Whether you’re looking to sell in the next few months, planning some renovations, or just wondering how to maximize the value of your home, the key is to know where to invest your money. Just because you put $25,000 in a new bathroom and kitchen renovation, it won’t necessary add the same level of value.
If your unit needs new plumbing and electrical systems, you won’t necessary see a return on it for a while because people expect those elements to be in good shape when they purchase a home. Let’s take the guesswork out of the whole thing - here are some tips for how to get the best bang for your buck when it comes to renos, even when the market is tight.
More Space and Lighting: when it comes to real estate, dark and cramped are not things you want your home to be described as. You’ve got plenty of options - knocking down walls, widening doorways or even making two small bedrooms into a master can add some great value.
Bringing the Office Home: more people are working from home and that trend will continue to rise. Converting that unused bedroom or “storage den” into a functional office can help you raise the value.
Paint: this is one of the least expensive ways to add value to your home and brighten the whole place. I’m not talking just the interior walls, I mean the cabinets, exterior trim, sheds (if you have one), basement floors and the ceiling. Simple, quick and it ties everything together.
Remodel the Basement: if you’re a homeowner with a basement - rather than adding rooms upstairs with expensive additions, do a little construction below. Adding another bedroom, bathroom or bar can increase square footage of living space and value to your home. Even if its just for storage, making the storage as clean, tidy and useful as possible can help increase value.
Two Bathrooms: if you’ve ever lived in a home with one too few bathrooms, you know how valuable they can truly be. Look for ways to add another full bath - it will do wonders when families come through for showings. An extra bathroom can easily add $15,000 or more onto the value of your home.
Kitchen Escape: the kitchen is the place to be - the heart of the house. It’s for good reason too - that’s where the drink refills, conversation and food sampling happen. This is the best place to start when it comes to renos. If done correctly, it can give you a 100% return and draw more potential buyers to your door step. If you only have limited funds this is usually where you want to spend your money
Before you break out the hammers, do some thinking - what renovation, touch-ups or construction will make the sale of your home or condo that much greener.
More importantly, chat with your real estate agent and get some insight before you jump into anything! A good agent can provide lead you in the right direction as well as possibly provide a quality contractor to help you with your needs.
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