Insider Tips: Best Resale Bang For Renovation Bucks
Insider Tips: Which Renovations Will Boost Your Home’s Resale Value?
When considering which home improvements to undergo, a good rule of thumb is to consider the amount of money spent compared to the value it will add to the home. This should not be the only consideration, as making sure that the home is structurally sound and dry (waterproofing, roofing, etc) are extremely important, if not very exciting. The following list contains the best bang for buck home improvements to do that will add livability and comfort as well as resale value to your home with minimal time and money.
When we think about curb appeal, landscaping is often the thing that really brings a polished and welcoming look to your home. Hardscaping such as flagstone or brick, as well as a well maintained garden with a path towards the front door add elegance to any home.
New Front Door
Once the landscaping is upgraded, a new front door is an absolute must — not just because it’s an easy thing to replace, but also for the value added. According to Remodelling Magazine‘s 2014 Report, a new front door adds an average of 96.6% of the amount spent to the value of your home.
Replacing older elements, such as doors, windows and siding, generally yield a better financial return than large remodelling projects (such as additions).
In the 80s and 90s, tearing off front porches became common in many Canadian cities, but many buyers would now prefer a home with a front porch. It also adds to the curb appeal and welcoming aspect of the home, and provides a good cost-value ratio.
A full front porch made of wood or stone/brick or a replacement of the current one if it isn’t in top condition never fails to add to the resale value.
Nothing transforms a space faster than upgrading light fixtures to reflect a more contemporary design. A total lighting overhaul including landscape pathway lights, dining room statement piece chandeliers and accent lights in the kitchen, bedrooms and living room is sure bring out the best in your home.
The beauty here is that pot lamps and old-fashioned track lighting can be easily replaced with more contemporary styles. Consider pendant track-lighting over the kitchen island. Wall sconces provide accents to kitchen cabinets, art pieces and entrances; they also make great reading lights. Replace dingy overhead lighting with recessed lighting for a modern look or chandeliers for more of a statement.
French doors can be used to create a smooth transition between the interior and exterior of the home, or can be used as a divider between two connected rooms. In both cases, they allow light to travel through which makes the rooms feel brighter and more spacious. When the weather is warm, open the doors to expand your space and make the most of your garden or patio.
If privacy is a concern, you could have the doors fitted with opaque or tinted glass. If you already have them, replacing existing french doors with new ones still has the benefits of improved energy efficiency and insulation.
Making it Happen
Matrix Mortgage Global can free up existing equity in your home to make improvements like the ones suggested, or for larger scale renovations and additions. Get in touch 24/7 at 1-800-429-0717 or chat with one of our live agents here on our website.