Typically, your home is your most valued possession and investment. Below are 6 ways of improving your property and adding value at the same time. These renovations can sometimes have a return on investment of 5-6 times the initial investment.
1) Add an income suite.
If you have a basement that is not being used, by converting it into a suite will increase your home’s net worth by thousands of dollars. The increase in value will far surpass the investment of the renovation.
An income suite can help cover the mortgage payment, and this is a very attractive proposition to any potential buyer.
2) Remodel your kitchen.
If you are going to do this, then remodel the entire kitchen. Many homeowners just do half and leave the rest for later. When the home is eventually offered for sale, the potential buyer may want to redo it. This may be a negotiating point against you on the price.
If you are planning on staying in your home and want to just do a soft upgrade and not spend too much money, replacing the countertops and re-painting the cabinets are a good way of modernizing your home.
3) Add lighting to your home.
Many homes built 15 or more years ago, when compared to today’s standards, do not have adequate lighting. Adding recessed or can lights have the ability to transform the feel of the entire house.
Skylights are making a comeback, and adding a skylight will allow natural light to enter your home. Natural light permeating through the home is what many homebuyers like to see.
4) Increase curb appeal.
Curb appeal means everything to a home. It is the first thing people see when they drive up to visit you. Fertilizing your lawn every year will ensure that your lawn looks good and stays healthy.
Adding new vegetation in the form of new plants and trees will definitely change the outdoor feel of your home.
5) Maintain or add a deck.
Make sure you stain or paint your deck every 2-3 years. If you are going to paint, ensure that you strip the old paint off, rather than paint over the old coat.
If you don’t have a deck, then adding one will greatly enhance the value of your home, as decks are very popular. Don’t make the mistake of making your deck too small. It should comfortably fit a table for 8-10 people.
6) Update your bathrooms.
This is an important update that can really help improve the value of your home. Make sure you update all the bathrooms, and keep consistency throughout the bathrooms with regards to toilets, counter-tops, faucets etc.
And here’s a simple fix that most homeowners overlook when renovating the bathroom: reglazing the tub rather than buying a new one. It will save you from buying a brand new tub and upgrade the look of the bathroom.
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