Cook up some renovations in your kitchen
Fixing up your kitchen is one of the primary renovations you should consider when thinking about improving your home. Whether it’s a new paint job, getting new appliances, or changing the floors, renovating your kitchen is a great way to revitalize your home. Besides being great on its return on investment, it is also beneficial and practical for sustaining a comfortably livable home. Renovating your kitchen will go beyond monetary value and make your kitchen a brighter place and even easier to use when you’re cooking and enjoying meals with friends and family.
While the cost of renovating a kitchen can be expensive, the statistics show that updating kitchens is an excellent investment because, in terms of the home’s value, it usually returns your investment by over 90% if you’re doing a minor update. With a varying range of prices, here are a few things you can do to update your kitchen to increase your ROI:
- Change the countertops
- Change the backsplash
- Update appliances
- Add more storage space
- Repaint, either cabinets or walls
- Change the sink/faucet
- Consider the lighting
A kitchen renovation can be challenging to navigate because of the sheer amount of things that can be done, but a variety of guides online can help you figure out what’s the best for your budget and time, based on your home and needs.
Upgrade your bathroom
Making sure your bathroom is up to date is a great way to increase your ROI. Like the kitchen, this is another daily essential, making this a very practical renovation that will appeal to buyers. Updating the shower, bath, or even just faucets can go a very long way for your return on investment. If doing a full renovation, you can expect a return of around 60% or higher, but minor washroom renovations have been shown to return an investment rate of over 100% in some cases.
If you’re looking to invest more money and do something more than renovate your current washroom, adding a bathroom offers a great return on investment, with the entire home value going up almost 9%. However, that’s not a feasible option for every situation. Here is a list of some ideas for bathroom renovations, ranging from simple to more complex upgrades:
- Adding a shower or bathtub
- Update accessories such as towel racks, bath mats, etc.
- Look into new lighting
- Update sink
- Change the faucets and fixtures
- Replace the showerhead
- Replace the vanity
- Add a double sink in the master bathroom
Whether you want to do a full renovation or make small changes, the bathroom is one of the best places in the home to do so when thinking about increasing your ROI.
Increase your curb appeal
The first thing people see when coming across your home is always going to be its outside appearance from the curb. This is how people get their first impressions of your home. From here, they are already imagining what the inside of your home will look like. This makes renovating the outside appearance of your home crucial, especially when you’re looking to sell your home.
Often people may drive or walk by your home, spotting the “For Sale” sign in your yard. An attractive exterior will get people in the door, as they’ll want to see if the interior matches the quality of the exterior. If your home isn’t appealing from the outside, it may attract fewer people to go through the door. The great thing about many of these outdoor renovations is how low cost they can be. The National Association of Realtors did a study on the best ways to update the outside of your home, including some of these ideas:
- Adding a front porch
- Sprucing up the front garden
- Painting the outside
- Add some outdoor lighting
- Replacing the siding (a low-cost way to renovate!)
- Replacing or repainting your garage door
- Replacing or repainting your front door
- Making sure your lawn is well kept
When thinking about outdoor renovations, you don’t just have to limit yourself to the front of your house. If you have a backyard, there are lots of great options for things you can do there to add a little something special to your property, all while increasing its value at the same time. As a personal benefit, adding a deck can make entertaining or hanging out with friends and family in the summertime that much better.
When considering these upgrades, be sure to keep in mind that some backyard renovations are not as effective for increasing ROI, like adding a swimming pool, which incurs hefty annual costs. However, many others can significantly improve your home’s value. Some backyard renovations known for their high return of investments include:
- Adding a deck
- Improving landscaping
- Adding a concrete patio
- Planting some trees
- Adding some shrubbery
Revamp your attic
If you have an unused, functional attic in your home, turning it into an extra room is a great way to increase your home value. When you’re looking to sell your home, you’ll be able to list it as having an extra bedroom without having to do any significant restructuring of your house or physically add any new space to it. This makes your home more attractive to buyers if they have a larger family or want an extra guest bedroom.
If you’re looking for some ideas on how to turn your attic into a bedroom, there are plenty of guides online outlining things to consider. Some things you can expect to do when converting are to repaint, add wiring, add insulation, add stairs, etc. All of this will depend on the attic you have and the room you wish to create.
Don't forget the basics
While extensive renovations such as kitchens, bathrooms, and bedrooms look great, there are plenty of updates you can make to increase your home’s functionality. This includes things like air conditioning, plumbing, and making sure the roof is up-to-date. While not the most glamorous, these are essential things that every house needs for safety and comfort, and you will get a great return on investment out of them. Ideas for some more minor but important home updates that are commonly forgotten are:
- Adding or updating your air conditioning system
- Adding or updating your furnace
- Making sure the plumbing is up to date
- Replacing the roof
- Making sure there are no water leaks
- Window replacements
- Polishing, refinishing, or replacing flooring
If you’re planning on selling your home, these are all things that buyers will expect out of any home they buy, whereas a fancier looking kitchen or bathroom may be something that is considered above-and-beyond; therefore, these basics are both a great and simple way to renovate your home.
After you’ve renovated your home, you may be ready to move now or in the future. If you’re looking for Red Deer, AB real estate, contact Andrew Russell & Associates, and they can help you find the home of your dreams.