Different projects add different value to a single family home, however creating a legal basement suite, installing a deck and upgrading your kitchen maybe the most lucrative.
Each of the below home renovation projects may add value but they may also cost handsomely, particularly finishing your basement or getting good quality landscaping done.
- Deck Installation
Installing a well designed deck along with a fire pit and seating would be desirable to most home owners and may also require less maintenance compared to grass in the backyard. This upgrade could cost you substantially depending upon what exactly you build, whether you get a hot tub or a gazebo. A deck adds value to the home compared to an empty backyard.
2. Legal Basement
Finishing the basement legally probably adds the most value to a home, particularly if you build a separate rental suite. This upgrade will pay you well when you sell the home. Although it may cost you around $50k or more to finish a basement in 2022, it is well worth the investment. Not only do you get additional space, but the extra rental income could boost your cash flow and thus help with mortgage payments. A basement rent between $1200-$2000 per month is not unheard of in the main metropolitan cities around North America. You could be adding between 40k to 80k to your home appraisal just by finishing the basement secondary suite.
3. Outdoor Landscaping
Outdoor landscaping has become one of the expensive items when it comes to home renovation projects. It definitely could make your house look more attractive and pretty and therefore adds value to people and buyers who prefer greener spaces. This upgrade could help your home sell faster as there may be less demand for unattended outdoor spaces. After all, nobody likes weeds in the garden. A well designed outdoors with walking paths, trees and flowers may be seen as a well maintained unit which is valuable for buyers.
4. Roof replacement
A typical single family roof may require replacement within a period of about fifteen years after it was installed. Some metal roofs last longer but they are not that common. A new roof is seen as one item that a home owner may not have to spend on in the near future and thus adds value to the home. A new shingle roof may cost upwards of $3000 for a standard single family home, depending upon the roof area.
5. New Windows
Similar to roofing, new windows are required after many years of new construction. It is a cost that a homeowner will have to bear after a certain amount of time. Replacing your old windows with new windows therefore adds value to your home.
6. Bathroom Remodel
A bathroom remodel may cost you between $6,000 to $10,000 but it is required in an older home after a few years. It is definitely a home renovation project that adds value to your home as it is a preferred upgrade for many home owners. Getting an upgraded stand in shower instead of a tub and a new modern vanity makes the bathroom look more contemporary and thus adds value to your home. It is also wise to get your walls checked for any mould problem that may arise in your bathroom and get the dry walls replaced if required.
7. Kitchen Upgrade
This home renovation upgrade is one of the most sought after by realtors. Getting your kitchen upgraded by adding a backsplash or installing quartz instead of laminate attracts buyers to your home when selling. The new countertops also make the workspace more convenient to use and a kitchen upgrade definitely adds value to your single family home.