Renovations are most commonly done to fix a room in your home that you are dissatisfied with; however, there has been a significant shift in popularity to conduct upgrades to your home to add value before listing on the market. Chukwunonso Merah is the Founder and Owner of EZPZ, a Calgary-based home renovation company that understands their clients want for value-adding repairs. He took the time to detail some of the remodels you can do to your home that yield the highest return on investment. Check out these ways to add the most value to your home courtesy of Mr. Merah:
You probably already know that completely remodeling a kitchen is a great investment; but, did you know that even a small remodel can add additional value to your home? For example, Chukwunonso Merah states that new energy efficient kitchen appliances will not only make your home more livable and enjoyable, you’ll save money in the long run and recoup your investment with buyers. In addition, refacing existing cabinets with a small budget can make a huge difference. A larger investment of installing new countertops, replacing cabinet hardware, and adding a new sink and/or faucet is also a solid investment. Finish it off with new flooring and paint, and you’ll have a renovated kitchen your family can enjoy, that will add value to your home.
As is the case with kitchens, bathrooms are another area where home buyers really want to see an investment. Bathrooms can be pricey to renovate, but you’ll get that investment back with home buyers. To enhance your home’s value, Chukwunonso Merah suggests his clientele consider traditional bathroom designs, with natural wood or stone floors, stone countertops and wood cabinets. Walk-in showers are the most requested upgrade, providing more square footage and less upkeep.
If you only have one bathroom in your home, you might consider spending money adding another bathroom, rather than upgrading your existing one. A second bathroom adds a huge amount to your home’s worth. One study from the National Association of Realtors showed more than an 8% increase in home value with the addition of a second bathroom.
Front Door Welcome
When buyers enter your home, you want them to feel both welcomed and wowed. Replacing your front door can be a great investment in the “wow” factor. By improving the entrance to your home, you give a great first impression, enhance your home’s curb appeal, and get a huge bang for a small price. If your front door is drafty, you’ll also save some money on heating and cooling costs in the process.
Adding a new and upgraded garage door is a great investment in the value of your home. The additional curb appeal you will garner from this small change will return the value directly into your home and entice even more buyers when you choose to sell. Chukwunonso Merah states that this is an increasingly common request from clients, as more people are realizing the importance of curb appeal and differentiation.
External Stone Accents
Thinking of additional ways to upgrade the exterior of your home and enhance its curb appeal? Check out ways you can add stone accents to your entryways and exteriors or go big and replace vinyl siding with stone veneer; to really add to your home’s exterior. These pricey-looking accents will really set your home apart for potential buyers.
To really increase the value of your home, add more space. Adding an additional room or more can be a great investment, especially in a hot real estate market. Whether it’s a sunroom, an extra bedroom, or an extensive basement remodel; adding usable, livable space is always a good home investment.
The National Association of Realtors found that each 1,000 square feet of added space grows a home’s sale price by 30% or more.
Chukwunonso Merah’s Final Thoughts
Each of these areas for improvement will add value to your home in one way or another. Important considerations that you must address before you being your remodel is to determine what return you are looking for, your budget, and your timeline for completion. Chukwunonso Merah says that you cannot go wrong with any of these choices, determine what works best for you and contact a professional for their advice and price estimate.