Are you thinking about upgrading your Nanaimo home to increase its value? What are the best upgrades to give your home that will increase its value? Considering the current economy, the struggle to own a home is a challenging one. Owning a home is undoubtedly a significant life achievement, and maintaining its value is almost as important in the long run.
The quest to add value to your home is a global trend for homeowners. By adding value to your home, you increase the chance of selling it at a competitive price to potential buyers should you choose to sell. When the home renovation process is done right, homebuyers will always come flocking in. On the other hand, spending valuable time and money on the wrong improvement may cause your home to remain on the market for longer.
So, what are the top five things you need to upgrade to increase the value of your home?
Essentially, upgrading your home to increase market appeal is hinged on how much you are willing to spend. Most home renovations are quite expensive, but you should not have any problems as you can always recoup the money invested during the sale. This article will walk you through the top five upgrades to your home that will increase its value.
- Improve the surrounding
- Bathroom remodeling
- Take out old windows
- Good insulation system
- Kitchen remodeling
Before deciding to sell your home, you should look at the exterior condition of your home. Regardless of the money invested in interiors, buyers' interest will most likely be triggered by the appealing external appearance of your home. Two major exterior home upgrades for your home include a fence installation and attractive outdoor living spaces such as decks and patios.
Bathrooms and kitchens sell homes. A well-designed bathroom is a smart investment. According to the Appraisal Institute of Canada, you can expect to recover 75% of your bathroom renovation costs when you go to sell the house.
Installing new, insulated vinyl windows will attract potential buyers and give your home an appealing appearance. It would be best to consider replacing old windows with new ones that are energy efficient and more attractive. The energy cost savings will appeal to potential buyers. This is, without doubt, a wonderful way to make your home look outstanding in the competitive real estate market.
A good insulation system will increase the longevity of your home. Also, everybody looks at cutting costs on utility bills, and good insulation is a perfect way to cut down the bill.
“Kitchens serve as the “heart of the home” for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account,” said NARI 2019-2020 President of the Board, Robert Kirsic, (CKBR) certified kitchen and bath remodeler.
The industry's standard ROI for mid-range kitchen makeover falls between 50% to 60% of your overall budget for remodeling.
Other renovations with good return on investment
According to a poll done by the National Association of Realtors (NAR) in the US the following improvements offer an extremely high return on investment:
New roof – 107% return on investment (ROI)
New hardwood floors – 106% ROI
Refinished hardwood floors – 100% ROI