Your home is likely one of the largest investments you will ever make in your life. After years of saving, it’s a proud moment when you can call yourself a homeowner. But typically, your home isn’t perfect when you buy it. Whether it’s outdated features or an ageing roof, you will quickly find that the financial commitment doesn’t stop as soon as you get your keys.
Tackling a home improvement project can undoubtedly be an enjoyable experience, as you watch your home transform before your very eyes. However, such projects do cost money. Therefore, selecting home renovation projects that can add some value back to your home may be wise to consider. Let’s explore some home improvements that add the most value to your home.
Despite being one of the most used rooms in the home, bathrooms often experience the most neglect when it comes to updates. From old vanities to giant and impractical tubs to out-of-date colour palettes, you can always tell the age of a home when you step into an unrenovated bathroom.
Bathroom remodels typically start around $10,000, which covers the cost of replacing existing features, such as the shower, toilet, vanity, tiles, and paint. However, the Appraisal Institute of Canada estimates that you can get up to 75% of your investment back. This allows you to enjoy the fruits of your labour while also seeing some return investments if you choose to sell.
This may not be the most exciting improvement project, but it is certainly one of the most important. Your roof works hard to protect you from the elements and small critters, but an old or damaged roof can only do so much. As soon as you begin to see your shingles cracking or curling, you know it’s time to look into a roof replacement. Otherwise, you risk compromising the integrity of your home’s foundation and attic, which could cost you more in the long run.
While you’re at it, consider adding solar panels to your home. While this will require a larger budget, it will save you money on your energy bills and be an attractive feature for future homebuyers.
You might be surprised at how important decks are to prospective buyers. In general, decks are an underappreciated element of the home, as they are often overlooked due to their location. However, decks create additional square footage of livable space, allowing your home to feel bigger. From hosting barbecues to simply sitting outside with a book, a deck enables homeowners to envision how they will spend their time outdoors.
While decks aren’t inexpensive, you can see up to an 80% return on your investment, depending on the size and scale of your project; definitely a project worth considering.
The way in which we use our kitchen has altered over the past couple of decades; no longer is it simply a place to cook, but now it’s a place to gather. As this desire for community sits within each prospective buyer’s mind, the notion of choosing an out-of-date kitchen isn’t terribly appealing. Kitchen renovations are undoubtedly a lot of work, which is why buyers often avoid outdated kitchens, unless they’re looking for a project.
By simply upgrading your cabinets, appliances, and fixtures, you can see a huge difference in how buyers approach your home. The average kitchen remodel typically costs between $20,000 and $50,000, but Remodeling Magazine estimates that you can make up to 80% back on your investment.
Ultimately, when it comes time to take on a home improvement project, it’s all about what will benefit you. If a project adds value to your life, it will likely do the same for others down the road.