In the 21st century real estate market, many homeowners are doing everything they can to take advantage of the new design and technology upgrades available to them in an attempt to increase the value of their homes. There are handful of upgrades and projects that will always increase the value of your home, but some are able to provide much bigger returns than others. Below are six recommended home remodelling projects to help you add value to your home.
- Kitchen remodelling. The kitchen is probably the most often used and most heavily inspected area of the home. It is the focal point of family life, used for everything from entertaining, to quick meals before the kids head out the door to soccer practice. Many experts suggest that if you are looking to increase the value of your home, best bet is to start in the kitchen.
- Bathroom remodelling. Most experts agree that, in terms of bang for your buck and return on investment, remodelling the bathroom is the next best thing to remodelling your kitchen. This is the advice given to most people by their realtors when discussing their best options for getting most, if not all of their money back.
- Hardwood flooring. One of the first things that people notice when they walk into someone else’s home is the flooring. Tile and carpet have had their day, but it’s hardwood that has taken up the mantle as the most popular flooring option in modern homes. Many home buyers associate carpet with old, out-of-date homes, and with rustic, or modern designs carpet is virtually nonexistent. One option for homeowners whose budget does not allow for traditional hardwood remodelling is laminate, or engineered hardwood. Many home-buyers can’t tell the difference, but you certainly will when it comes to the saving and the amount of value that it adds to your home.
- New windows. New windows means curb appeal and people often undervalue how much good quality, attractive windows add to that. Not only are new windows great at improving resale value and curb appeal, but they are made to be much more energy efficient, saving you extra money in the form of reduced energy consumption and related bills. With the rising cost of energy, installing new windows that will not only add aesthetic value to the house, but save on bills, saves you money in the short-term and makes the house that much more attractive for prospective buyers for the long-term.
- Entry doors. Interior designers suggest that the exterior door of your house should be an extension of your interior design philosophy. The most common doors on the market are made out of wood, but steel and fibreglass doors also come in a range of great design and colour options. They come with an array of decorative options, including glass panes, which increase the price. Storm doors and screen doors are great options for helping to reduce energy costs and extend the longevity of the door, increasing your home’s resale value in the process.
- Create space. Anything that creates space in your home, whether it be knocking down a non-structural wall or removing the island in your kitchen, is attractive to home buyers, especially those who can afford to be choosey and who would prefer a wide open floor plan to work with when they move in. Look for ways to open up the space in your home and create a sense of flow. For a low upfront cost, you can add exponential value to your house.
According to Remodelling Magazine, homeowners can expect to recoup anywhere from 68% to 75% of their kitchen remodelling costs in increased resale value. Whether you are making changes on a individual basis—such as cabinets or appliances—or are redoing the kitchen in its entirety, you will, without a doubt, be increasing the overall value of your home. This means that, based on the average kitchen remodelling cost of over $17,000, homeowners can confidently expect to recoup at least $11,700 dollars.
The trick to increasing the value of your house is maximizing the return on investment by targeting a few key areas. Certain small gestures, such as a new door, or new windows, do not require weeks of time and effort to execute, and can—if done properly and with the appropriate strategy in mind—add a considerable amount to what you could expect to get for your home come sale time.