Renovation Tips to Boost the Value in Your Home in 2018
January 26, 2018The value of properties in Toronto continues to skyrocket. And while the strength of the market is causing home prices to go through the roof, renovation jobs can add even more value.
Whether you’re looking to revamp the look of your home for your own tastes or are looking to beef up the value of your property in order to get more money when it comes time to sell, certain projects can boost value much more than others.
Here are some renovation tips to boost the value of your home in 2018.
Finished Basement
Adding living space to a home without having to add any actual square footage is a renovation project that you might want to make if you’ve got a growing family or your target buyers are families looking for lots of space. Of course, there are tons of things you can do to your basement to finish it, but you don’t have to go overboard and blow the budget. By sticking within a certain price point, you can recoup as much as 75% of the cost of finishing your basement when you sell. Stick to simple renovation jobs, such as rec rooms or open entertainment areas, and don’t get too fancy or you’ll simply eat into your profits.
Front Door Upgrade
There’s something to be said about the curb appeal of your home and the role it plays in overall value, and your front door is a crucial component to curb appeal. If you want buyers to feel compelled to walk into your home, make sure your front door is inviting. If not, you might want to consider replacing it with a solid steel model.
Not only will replacing the front door give your home’s curb appeal an instant boost, it can even increase the value of your home. Homeowners can recoup as much as 90% of the cost of the door when it’s time to sell.
Minor Kitchen and Bathroom Renovations
The kitchen and bathroom are two critical spaces in a home and are instrumental in determining the perceived value of a property. While these two rooms are often the most expensive when it comes to renovations, you don’t necessarily have to conduct a full gut job in order to make a real difference and add some value to your home.
Simply refacing or replacing cabinet doors, swapping old knobs and handles for new ones, replacing light fixtures, and adding a new countertop can do wonders at revamping these important spaces without spending a fortune. You can recoup 83% of the cost of a minor kitchen or bathroom remodelling job.
Fresh Paint Job
If there’s one project that can bring in a really high ROI, it’s painting. In fact, giving your walls a fresh coat of paint is probably one of the fastest, easiest, and most affordable ways to boost the esthetics of your home and its value. A fresh paint job can help you recoup as much as 300% on the cost associated with materials. So, if giving your home’s looks and value a boost is on the agenda, consider splashing a new coat of paint on your interior walls.
Hardwood Floor Installation
No other floor surface instantly boosts the look of an interior like hardwood floors. From the natural texture to the grain pattern, hardwood flooring can make a home feel stylish and earthy at the same time. It’s super popular for homes and has been for a long time. In fact, this trend is showing no signs of fizzling out anytime soon.
If your home is covered in wall-to-wall carpeting or cheap vinyl or laminate, it may be time to swap it for hardwood. While you can certainly spend a pretty penny installing hardwood, there are plenty of affordable options to choose from that will create a stylish interior. You can expect to recoup as much as 70% from this renovation project.
Hope Designs: Helping You Boost the Value in Your Home
Still looking for ways to increase the value of your home without breaking the bank? At Hope Designs, we’ve got a ton of experience helping homeowners either revamp their interior for themselves or get their homes ready for the market. Call Hope Designs today!