As long as it improves your home, every home renovation pays off in one way or another. But if you want to add value to your home, some home renovations are better than others.
Unless you know you will stay in your home for a long time, you should always consider the value a renovation adds before doing it. That doesn’t mean you won’t do a reno just because it doesn’t add as much value as doing something else. But, very often, when you realize the impact of a renovation, good or bad, it can change your priorities.
These Home Renovations Add the Most Value to Your Home
If you are thinking about selling your home in the near future, you may want to do the faster renovations first. You may not have time or budget for larger renovations. That said, here are the renovations that will boost your selling price more than others.
1. Paint the Interior & Exterior of the House
While painting the house isn’t considered a full renovation, it can offer a higher ROI than any reno. Especially if you are close to selling, painting the entire interior and exterior upgrades the look of the entire house. Inside, neutral colours help potential buyers picture themselves in the house. And, outside, a fresh coat of paint does wonders for curb appeal.
2. Update the Garage Door
This one is a great example of choosing a renovation based mainly on the value it adds to your home. Home Depot says the average price of a double garage door with installation is $2,300. A survey of realtors found that they estimate an upgraded garage door can increase the perceived selling price by up to 4%. Even if we say a new door only adds 1% to the selling price of a home, that $2,300 investment can pay back $10,000 on a million-dollar home. And you might be able to get away with just painting the door!
3. Outdoor Spaces
Many home sellers tend to underestimate the value of their outdoor spaces in the selling price of the house. But, buyers are often looking for more living space. Bigger closets, larger bedrooms, and usable outdoor spaces too. Structures like privacy fences, decks, gazebos and fire pits all instill a sense of more usable space, versus an empty yard.
4. A Bathroom Remodel
The general consensus is that the kitchen and bathroom are the two rooms buyers care about most. If you have to renovate just one, go with the bathroom. The renovation tends to be less costly than a kitchen remodelling, and you get a similar increase in perceived value.
5. Make Your Home Smart
Smart home technology covers everything from security systems to getting notifications that the laundry is done. Video surveillance cameras, smart locks and smart thermostats not only add value due to their perceived costs and convenience, but they top many homebuyers’ ‘nice-to-have’ lists.
6. Finish the Basement
Remember what we said about homebuyers looking for living space? Finishing your basement can add 50% or more to the usable living space of the home. But it’s not just about extra square footage. It’s the sorts of things you can do with the space that you wouldn’t be able to do otherwise. Think about full home theatres, artist’s studios, home gyms, children’s playrooms and large home offices. They’re all features that not every home has, so they can make your home stand out above the rest.
Want to learn more about the smart technology you can add to your home? Check out our article “5 Home Technology Ideas That Can Improve Your Home“.