, you might want to preemptively replace them with energy-efficient upgrades. Besides reducing energy bills, they also reduce street noise.
On a related note, swapping out old appliances with energy-efficient replacements can add also boost the value of your home.
3. Kitchen Upgrades
Kitchens are one of the first places potential buyers look because that’s where families and their guests spend a lot of time socializing. Having an open, accessible kitchen with lots of natural light, a stylish look and modern appliances can make buyers fall in love with your home. Kitchen renovations can be as simple as installing new cabinet doors, countertops and appliances or a complete remodel.
If a remodel doesn’t work for you, you can consider esthetic changes such as:
- Replacing countertops with stylish alternatives to premium countertop materials or using that premium stone for Islands and the cost-effective material for the perimeter.
- Painting, adding peel-and-stick wood products or removing cabinet doors to give them a more modern look.
- Changing the backsplash. It doesn’t need a lot of material, so you can add some elegant stone or go with more affordable ceramic or glass.
- Adding a movable island. If you have the room and desire for an island in your kitchen, try a high table with barstools or a movable cabinet.
Rooms and Hallways
If your walls are still eggshell, it may be time to refresh them. Painting is an excellent way to brighten up dark areas and tight spaces or get creative with patterns and accent walls.
Speaking of brightening up a space, if there’s a section of your hallway, a bathroom or any area of your home without a window where’d you like one for more natural light, consider different types of light fixtures and bulbs that can mimic sunlight, like LED lamps.