Reno’s That Add Value to your Home
written by Kurt Gibbons, a fivewalls writer
Flooring is a good place to focus some of your renovation budget. People have seen an immediate rise in value with installation of hardwood. Others have simply refinished their existing hardwood floors as this is less costly. Hardwood is still in higher demand than other flooring materials. For the bathroom, tile will always be in demand and retains value well.
Simply adding or updating fixtures (taps, faucets, handles, etc.) can add to the value of your home. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will lead to an immediate rise in a homes value
The Bathroom is the 2nd most important room in terms of valuation. By adding a three-piece bathroom to a home with only one full bathroom will cause a rise in the market value of your home. For any open space you may have in your home, try and fit another washroom.
The Kitchen is the single most important room in terms of valuation. The kitchen is the heart of the home, people spend most of their time in the kitchen, ideal to spend some renovation dollars here. Due to current consumer demand, you should invest in having a modern, fresh, and desirable kitchen. This includes modern cabinetry, under cabinet lighting, and new appliances (fridge, stove, microwave, etc.).
Income Suites (or rental units) make the largest impact on a homes value. To add an income suite to your property, you could convert the basement or simply renting out a room in your home. Income suites have the largest impact on a homes value since it adds cash in your pocket. It covers the portion of the mortgage payments (could even fully cover the payment), resulting in the home being cash flow positive. This is real wealth that can supplement your income.
Disclaimer: Reno’s Do Not always improve the value
It is crucial to keep in mind that not all renovations will actually increase the value of your home. There are a number of factors involved including changing consumer demand, the right contractor, and the right designer. Having wrong information or selecting the wrong contractor could result in a botched job that actually decreases the value of your home. A Real estate agent can provide you with the necessary market information to help you determine where you spend your Reno dollars.
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