How to Increase Your Home’s Resale Value through Renovation

Here are 6 Key Home Improvements that You Can Do to Increase Your House Value

Whether you plan to sell your home this year or in the next few years, you’ll want to get the most resale value and know what impacts a home’s resale value best. Kitchen renovations and bathroom renovations are great ways to make your home easier on the eyes – upgrades to fixtures, faucets, tubs and showers are all considered highly desirable improvements. So, whether you want to sell fast or simply build some equity in your home, here are some home resale value tips that provide the most bang for your buck and can increase your home’s value.

• Cosmetic Improvements: Give your home extra curb appeal

The obvious place to start when it comes to increasing your home’s resale value it to give it some improved curb appeal. This can come in many forms and can be as easy as taking care of the lawn, treating weeds and tidying up the front walkway – basically, improve anything that potential buyers will see as they approach your home for the first time. Or, you can take it to the next level and install a new patio or outdoor kitchen. Giving the home a coat of paint, indoors and outside, can also be a very effective way of adding appeal – it can make the place look fresh and new, and it doesn’t have to cost the earth.

• Renovation Improvements: Look at fixing any issues to avoid buyer concerns

No-one wants to buy a home that looks in need of an immediate fix or that could be subject to ongoing maintenance. It can therefore be of value to service or even upgrade any systems that might need it, such as the heat pump, water boiler or furnace, to head off potential concerns from interested parties and get a higher price for your property. Consider a furnace or boiler tune-up to keep your bills low and help prevent possible future breakdowns.

• HVAC Improvements: Air conditioning

Vancouver’s summers are getting hotter and so a home with air conditioning is now much more desirable on today’s property market. Central air conditioning is also important because it removes the burden of switching window units in and out. Starting from $5,000 depending on the size of the home, the number of rooms and any existing equipment, a new air conditioning installation can be added onto your existing forced air furnaces or installed as an entirely new ductless split system, and is a great way to add real value to your home.

• Plumbing Improvements: Upgrade your kitchen and bathroom to attract buyers

A focus on your kitchen and bathroom is a sure-fire way to appeal to potential buyers and ensure that your property achieves its highest valuation. Bathroom renovation costs don’t have to be excessive – updated fixtures, such as faucets and sinks, and some new flooring can be enough to deliver a significant return on the bathroom remodel investment. Or you can go further with the installation of a modern tub, updated toiler and new shower installation to make the room more attractive. When it comes to kitchen renovation costs, you don’t have to go high-end and can simply opt for a new kitchen sink, faucets and even updated counter tops to deliver a strong kitchen remodel resale value.

• Renovation Improvements: Look at ways to make your property bigger

Adding square footage to your home can be a worthwhile way of improving the resale value, especially in areas where land and space may be limited, such as cities and built-up neighbourhoods. The more livable square feet, the better, so adding an additional bedroom, bathroom, home office or even creating a rent-able suite can be excellent ways of increasing resale value and can go a long way to helping you stand out from the crowd when the time comes to sell your property.

• Electrical Improvements: Make your home smarter and more efficient

Safety devices and “smart” technology can be a draw to many potential buyers, particularly those who are “tech savvy”. Devices are generally affordable and can include security cameras, lighting, carbon monoxide and fire detectors, and door locks. Meanwhile, efficiency can come in different forms and installing a smart thermostat can be a straightforward way to improve the home’s efficiency and save you money. You can also do things like replacing old windows, bringing in energy-efficient appliances and upgrading the home’s insulation to boost efficiency.