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Originally Posted On: https://exprealty.ca/home-repairs-that-actually-increase-your-home-value/
A crucial part of selling your home is updating certain features to try and get as much out of the sale as possible. While it may be tempting to go DIY-happy and start renovating everything you see, renovations are expensive. You’ll want to make sure that the home repairs you invest in will get you a decent ROI and that you won’t spend more than you make back. There are specific home repairs that will actually increase your home value and there are others that don’t matter as much. How do you know which is which? If you are looking to put your home up for sale on the Toronto, Saskatoon, or Vancouver real estate market, keep reading to discover the top home repairs that actually increase your home’s value.
The Most Crucial Interior Upgrades
Finish Your Basement
While an unfinished basement can provide plenty of room for storage, extra living space adds a significant amount of value to your home. The ROI for a finished basement of 400 – 1,500 square feet can be up to 75%. The cost of finishing a basement can be pricey upfront, but you’ll earn most, if not all, of it back when you list your home for sale! Not only that, but it will make your home stand out from others on the market.
Update the Kitchen
One of the biggest selling points when buyers decide on a home is the kitchen. When potential buyers see outdated appliances, chipped countertops, or rusted cabinets, they likely won’t even consider the rest of the home. You can receive up to an 80% ROI when upgrading your kitchen before selling your home.
This renovation can get expensive, though, so start small; replace some light fixtures, install new hardware on drawers and cabinets, and touch up any necessary paint jobs. From there, your kitchen will already look better, and you can decide later on if you need to make bigger changes.
Refinish Flooring
This housing update highly depends on the current condition of your floors, but if they are covered with stains, chips, or weak spots it may be worth it to replace. Nowadays, the most popular option for home flooring is vinyl; it’s much cheaper than typical hardwood, easier to maintain, and looks just as clean-cut.
Add a Home Office
A feature that has recently become more desirable than ever, designated space for a home office can add at least $10,000 to your home’s resale value. In 2021, 60% of top real estate agents revealed that a home office was the top priority for buyers in their market. You can make this renovation as expensive or affordable as you want; an easy option is to convert your walk-in closet or formal dining room to an office space. If you’re willing to go the extra mile, an additional unit attached to your home can provide an excellent spot for a home office.
Increase Your Curb Appeal
Veneer Siding
Rather than tearing down the walls of your home or repainting the entire property, a simple renovation that could increase curb appeal is adding veneer stone siding. If you have a mid-range home and replace around 300 square feet of siding, you’ll likely recover more than 92% of how much you spent when you accept an offer.
Updated Garage (+extra parking!)
A new garage door isn’t the most obvious upgrade, but the ROI on this one is at 133%, meaning you’ll not only match what you spend, but you’ll get to keep even more of the profit on it. Depending on what kind you get and your area, a brand-new garage door can cost between $900 and $3,000 and can add around $2,700 to your final listing price.
In addition, adding a cement parking pad in a neighbourhood where it’s impossible to find street parking can bring a ton of value.
Paint Touch Ups
No, you don’t have to re-paint the entire home to make a significant difference, but you may need to do a few touch ups. Getting some paint to spruce up the trim, the front door, or chipped areas can make it look as good as new. For a home with neutral exterior paint, designers suggest a bold colour for the front door, such as a powder blue or buttery yellow.
If you opt for re-painting the entirety of the home’s exterior, that investment can add over $7,500 in resale value. Many agents and home designers have found that dark blue-grey and olive tones are extremely desirable in the real estate market.
Enhance Outdoor Spaces
Add a Fire Pit or Outdoor Fireplace
For 54% of homebuyers in 2020, an outdoor fire pit or fireplace was a top priority when searching for their new home. Since the beginning of the Covid pandemic, people have wanted an option for outdoor spaces where they can host family and entertain guests safely. Adding a fire pit and lounge area to your house can increase your home value anywhere from $3,000 to $6,000 or more!
Upgrade Your Deck/Patio
In the same way that people desire a fire pit outdoors, having a deck or expanded patio in the backyard of your home can increase your resale price by at least $7,000. Depending on market circumstances and resource availability, the cost of building a deck or refinishing your patio could allow you to break even or have a positive ROI.
Appeal To Local Demographics
An Accessible Laundry Room
Something that many homebuyers are looking for these days is a laundry room that connects to the master bedroom or is on the second floor with a majority of the bedrooms. As trivial as this choice may sound, people will pay more money for a home if the laundry area is easily accessible. With that said, if it’s possible to add laundry hookups closer to the bedrooms, the value of your home will go up significantly.
Smart Features
Nowadays, many people like their homes to be integrated with the newest technology. Ring doorbells, home cameras, and thermostats you can control from your phone are all features that home buyers will pay a pretty penny for, and they are relatively affordable to install. With a price of $150 to $500, smart features will conserve energy and lower gas and/or electricity prices. This is a huge selling point for many home buyers, so they may be worth looking into.
Aside from home repairs and upgrades, there are other several expenses you need to plan for. Knowing how much it costs to sell your home is also crucial to get a good ROI and make the transaction smoother.
