While you’ve undoubtedly made your home purchase for a number of reasons; lifestyle, location, it is primarily a financial investment when all is said and done. And as a homeowner, your hope is that your property will not only maintain but increase the value of that investment over the years. There are two ways in which a home’s value can increase as time goes on – the state of the market at the time of sale, and improvements you make to the property. While (unfortunately) none of us have any power over the market, the element we can control are the upgrades and improvements made on a home. While not all updates will gain you a return on your investment, following is a list of 9 tried and true improvements that will increase your home’s value.
1. Upgrade Electrical and/or Plumbing
If your home is over 50 years old, chances are that it’s time for an update to your electrical and/or plumbing system. This is something that would undoubtedly be a worthwhile investment for resale as buyers of your home will be looking for modern interior systems that are both safe and functional.
2. New Roof
Other than plumbing and electrical, your roof is the next most important element of your home and something potential buyers will look into in detail. A roof installed within the last decade should ensure both a sound structure and investment.
Window technology has vastly changed even in the last 10 to 20 years in terms of look, design, and efficiency. Refreshing the windows in your home will not only look great, but could also cut down on heating and cooling costs – a definite plus in pricing your home for sale.
4. Landscaping & Fencing
Do not underestimate the power of curb appeal. A home with proper (and aesthetically pleasing) fencing, mature trees, potted or planted shrubs, and nicely maintained grass is worth the investment.
5. Interior & Exterior Paint
Paint is perhaps the cheapest and easiest way to add a little value to your home, as cracked and chipping paint can lead prospective buyers to believe that the home may be in disrepair in other areas. A fresh, neutral coat on both the interior and exterior can breathe new life into your home in a flash.
6. Kitchens & Bathrooms
If you’ve been on a house hunt before, you know that the first thing people often look for (or look to upgrade upon purchase) are kitchens and bathrooms. What contractors call the ‘wet areas’ of the home are used and enjoy the most often, and new tiling, fixtures, and appliances are highly valued.
7. Kill the Dead Space
These days, everyone wants to maximize their space, so every square foot of your home is important. Do you have a funny little nook off your living space that you haven’t done anything with? You could create a small office space or storage area there. Is there a landing at the top of your staircase collecting dust? Perhaps that’s a great reading area or place to display momentos from your travels.
8. Finish that Basement
The difference between a finished and an unfinished basement in a potential buyers’ eyes is an entire floor that can be used for anything from an artist studio to a play space for kids. If left unfinished, it is essentially rendered useless for anything more than cold storage. While unfinished basements are common across the province, creating a comfortable subterranean level will most definitely add value to your home.
9. Be an Advocate for your Neighbourhood
There is a reason why you will hear real estate experts repeat; location, location, location. This is because people most often buy a home for location and neighbourhood. Whether this means being close to the right schools, having a nearby dog park, shops to walk to, etc. Being a cheerleader for your neighbourhood and acting on issues of safety, development, zoning, and condition of the homes surrounding you will keep your area (and therefore your home) desirable to buyers in the future.
Feature image via Mr. Fix-It Inc.