Have you been considering some home improvements, but you’ve been hesitant because you’re not sure if the renovations will actually “pay you back” in the long run?
Well, good news – there are a number of cost-effective projects, from a complete kitchen renovation to small do-it-yourself projects like repainting light fixtures, that can easily add value and curb appeal to your home!
Project #1: Upgrade Your Bathroom
One of the most profitable home improvement projects is remodeling your bathroom. And as far as bathroom improvements go, you have the option of going “big” and doing a complete renovation (replacing toilet, tub, vanity, floor, etc.) or to go the route of a simple upgrade, which is much less expensive. Some homeowners opt to replace the toilet and vanity and to leave the bathtub, but these renovations still add value to your home.
Project #2: Upgrade Your Kitchen
Upgrading your kitchen is another worthwhile renovation. The value of a home is driven by the ‘salability’ of the home; a house with an out-of-date or obsolete kitchen is very difficult to sell, so a price compromise usually takes place. If a complete kitchen remodel is not within your budget, you can still make small, yet smart, upgrades: new countertops, repainting cupboard doors, modernizing handles, and updating your appliances.
Project #3: Furnace Replacement
Furnace replacement doesn’t sound like a very glamorous home improvement project but it can pay you back and significantly cut down on your gas bills. If you have a furnace that’s 15 years old, it may be only using half the energy that goes to it. With a new furnace that will use up to 96 percent of the energy, your gas bill will be cut in half!
Project #4: Refinishing or Repainting Your Front Door
The condition of your front door may not seem like a significant factor in the overall value of your home, but according to experts, you might want to reconsider that thought. The front door is a very important part of a home’s curb appeal and contributes greatly to the home’s overall value because it’s usually the first opportunity to influence a guest to your home, or a potential buyer of your home, as it is what they see from the road.
Furthermore, refinishing or repainting your front door is one of the least expensive home improvement projects, and it’s one you can do yourself if you’re up for the challenge!
Project #5: Decorating for Broad Appeal
Take a page out of a condo or house developer’s playbook and ensure that your choice of colours will appeal to most buyers. We all want to put our own personal style on our homes but it can sometimes be detrimental to getting the best price in a sale. Warm, neutral tones are the best bet, as they will allow most potential buyers to see their furniture in the space.
On the same note, try to stay away from large areas of wallpaper. The style of wallpaper is very specific and many buyers will shy away from homes with lots of wallpaper as they see a potential headache in removing it.
c) Window coverings:
Window coverings also deserve a mention here, as a bright colour combination or busy pattern can also put off a potential buyer.
If you are planning to put your home on the market and are wondering which changes would be most advantageous in terms of price appreciation vs time and money spent, consider giving us a call and we would be happy to help you out.