Buying a home usually means investing in an asset that will appreciate in value over time. Especially in today’s market, homes are becoming increasingly valuable as supply and demand are super off balance. Even still, many of us want to keep our homes modern and updated so they’re as appealing as possible. Whether you’re considering moving in the future or even if you’re staying put, it’s always a good idea to keep your home in good shape. This might mean looking into some renovation projects! If you’re unsure whether your house could use some upgrades, consider these renovation ideas.
Finishing your basement
If you live in a home with an unfinished basement, odds are you use it for things like storage, laundry, or if you have kids, giving them a place to run freely. Unfinished basements can be useful in their own ways, but they generally don’t hold as much value. Finishing your basement means giving your home another fully usable level, maximizing all the space in your house. A renovated basement usually has a 70-75% return on investment (ROI), meaning it’s largely worth the investment. This assumes your renovation includes aspects such as a bathroom and sitting area to make the space usable.
Basement renovations can definitely be expensive, especially because there’s so much variety in your options for redoing a whole floor. Calculating a budget ahead of time is essential so you can spread it evenly across everything you want to include in the project. You don’t need to pull out all the stops by adding a full kitchen or guest bedroom – it’s perfectly fine to have a more modest upgrade. This is enough for future buyers to see its potential. New flooring, paint, a small bathroom, and some furniture are a great start for your new basement.
Adding a deck
Everybody wants a nice outdoor spot to hang out during the spring and summer months. This makes a deck addition one of the best renovation ideas for this time of year, as we approach warmer weather. A deck adds another place on your property for you to relax, and it gives your yard a finished, welcoming feel.
Much like a finished basement, a deck doesn’t have to be super extravagant. Remember, you want to make sure your renovations end up increasing your home’s value and giving you a high ROI. This means you don’t have to worry about including things like a fire pit or enclosed gazebo, for instance. A simple, clean deck with a patio table or some outdoor furniture will add value to your home without costing you too much money.
Roof replacement
Have you had a good look at your roof since you moved into your current home? While it depends on the material, all roofs eventually need to be replaced. Here in Ontario, most shingles require replacements every 15-25 years, thanks to our large spectrum of weather and temperatures. If you think your roof is due for a redo, this is a valuable renovation to take on.
Of course, new roofing looks much better than old, faded shingles. A new roof will increase your home’s value from an aesthetic standpoint. It’s also important to note how much better new roofing will perform for your home. You don’t want to risk leaks or falling shingles – especially if you’re redoing other rooms in your home! Potential buyers will be drawn to a home with a strong structure, so they won’t have to worry about the roof for a long time. Homes that require less work for the buyer will be more valuable!
Using smart technology
The use of smart technology is becoming more and more appealing to a lot of homeowners. If you actively plan on selling your home and are looking to upgrade it for that purpose, this might be a great renovation idea for you. Items like thermostats, security cameras, and home locks all come in “smart” varieties. This means you can use voice commands and smartphones to activate them, with the idea that you can operate these systems more easily.
Smart technology has come a long way, but some people are still wary about using it in their homes. This isn’t something you should feel obligated to install in your home if it doesn’t interest you, but it will increase your home’s value if you plan on selling!
New flooring
Flooring is another renovation project that can add a huge amount of value and appeal to your home. If your hallways are currently covered in dated carpets and your kitchen is full of cracked tiles, consider a flooring replacement. Hardwood flooring or vinyl are generally considered good flooring materials, for example. These are both fairly timeless, durable options, meaning they’re an investment that can save you money down the road. Once they’re installed, they won’t require much extra attention and won’t need to be replaced for a long time.
Curb appeal renovations
Finally, it’s important to move outside and consider how your home looks from the street. Curb appeal is all about how your house looks to someone passing by outside, so think about things like your garage doors, gardens, driveway, and front door. If anything looks dated, chipped, cracked, or faded, think about upgrading them. A fresh coat of paint can work wonders, as well as resurfacing a driveway or planting new garden flowers. Remember that a person’s first impression of your home comes from the outside, so it’s important to keep it fresh and neat!
Renovations can be a lot of work, but they will add a ton of value to your home. You don’t have to invest in all of these ideas – consider if even one or two might benefit you! You can also read about some additional home renovation ideas here.
If you’re looking to buy a home or refinance your mortgage this year, get in touch with me here!