Invest wisely if you want to increase the resale value of your home. Don’t just put money on anything without knowing how much return of investment you’re getting. Certainly, you can enhance the aesthetics of your house by spending money on certain upgrades.
However, you’ll have to be a wise investor. Spend money on what truly matters when it comes to raising your home’s value. What are these essential home renovations residents in Toronto use then?
HOME RENOVATIONS THAT CAN INCREASE YOUR HOME’S RESALE VALUE
There are different projects that you can undertake to increase your home’s value. You can probably add a porch, upgrade the roofing, repaint the walls, replace the garage door, etc. But, how much value do you think these projects can add up to your home’s entire value? Maybe not so significant.
If you really want to get serious about your home renovations and up the ante of your home’s value, you should consider the following projects.
It’s common knowledge that the kitchen sells the property. Most brokers would showcase how much of an amazing kitchen a house has to convince potential buyers. Statistics show it’s the deal-breaker 70% of the time. Realtors in Ontario are pretty much convinced that they found greater success when they highlight the kitchen at every house trip.
That said, it’s a wise idea to spend your money in the right place in the house—the kitchen. A full kitchen renovation can probably cost you around $50,000 but will also give you an estimated ROI of 62%. Replacing the counter-top with some good granite or marble material and sprucing the kitchen up with brand-new, energy-saving appliances can make a huge difference. Upgrading the cabinets and applying a fresh coat of paint that complements the overall theme of the kitchen can make wonders.
ADDING A BATHROOM
Another head-turner for buyers is the bathroom. Doing a facelift to your master bathroom or adding another bathroom can be money well spent. Adding another bathroom or a full-on renovation can cost between $5,000 to $15,000 but it can also give you an 80% to 120% return of investment.
Finding the space to put your extra bathroom is also an easy thing to do. You just have to find spaces that you can convert into a bathroom: the space under the stairs, a portion of an existing room, or any other unutilized spaces in the house. A half-bath only requires around 2 meters of space while a full bath requires around 4 square meters. If you plan on adding a bathtub, 5 square meters would do and can even have enough space for other things.
Instead of adding an entire room in your house, which can spiral the cost up to $30,000 with so much of a return on investment, you might want to just reinvent a room. Reinventing an existing space and convert it into a room is a much wiser decision. A great idea is to convert an unutilized room or space into a home office. Considering the current pandemic affecting a majority of the population around the world, a lot of people have switched to a work-from-home environment. Enabling potential buyers to see this immediate and available option can certainly increase your home’s value and marketability.
FINISH THE BASEMENT
One of the most overlooked home renovation projects is the basement. Not a lot of homeowners pay close attention to how much a finished and furnished basement can bring. There’s just a ton of ideas when it comes to finishing the basement. You can convert it into a media room, a bar, or even a kids’ playroom. These types of home renovations are too expensive and are easy to finish. You can even add a bathroom in the basement to level it up a notch. You may be able to spend somewhere around $15,000 and then recoup about 96% of that money.
Whether you’re just upgrading or doing full-on home renovations, you’re still going to spend money. It’s important that you spend your money wisely and not just throw it on any project. Look at where you’re able to maximize your investment and get the highest return. These wise home renovation ideas can definitely increase your home’s value and finding a home renovator at Procally is the next step.