11 Home Renovations to Increase the Value of Your Property (and 7 that Aren’t Worth it!)
Published on 29 June 2015 in Blog Ottawa Real Estate Ottawa Real Estate Market Report Ottawa Realtor by
Last updated on May 10th, 2024 at 01:48 pm
Keeping your renovation budget down when you are planning to sell your home is extremely important. Sometimes you have to bite the bullet and change up a few things, so how do you do that without breaking the bank? If you’re wondering what remodeling steps increase home value and which ones are better to avoid, we’ve got all the answers right here. Today, let’s explore in detail the top home renovations to boost value, a few extra goodies to consider, and what you should steer clear from if you value your savings – pun intended!Steps and Renovations that Improve Home Value
Cleaning
A thorough cleaning can make a remarkable difference to how your home shows. Make sure you scrub from baseboards up to the crown mouldings. Those errant spider webs are sure to catch someone’s eye, and that is not what you want potential buyers to be captivated by. This is something that doesn’t have to cost a penny more than your time and basic supplies you likely already have around the house.Carpets
Make sure your carpets are clean and fresh. It is surprising how affordable new carpeting can be if your present ones are too off-putting. Most of the do-it-yourself stores have a service available where they install new carpeting in a very short period of time.Paint
You may love that deep red accent wall in your living room, but it won’t appeal to everybody. The last thing you want is for your fabulous home to be struck off of someone’s list because they didn’t think they could live with the paint colour. A fresh coat of neutral paint will take care of that issue. It will lighten up your room and allow potential buyers to focus on the positives in your home.Repaint
When it comes to transforming any space, one of the best ways to do it instantly and affordably is by simply repainting it. By lighting up the colours on your walls and adding a fresh, clean coat, you can make rooms appear larger and brighter, and more modern, clean and welcoming. Even adding an accent colour to a feature wall can enhance your interior dramatically by creating a focal point and some character.Refinish Cabinets
If your kitchen is looking a bit drab and could use some attention, you don’t necessarily have to splurge on an entire kitchen upgrade and stretch your budget thin. Instead, focus on the areas that tend to wear down fast, like the cabinets. Rather than replacing them, you can refinish them by cleaning, sanding, painting and replacing the handles with newer, modern ones. This is a perfect DIY job that can be done in the span of a weekend. In addition to the cabinetry, some other quick fixes that can drastically improve the look of your kitchen include adding a new backsplash and replacing the faucets with chic, modern looking ones.Add New Light Fixtures
One key feature that can instantly enhance the kitchen or living room as well is a new light fixture. If your current one has been hanging there since the 90s or creates a dark and unwelcoming interior, consider replacing it. Adding a new light fixture can create a more dramatic accent, modernize your décor, and brighten your home, making it appear much more inviting.Replace the Front Door
When’s the last time you replaced the front door? If your current one is cracked, chipped and looking noticeably weathered, it’s time to either refinish or replace it. As the most visible feature of your home, it affects your curb appeal significantly and can make or break first impressions when you place your home on the market. The last thing you want is to deter potential buyers with a bad impression before they even enter your home.Improve Basic Landscaping
Speaking of visible features, how does your landscape look? Is your lawn patchy, burnt and unkempt? Remember, improving your home with small renos also extends to the exterior. Whether you have a small patch of grass, gravel or a simple patio, spending a little effort to spruce it up can make a world of difference for boosting the curb appeal and value of your home.Kitchen Renos
A fairly easy update to a kitchen is the door pulls. Your local do-it-yourself hardware stores have a wide variety of door handles and knobs in any number of finishes. Most cupboards have standard sizes, and that makes it very easy to swap out older models for something fresh and new. Is your kitchen faucet a little worse for the wear? If some elbow grease doesn’t bring back that almost-new shine, perhaps a new one will go a long way to updating the space. Also, appliances should be clean and sparkling. Potential buyers will open the dishwasher and the oven. Make sure they are not assaulted by a spillage or bad scent from last night’s pizza.Bathroom Renos
Make sure that the grout and caulking are clean and that the fixture sparkle. New faucets and even towel bars will make a big difference to the pickiest of potential buyers. If you do feel that it may need an update, be careful to not blow your budget as bathrooms can be money sinks if you’re not careful. Look for quick solutions that you can apply instead, such as adding a fresh coat of paint, and maybe a new vanity for the sink to give it a lift. You can buy a dual flush high-efficiency toilet for under $300, well worth the price if your old one has seen better days.Declutter
While not technically a renovation, a clean and decluttered home will help buyers envision their belongings in the interior spaces. Not only that, but it makes for a more welcoming environment, gives buyers the chance to consider the acoustics and natural lighting of each room without objects getting in the way, and much more. The more minimalist yet home-like a property is, the more likely a prospect will consider not only staying awhile to really explore it but also make an offer. Possibly!Other Curb-Appeal-Friendly Considerations
Choosing Between Steel Doors or Wood
One high-yielding investment is a new door. This is the focal point of your home and having an attractive, low-cost upgrade can easily increase your resale value. When considering steel or wood, the former will bring you a much greater return. Steel is known for being both long-lasting and sturdy, but it’s also an excellent energy-efficient option and requires little to no maintenance, making it a superior choice.How Energy Efficient Brands Can Attract Buyers
As energy bills soar, investors and homebuyers are looking for ways to cut back on energy usage and costs. Installing energy-efficient appliances in your kitchen, laundry room, and bathroom will attract energy conscience shoppers. New windows can also be added to replace energy-squandering ones and to upgrade the look and design of your home. Look for Energy Star certified products that are guaranteed to cut bills down dramatically.Why New Insulation Has the Highest Return
Not something most people spend a lot of time thinking about is the insulation in their homes. But if you don’t have quality insulation, you will be throwing money down the drain on heating and cooling costs. One of the best investments is fiberglass attic insulation, which often produces a return over 100% thanks to the low cost of installation and reduced costs to your energy bills.Deciding On a Basement Remodel or New Addition
Your unused basement can really push up your home’s value with a simple remodel. New carpets and fresh paint, as already covered, can be easily added for a relatively painless cost. And if you finish your basement with an added bedroom or entertainment area, buyers will see it as the potential for rental income or an area for other children or family. A new addition is also an attractive option, but it takes a lot more money to add a whole new section to your home instead of upgrading it.Consider Skylights in the Kitchen
Modern skylights are as dependable as high-quality vertical windows, and they admit much more natural light. Solar-powered, fresh-air skylights passively vent humidity and cooking fumes from the kitchen while bringing in light. Pair them with solar-powered designer blinds, and your skylights become not just more energy efficient, but more functional. This is possible since both are operated by a programmable remote control. As an added plus, solar-powered skylights, blinds, and installation costs are eligible for a 30 percent federal tax credit for energy-efficient home improvements.Things to Avoid
That being said, some value-boosting efforts cost more than what they are worth. Below are a few examples of what to avoid – instead, focus on more affordable approaches.