While the value of our homes tend to generally appreciate over time. How much they appreciate will often depend largely on what you do with your home while you live in it. People who make regular upgrades to their homes often enjoy far greater returns on their real estate investments compared to people who just do basic regular maintenance.
While there are certainly home upgrades that you will enjoy, there are many that will help you get a better ROI when it comes time to sell. Here are six ways to improve the value of your home that you can also enjoy.
1. Finish your basement
There is probably no other project that can bring you a better ROI than a finished basement. In many cases, finishing off a basement can turn your 2,000 sq. ft. home into a 3,000 sq. ft. home, increasing your living space by almost a third. Creating an in-law suite or apartment is also a potential source of extra income.
2. Install wood flooring
While carpeting, tile and even linoleum are still acceptable flooring options, there is probably no type of flooring in greater demand right now than wood flooring. A wide variety of options, ranging from engineered hardwoods to modern laminates are finding their way into even the highest-end homes.
3. Create space
Where once homeowners wanted features like a separate dining room and walled-off kitchen, today’s home buyers are looking for open floor plans and light, airy spaces. If you have an older home that has several small, cramped rooms, you may want to invest in a structural remodel to open up the space and create a more open floor plan. While you are at it, you may consider investing in a skylight or even a simple sun tube to take advantage of natural light, which is another modern feature in high demand.
4. New roof
While a roof may not be the “sexiest” of upgrades, it will definitely provide the best ROI overall. When new home buyers are looking for a home, the first thing they are going to want to invest in is renovating the interior to their own taste and style. They are far more likely to purchase a home that is structurally sound in every way, particularly when it comes to (literally) the roof over their head.
5. Pay attention to the small details
While you may be used to the slight squeak the third step on your staircase makes or the chip in the tile in the bathroom, these are all relatively easy fixes that will go a long way towards convincing potential buyers that everything in your home is ship-shape. Conversely, while none of these small imperfections are going to affect the overall structural integrity of your home, they can all cumulatively lead to the vague impression of a home that has been neglected. If it’s chipped, worn, broken, cracked or frayed, it should be repaired or replaced.
6. Spruce up the bathrooms and kitchen
You want as large a pool of buyers as possible to be interested in your home, so you don’t want to invest a great deal in something that is very taste-specific. This doesn’t mean, however that you can’t give your kitchen and baths a goods sprucing up. Sometimes, a fairly inexpensive overhaul can actually give your kitchen and baths the same fresh, new look that a complete remodel would. Some inexpensive but worth-their-weight-in-gold upgrades are:
- Replace frosted glass doors in bath for clear doors
- Clean grout
- Remove rust stains
- Replace faucets
- Install low-flush toilet
- Replace toilet seat on older low-flush toilet
- Apply new caulking
- Update doorknobs, handles and cabinet pulls
- Update vanity if old or outdated
- Install new doors on kitchen cabinets
Buying or selling real estate should be exciting, comfortable, informative and stress-free. Please contact us when considering your move in Barrie, Simcoe County, Toronto and Muskoka.