Best home renovation projects that could add value include building a basement unit, upgrading your kitchen and bathrooms and changing the flooring before you sell your home.
We all would like to get the best price and value when we sell a piece of a real estate that we own. There are however certain upgrades that add more value to the home compared to others and it is helpful to know some of these. There are also certain upgrades that may not make much of a difference to the home value. Let’s talk about the upgrades that add to the home value, although it is important to note that market conditions play an important role in the final sale price. If it is a sellers market, then you may get a better value from these upgrades than if it is a buyers market. It would be worthwhile considering the following home renovations before selling your home:
Renovate your bathroom
Bathrooms, especially the cabinet space and vanity are important upgrades. Oversized medicine cabinets, double vanities, extra storage space, and hidden electrical outlets can make your washroom an attractive one.
Do get a kitchen upgrade
As per some real estate agents, the kitchen is a huge selling factor. Consider switching up to a granite countertop, adding an elegant backsplash, an attractive cabinet colour, extra storage space and a kitchen island. You may be investing $10,000 for kitchen renovations, but it could add much more to your overall home value.
Paint the walls
New paint, especially white or light grey or any neutral colour can make your space look larger than it already might be. Most homeowners choose to paint the house themselves to cut costs. Eliminate wallpapers and dark wall paint, they are less appealing than lighter colours.
Do make lighting improvements
Some home renovation projects won’t cost you a fortune, but they will make a difference and add value to your home. Lighting makes the space more appealing. Switch up the light fixtures, and add a modern touch with consistency across your home. Also, consider bright lighting and dimmer switches where necessary.
Do change the flooring
If the flooring is old, it needs a change more often than not. If you have an old carpet floor, then this upgrade becomes even more important. Hardwood flooring is usually associated with premium upgrades and could definitely add value to the home if you install it instead of carpet. Hardwood usually remains more clean and is easier to maintain. Laminate Flooring is another option.
Definitely consider adding a legal basement unit
This is probably one of the most lucrative ways to add value to your home just before selling. A legal basement unit can definitely add many dollars to the home value, specially if it has a separate entrance. This is because the basement unit adds rental income to your home, although you should first consult your accountant to verify how a rental suite would affect capital gain tax when you sell the home. With home prices going up, more tenants are looking for low cost alternatives to rent and a basement unit fits in this category.
If you were to consider some additional home renovation projects, you could invest in a deck or create an outdoor space that’s inviting. According to some realtors, a weather-proofed deck with an outdoor entertainment zone can give you a good return on your home.
Before selling your home or even putting it up on the market, it’s best to talk to experts and develop a strategy to make the right investments. Think about the instances and projects that will appeal the most to you as a home buyer. The key is to create and upgrade spaces that will be admired by every family member.
There are however some less exciting upgrades too, that may not add a lot of value when you sell your house. Some of these are:
Don’t have to invest in a sunroom
While the sunroom is nice to have, it’s definitely not a must-have. Realty experts suggest that the sunroom is not a utility room, only a novelty. Adding a sunroom to your home renovation project before selling may only add costs.
You don’t need a pool to attract potential buyers
Having a functioning pool is a subjective decision for most home buyers. A swimming pool is not one of the mandatory additions to your home and the cost might be unjustifiable. Your home insurance may also increase. But, if you already have a pool, you can have the maintenance done.