Which renovations will add the most value to your home?
Kitchen and bathroom renovations are typically thought of as the biggest value adds—but what if they’re already done? What if they’re not in the budget? How much do you need to spend on your kitchen or bathroom renovation to recoup your costs?
In this article, we’ll explore the common and the creative ways you can increase the value of your home in the Okanagan and beyond.
Consider the easy updates
When it comes to selling or saving energy, there are a few one-stop shop renovations you can do such as:
- Replacing your windows
- Refreshing your main entrance
- Updating flooring (consider hardwood and laminate)
- Upgrade lighting (installing LED pot lights, adding more natural lighting)
- Replacing the roof (if needed)
- Upgrading to smart technology and adding in solar power
Add a secondary suite
A mortgage helper not only adds value — or savings — for you, but also for the next buyer. First time buyers often are only able to enter the market if they purchase a condo, or a home with a secondary suite already in place.
How do you know if your home is “suite-able?” As a rule, when it comes to construction it’s said that anything is possible with time and money and it is typically true.
Not everyone has this construction-minded vision or background, so it helps to contact a professional for a quote and to brainstorm.
If you’re considering selling and looking for a competitive edge, adding in the secondary entrance and leaving the rest of the renovation to the new homeowners could still knock off a big ticket item which might be very desirable.
Add square footage
Simply put, if you bought a 2 bedroom, 2 bathroom home and sold it as a 3 bedroom, 2 bathroom house that is going to count for something. The trick in maximizing the ROI in this situation is to consider the next buyer–even if you’re only adding square footage for you today. If you want to add a hobby-specific room, consider that the next buyer might want to use that space as a workshop or bedroom when you’re designing it.
If you are adding additional square footage purely to add value, then mortgage helper spaces, the kitchen or your bathrooms will still be a top priority. If you have the opportunity to add a powder-room or a half bathroom in your bedroom as an en suite, you may want to consider this before adding a custom space.
Energy efficiency
When it comes to homeownership and upgrades, there are opportunities in all shapes and sizes to save energy and make your house more desirable to potential buyers.
Updating windows saves on energy in both hot Okanagan summers and during the winter.
Adding solar panels are expensive and the batteries required for storage take up space, however once the deed is done, you can eventually sell power back to the grid for cashback and there are currently solar power rebates of up to $5000 in British Columbia.
Improving appliances such as outdated furnaces and hot water tanks are smaller upgrades which offer a large cost—and at times even space—savings. Sustainable installations such as tankless water heaters mean your hot water is on demand and you no longer need a large, space consuming tank which is heating water 24/7 just in case you need it.
Bathroom updates vs renovations
Adding bathrooms and doing complete renovations are always going to add the most value—but they will also come at the highest expense. There are quicker updates which can still be done to add value and functionality:
- Updating the tub/shower unit
- Increasing storage
- Aesthetic changes such as updating the paint, tiles and backsplash
Kitchen updates vs renovations
Kitchens are the biggest ticket items when it comes to home renovation ROI and it rarely pays off to do it half-way. That said, if you have found that the layout of your kitchen is entirely functional you can consider updating:
- Countertops
- Cabinets
- Backsplashes
- Flooring
- Appliances
Regardless of considering an update or a full scale redesign, renovations of this magnitude are where a professional opinion is always recommended. Contact our team for FREE advice and a no obligation quote.