If you’ve stumbled across this blog, you may be thinking about how to increase the value of your home—and we can’t blame you! That’s because home improvements are an excellent way to boost the value of your property and upgrade the quality of your life while you still live in it.
Some home improvements that add value could be as simple as redesigning bathroom tiles or expanding a window opening. It could also be more significant, such as a loft conversion or adding an extension.
However, in learning how to increase the value of your home, you may come across some home improvement projects that are expensive, complicated, and take weeks (if not months) of construction work to finish.
That said, there are a handful of upgrades and projects that won’t break the bank and yet still increase the value of your home. What you need to learn now is which remodelling projects can give your small investment higher returns in the future.
Here are eight fool-proof renovation ideas to get you a return on your investments.
Factors That Contribute to Your Home’s Value
Learning how to increase the value of your home starts with familiarizing yourself with the factors that dictate your property’s value. These typically include the following:
- Home size and usable space;
- Years of existence and current condition of the residential structure;
- Upgrades and updates;
- Local market; and
- Interest rates.
To get an estimate for your property, you can try online tools available to you or contact a local real estate agent for a comparative market analysis. You can also check the market prices of houses sold on your street to find the ceiling price of similar properties in your area.
8 Ways To Increase the Value of Your Home
If there’s one thing everyone knows for sure, it’s that no one enjoys walking into a messy, damaged home. To better understand home improvement, we’ll break down each project and how they can add value to your property’s market price.
Here are our top eight ways to increase home value:
Tip #1: Kitchen Remodelling
Forbes magazine published an article stating the importance of updating kitchens to yield the best investment returns. However, they do cost a lot to pull off—approximately $10,000—but they can increase your home’s value to an estimated 4.6 to 6%.
Before you scrap any plans of renovating this area of your home, here are some cost-effective ways to give it a new look:
- Update walls and old cabinets with a fresh lick of paint;
- Replace broken fixtures, furniture, and appliances;
- Enhance the ambiance and let an abundance of natural light in with stylish new kitchen windows; and/or
- Change the flooring and backsplash.
Replacing appliances and painting cabinets can draw buyers in to seal a sale and, in some cases, even sell above the asking price.
Tip #2: Bathroom Upgrade
When trying to figure out how to increase the value of your home, it’s good to start small. Get the most bang for your buck by remodelling your bathroom! This project can yield higher returns since this part of your home requires fewer renovations.
If your home has aged significantly, give your bathroom a makeover with inexpensive fixtures or a vanity, and prospective buyers will be just as pleased.
Related article: Best Bathroom Window Ideas
Tip #3: Loft Conversion
Generally, houses with a more significant number of bedrooms and usable living spaces fetch a higher selling price and are more attractive to potential homebuyers.
Converting your loft, garage, or basement area into extra bedrooms guarantees a great return on investment. You and your family can also take advantage of the spare room as a study, a play area, or a rentable space.
A loft conversion is a major investment with equally significant benefits. While this project can cost roughly $19,000, a single loft conversion can boost your home’s value by an additional 20 to 25%.
Related article: Considerations for Your Attic Conversion
Tip #4: Entry Doors
Another tip on how to increase the value of your home includes the installation of entry doors.
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 come from 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.
Tip #5: Replacement Windows
Where does your home stand in terms of curb appeal? Win over potential homebuyers by ensuring your property looks beautiful inside and out.
Not only are new windows great for improving resale value, but they also check the box for energy-efficiency. They can save you extra money by reducing energy consumption and related bills.
With the rising cost of energy, installing new windows that will add aesthetic value and save you money will make the house much more attractive to prospective buyers.
Tip #6: 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 the spotlight as the most popular flooring option in modern homes.
Many homebuyers associate carpets with old, outdated homes. One option for homeowners whose budget does not allow for traditional hardwood remodelling is laminate or engineered hardwood. Many homebuyers can’t tell the difference, but you certainly will when it comes to the amount saved and the amount of value that it adds to your home.
Tip #7: 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 homebuyers, especially those who can afford to be choosey and 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.
Tip #8: Incorporate Smart Technology
These days, the possibilities almost seem endless—and we recommend looking into devices like electronic security systems, touch-pad thermostats, and “smart” window coating. The future is now, and installing innovative technology in your home is a cost-effective way to improve your home’s value.
Get Top-Quality Replacement Windows and Doors
Now that you know how to increase the value of your home, it’s time to start planning! Why not kick off your improvement plans by shopping for premier windows and doors?
Having elevated over 250,000 homes, Clera Windows + Doors is one of Canada’s largest, most dependable, and reputable window and door companies in Ontario. From manufacturing to installation and after-sales services, we ensure that every step of the process embodies top quality.