What renovations increase home value

For most home owners, adding value to their home with renovations is important. Also, as homeowners, we all want the best value for our dollar. Therefore it is important to think before you start your renovations. Why do you renovate? Will you enjoy your home for many years to come, or will you sell your home sooner rather than later?

Here are a few renovations that add value to your home.

Bathrooms

Bathrooms are very important to home buyers. And yes, still out there in Calgary are the pink and blue bathtubs. A large budget is not by definition, necessary when  renovating your bathroom. There are many alternatives out there that still look good. Of course, most people love the fancy spa type bathroom. You may be able to look for products on sale. The bathroom is a smaller place in your home, so you can buy the last sink in stock and the last set of tiles. Keep colors neutral, as those don’t ‘age’ as quickly.

Kitchens

Just like bathrooms, kitchens are very important in a home. We believe that the kitchen gives you one of the highest returns on your investment. Kitchens are also more expensive generally, than bathrooms. These days, it is a lot about the ‘bling bling’. Stainless steel and granite are almost expected. We believe that granite adds a lot to a kitchen, and gives back a lot of value when you are selling a home. There are alternatives out there though, that may be worth looking at. Stainless steel appliances can often be bought on sale. Having your kitchen custom made is very expensive and may be only worth it, if you know you will enjoy it yourself for many years to come. Otherwise, kitchens from stores like Ikea are cheaper and still demonstrate value to many buyers.

Flooring

Flooring is very important to most people. First of all, many people don’t like carpet. Hardwood floors are definitely the most popular. Giving a great look and a long life. Most buyers do not like to buy a home and have to redo all the flooring. It is both expensive and a lot of work. If hardwood is not in your budget, go to a nicer grade of laminate or vinyl. Flooring covers everything in a home, so doing this correctly, will impact the sale-ability of your home. Don’t lay flooring yourself, if you don’t have the experience. Buyers always look closely how the flooring was done.

Lipstick

One of the simplest changes in a home is changing the hardware and fixtures. We like those ‘lipstick’ renovations.  Replacing light switch covers takes a few dollars from your wallet but really upgrades the look. Faucets, a new sink, a new toilet and new handles on your kitchen cupboards are fairly inexpensive but add good value.

Painting

Painting is often under-estimated. It takes time and work, but is well worth it when you do it right. When you paint your home for resale, chose lighter and more neutral colors. If the children’s rooms are bright pink and blue, consider painting those before putting the home on the market. The fewer renovations that the potential buyer has to do before moving in, the easier your home will sell.

Secondary Suite

Income suites are liked by many investors. These also may give more families a chance to buy a home, because they can obtain some extra income. BUT: In Calgary, most rented suites are illegal! To make a suite legal, it comes with many rules and regulations in Calgary. If you put money into creating a suite you will certainly add value to your home. Some sellers decide to market the home with a ‘mother-in-law suite’ or ‘non-conforming suite. Those terms are not official terms and therefore officially illegal. In a nutshell, know what you are doing before you start getting the hammer out to turn your basement into a rental suite. Read more about secondary suites in Calgary.

In general

Sometimes we come across homes that have been renovated to a very personal taste. Often those homes are harder to sell. Also, plan a long time ahead. This way you can maybe ‘collect’ things for less money. Things on sale, or the last items in stock. Also Kijiji may offer little used items for a fraction of the new price. Last but not least: for resale of your home, keep colors neutral and leave personal colors out.

And open your door to a welcoming space. When you want to sell your home, de-cluttering and cleaning your home gives the absolute best bang for your buck.

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