Will Home Improvements Increase Home Value?

Innovative home remodeling is an incredibly advantageous opportunity for homeowners. Not only can you add increased beauty and functionality to your property, but a portion of the investment costs are typically passed on to future owners in higher appraised value. Therefore, it pays to choose renovation projects that will benefit current residents and those who purchase down the line!

What to Consider Before Making Home Improvements

Home renovation projects are often lucrative, as they yield a high return on investment (ROI). This is primarily due to the condition of local real estate markets when a property is sold, and the quality of work performed. On average, particular renovations such as adding decks, upgrading kitchens and bathrooms, or replacing windows have shown to be particularly successful investments across different locations regardless of market conditions.

If you’re looking to balance cost recovery and pleasure from beautifying your home, consider potential buyers’ preferences when deciding which projects to pursue.

What Increases Home Value?

1.     Minor Bathroom Remodel

Average return at resale: 102%

An approximate total of $25,000.00 for replacing a bathtub, tile surround, flooring, toilet, sink, and vanity with fixtures will yield a return on investment (ROI) of 102%, allowing one to recoup up to $25,700 when reselling.

2.     Landscaping

Average return at resale: 100%

Upgrade your yard’s appearance by trimming back the excess greenery and replacing it with a variety of flowering foundation plants that vary in height and colour color Doing so will create an eye-catching, dramatic effect!

1.     Minor Kitchen Remodel

Average return at resale: 98.5%

Minor kitchen remodels average $14,913 with a $14,691 return at resale. Doing a minor kitchen remodel only consists of a cosmetic update without drastically updating the floor plan.

2.     Exterior Updates

Average return at resale: 95.5%

A fresh coat of paint, trimming shrubs and trees, repairing siding, or replacing shutters are all cost-effective ways to boost a house’s exterior.

3.     Attic Bedroom Conversion

Average return at resale: 93.5%

Investing in an attic bedroom installation into a two or three-bedroom house can cost you around $39,188; however, when it comes time to resell your property, this same improvement will bring back approximately $36,649.

Home improvements can increase a home’s value in a variety of ways. These projects can add significant value to your property, from minor renovations such as bathroom and kitchen remodels to exterior upgrades like repainting, replacing siding, and landscaping. In addition, homeowners should factor in potential buyers’ preferences when deciding which projects to pursue, as this will help ensure a greater return on investment if the home is sold down the line.

At Sunnylea Homes in Toronto, we know the value of making smart home improvements that can help yield a return on investment when reselling. So, whether you want to make minor updates or significant structural changes, talk to our knowledgeable team about how you can make the most of your home improvement projects!