Top Five Upgrades to Increase Your Home Value
3 min readWith the real estate market becoming competitive with each passing day in Canada, it has become more challenging for homeowners to sell their homes at the desired prices here. Everyone seems to be searching for ways to enhance their property appeal and set it apart from the rest of the neighborhood.
With the COVID-19 pandemic hit, most homeowners are not brave enough or financially grounded anymore to invest in new estates, so reconfiguring their current houses seems to be an affordable and easy way out for now. Hundreds of home improvement projects are being planned across Toronto with the motive of enhancing comfort and contributing to home value along the way.
But, surprisingly, not all home upgrades are equally fruitful. Some work wonders, and others reduce the sale price even further. So, the key to a higher Return on Investment (ROI) lies in understanding the type of house you are selling and the potential buyers’ base you have. Here are a few upgrades to plan as recommended by experts –
- Finish Your Basement
By converting the basement into a home office, family room, home gym, bar, or entertainment area, you can attract more buyers for your home in the future and fetch an average 70% return on your investment. So, let us suppose you spend $10000 on this remodel; you can increase your house value by $7000. This dingy, dark area has indeed more potential than you can think of.
- Buy Modern Kitchen Appliances
Having modern kitchen appliances is no more a luxury but a necessity. With hectic lifestyles, everyone wants to make the cooking tasks shorter and effective. You might have quite many appliances in your kitchen already, but are they working optimally? If they have aged, certainly not! So, consider investing in newer, energy-efficient models. Your potential buyers would love them.
- Redo Your Bathroom
The average cost of a bathroom remodel is high, and that is why many of you are afraid to take that leap of faith. However, what you probably haven’t thought of yet is that your future homebuyers will check the bathroom spaces as thoroughly as other rooms. And only with a proper remodel of this area would they get the “wow” factor for your house.
- Replace Your Front Door
The front door of your home is a focal feature and a major influencing factor for the buyers visiting your house for the first time. Not only does it enhance the curb appeal from the outside, but it also secures anyone living inside. The right kind of door materials offers robustness and durability and helps the new buyers on the journey of building an energy-efficient home.
- Get New Windows
If you are already struggling with insulation issues and drafty windows in your house, you better make proper arrangements to fix them. Seal cracks or gaps around the window frame, and add extra insulation to your attic. Remove your single pane windows and install Energy-Star rated windows to save money on heating and cooling costs.
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