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Home renovation tips to increase resale value

When it comes to renovations, some areas of your home will bring in more value than others. Often, the money you put in cannot be recouped when it is time to sell, so it is important to invest in some areas of your home that will bring back the most return on your investment. Here are some areas of your house that you can safely renovate while adding resale value to your home.

Increase light and space

One of the best things a property owner can do to elevate appeal is to increase flow and light in their space. This can be achieved in a few ways. Consider knocking down some walls to extend floor space and brighten up the area. An open floor plan makes your home feel larger and is great for entertaining. Vaulted ceilings can create the illusion of more space, and skylights can add abundant natural light. Adding new large windows can also help bring in sunshine. Each of these options come at various price points.

Increase curb appeal

The curb appeal of your home is incredibly important when it comes time to sell. The first impression of your home will be from the outside looking in. It is said that a good first impression of a home adds five percent to its value. Make sure that exterior paint is in good repair. The driveway should be paved properly, the front steps should be swept, and the lawn space should be well-maintained. If you have a deck, consider adding some stylish furniture and colourful potted plants.

Create a home office

If you have extra space, consider adding a home office. With businesses giving employees more options for telecommuting, this extra space adds value. Make sure there is plenty of desk space,  grounded outlets and even an extra phone line.

Consider adding a deck

Studies have shown that if you add a deck to your home, you will likely recoup up to 80 percent of the cost when it comes time to selling your home. When installing a deck, take the time to plan out unique features such as built-in seating or a fire pit. Using higher quality materials will increase the life of your deck.

Finish your basement

Finishing your basement can easily add resale value to your home. A basement space can be turned into a playroom for the kids or a media room relatively easily. Consider adding a bathroom when you do the remodel, as this can increase the value of the project even more.

There are plenty of different home renovation projects that you can do to increase the resale value of your home. The projects you undertake can make your home more appealing to the buyer, while also adding to the potential that your home will go for more when it is on the market.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.