Renovating is a great way to add value to what is one of your biggest investments; your home. However, not everywhere in your home needs to be renovated. In fact, some renovations may cost you a lot without adding much return on the value of your home. Here at Team Logue we’ve compiled the top areas we recommend renovating a home to increase its value.
The kitchen is often considered the heart of the home. For many homebuyers, the quality of the kitchen may play a large part in setting their expectation for how much they’re willing to pay. This is definitely one of the most important rooms in your house to renovate if you’re looking to increase your home’s value.
One of the easiest ways to give your kitchen a refresh is to add a new coat of paint. Bright neutrals are generally a good option for kitchens. Most people enjoy spending time in a bright kitchen, and neutral colours tend to appeal to the largest group of buyers.
Additionally, you can change outdated lighting fixtures for more modern lighting, or even install in-ceiling pot lights and under cabinet lighting, if your budget allows for it.
If you’re willing to invest a bit more in your kitchen renovation, updating cabinets and countertops can make a huge impact on the overall appeal of your home. Depending on the size and price of your home, most homebuyers significantly increase the value of their home by installing stone countertops. For cabinets, choosing a bright neutral, such as white is a good option for many homes since it goes with almost any paint colour. Many homebuyers find this appealing as they can easily change the colour palette of the kitchen without making the large investment required to change all the cabinets.
The bathroom is another important room to renovate if you’re looking to increase your home’s value. Many homeowners are skipping the linoleum flooring and choosing large tile instead. Adding tile to your floor and shower surround (we recommend going all the way to the roof with your tile shower surround to make your bathroom feel a little extra luxurious!) will make your home’s bathroom feel like an at-home spa. Additionally, we recommend updating any old faucets, lights or fixtures to give your bathroom the complete look.
To save money, we generally recommend leaving the current plumbing in its current location (unless it’s in an incredibly awkward place) as moving plumbing can eat up your entire renovation budget incredibly fast and may not add a lot of value to your home.
Another tip to save on your bathroom renovation budget is to skip purchasing the expensive bathroom vanity and transform an antique or vintage dresser into a bathroom vanity instead. You may even have a dresser at home that could be transformed into the right piece for your bathroom. If not, you can scour thrift stores, yard sales and flea markets for the right piece for your bathroom.
Adding a fresh coat of paint to your home is an inexpensive way give your home an entirely new, fresh and clean look. To add value, we recommend staying with bright neutral colours that will appeal to the largest number of buyers. Currently, grey is one of the trendiest neutrals in new and renovated homes alike. Because there are so many different shades, grey can appeal to a warm or cool colour palette within your home.
Before painting, be sure to fill any holes and fix any damage in your drywall so your new paint looks clean and flawless.
Replacing and updating the flooring in your home is another great way to add value to your home. Although carpet can add a comforting and soft feeling, more and more homeowners are becoming concerned with the mites and allergies that live in carpet fibres. Because of this, installing carpet may not add a significant amount of value to your home.
However, if you’re set on carpet, using smart strand carpet may add the most value. This newly designed carpet has special allergy reducing fibres in it to combat the dust and mites that standard carpet can’t.
If you’re planning on staying away from carpet, there are a few options that can fit into your renovation budget. If you’re looking for a more economical flooring solution, laminate flooring will likely add the most value. This option tends to be less pricey than other options, and can still make your home feel fresh and updated.
If you’re willing to spend a bit more on your home’s flooring, vinyl plank is the most popular for mid-line pricing. However, depending on your home, you may want to install engineered hardwood. Engineered hardwood is usually the most expensive option, but is very popular in mid to high-end homes.
As we mentioned, renovating is a great way to add value to your home. Renovating your home’s kitchen and bathroom and replacing the flooring and paint in your home is sure to improve they way prospective homebuyers view your home. And remember, if you’re considering listing your Burlington or Oakville home on the market, contact Team Logue! Our team loves going the extra mile for our clients to maximize the selling price of their property.