When it comes to increasing the value of your real estate, you can wait for the market to tip in your favour if you’re planning to sell — and prices in the Toronto, Ontario, area continue to rise against the odds. However, another way to boost the market value of your property is by choosing the right home renovations, says Michelle Kam, a real estate broker in the city.
But not all home renovations are the same. When it comes to making it more appealing for buyers, some home improvements will yield a better return on investment than others.
Kitchen and Bathroom High on List
One of the top home renovations you can do is not that surprising: the bathroom, says Michelle Kam. Since people spend up to an hour in the bathroom on average each day, you’ll want to make sure it’s functional and inviting. Replacing major items like the vanity, toilet, tub, and even the lighting can make a big difference in how much you can recoup from the cost of the reno.
Another one of the top places in your home to focus on for home renovations is the kitchen. It is considered the “heart” of the home, where people spend a lot of time cooking and even entertaining guests. Modernizing this space can wow more buyers, while also making it more functional if you intend to stay for a while.
Kitchen renos that will offer the best ROI include replacing outdated appliances (look for efficient products with an Energy Star rating), as well as replacing countertops and cabinets.
Consider Completing the Basement
If you have an unfinished basement, now is the time to complete the job if you want to increase that appraisal. Chances are you’re wasting a lot of square footage down there that can be used as an entertainment room or even for tenants to rent (assuming you follow the local bylaws).
Aside from making the basement look nicer, you should also ensure that it’s properly insulated and also has been protected against leaks and moisture that can cause mold issues.
Don't Forget About the Roof
Meanwhile, there are some other home renovations that can boost value that you might not think of right away, says Michelle Kam. One of them is a roof replacement. A damaged roof is something that a home inspection can uncover and could make a potential buyer hesitant about closing a deal. Not to mention, a shoddy roof can also leak and damage the contents of your home.
While you’re putting a new lid on your real estate (or making some repairs), you should also consider adding attic insulation. This will help reduce your energy bills from lost heating/cooling and help prevent ice dams that can cause damage and loosen eavestroughs.
Outside Structures Can Add Value Too, Says Michelle Kam
It’s not all about improving your home itself — upgrading the amenities on the property will also make your real estate more attractive on the market. For example, you will want to repair/rebuild any damaged fences and extend the deck if necessary. Swimming pools are also nice, but there’s a lot of maintenance required so it may actually deter some potential buyers, explains Michelle Kam.
Home renovations are a great way to add value, aesthetics, and function to your home — but make sure you choose a contractor that has experience and will do the job right.