For any Victoria homeowner thinking of putting a home on the market but it needs a little work, renovations are essential to complete before the house is listed. Although the return on investment for home improvements isn’t as large as it once was, home renovations here in our city are still a wise investment and always increase resale value.
One of the most popular topics in real estate here in #YYJ today is the public’s desire to add value to their homes. Even real estate giant Homegain.com has paid attention. Their engineers have created a tool on their website that will calculate the return on investment of any of a number of renovation projects. Here are some renovation projects that have been proven to add value to a home:
Curb Appeal is Always a Good Investment Option
The second most popular buzz phrase in the real estate industry, right behind “location,” is “curb appeal.” The drive-by look and feel of a home must catch a potential buyer’s attention at the street to get them out of the car and up to the door. The condition of the exterior of a home is, therefore, paramount to curb appeal and is important in determining the home’s value.
New siding is the leader in renovation projects that add value to a home. The addition of new windows, especially the energy efficient variety, is a good project to consider.
A Kitchen Facelift Increases Home Value
An unattractive, outdated kitchen can be a drag on the value of a residential property. Remodeling the entire kitchen, while being one of the most popular renovation projects, may be cost prohibitive for a lot of people. Some kitchen remodeling projects, however, can be done by the handy DIY person in the family. Vinyl and even ceramic flooring tiles are inexpensive and easy to install. The big box home improvement stores carry kitchen cabinetry that almost any handyperson can install. New, updated kitchen faucets add a nice touch.
Updating the Main Bathroom is Essential to Sell a House
Right behind the kitchen renovation in adding value to a home is the bathroom remodel. Folks love their bathrooms, and a stylish, clean updated bathroom can be a major selling point, especially if the remodeled bathroom has that spa look and feel. Larger shower enclosures are in vogue lately, along with larger tubs with whirlpool jets and his-and-her sinks. Quality fixtures will add a touch of luxury.
A Popular Renovation is a Home Office
The home office is in high demand among home buyers. Sure, they can take an extra bedroom and transform it, but then they lose valuable sleeping quarters. Creating a dedicated work space with all the technological bells and whistles will not only impress anyone that works from home, but add value to a home that is on the market. Remember that there are a lot of people that work from home, or desire a quiet area for the home computer.
An Expansive Deck is a Wise Home Addition
When the weather is nice many people’s thoughts turn to the outdoors, and a deck provides the perfect space for socializing with friends and family. This is one project, that will require the skill and services of a licensed general contractor. If a Home Renovation Tax Credit (HRTC) is being claimed, contractor fees are eligible.
When deciding on which home renovations to perform to add value to a home and its value, try to choose those that offer comfort, convenience or luxury and add value to a property, now and in the long term.
Read my column inside atHOME Victoria – Real Estate Realities