Are you planning a home improvement project soon? In the right circumstances, home remodeling work can make your home more liveable and appropriate to your personal style, as well as increase resale value. It’s essential to focus on the correct remodeling tasks in the Greater Vancouver area if you want to remodel the most out of your home.
Not all home improvement work will increase the value of your home. In fact, you may be startled to learn that some home renovation initiatives may result in a reducing the value of your property. Continue reading this guide provided by www.ChestnutFlooring.ca to learn about the best rooms to renovate in your home to improve to increase resale value.
Room Improvements with the Highest Return
Not all home improvement ideas can make a good amount of resale value. Kitchens, bathrooms, family rooms, and master suites are the best rooms to renovate and provide the best return on investment.
1. Kitchens
If there is one place in your home where you should prioritize resale value improvements, it is the kitchen. The kitchen used to be known as the heart of the home. It is undeniable that the kitchen is the most often utilized space in the majority of homes.
Creating a modern-looking and functional kitchen may boost your enjoyment of daily activities like cooking, hosting guests, and eating meals with your family.
Potential purchasers recognize the intrinsic value of the kitchen as well. As a result, making the best value kitchen can provide the finest home resale ROI. Updating worktops and upgrading appliances are two key areas to focus on during any redesign.
Installing a new backsplash, updating light fixtures, and installing new flooring are all excellent ways to enhance your kitchen.
2. Bathrooms
Even small bathroom renovations can yield a significant return on investment. Do you have a half-bathroom in your house? Consider adding a shower to turn it into a full bath. Many long-term homeowners believe that if their bathrooms have remained the same for many years, they must be updated before selling.
These jobs, however, appear to pay off more in terms of pride for the homeowners while they are still living there than they do in terms of return on value upon resale, especially in the case of wealthy homes.
As far as the renovation cost is concerned, a bathroom remodel in a midrange home returned only 64% of the typical $21,377 expenditure. The return on an affluent property was considerably lower: 56.6 percent, based on an average cost of $67,106.
This can increase the marketability of your house while also increasing its resale value. The key to making the most of this makeover is to avoid going overboard. Going overboard with your redesign can have the opposite impact.
3. Closets
While your home’s closets are not technically a room, at least not in most situations, upgrading your closets can bring a significant boost to your home’s selling value. Small, cramped closets might put a damper on a possible sale and result in a reduced sales price.
A closet can be updated in a variety of ways. On the most basic level of this room remodeling, you can install additional shelving and call it a day. If you want to make it look even more attractive, you can have bespoke shelving and organization systems made, new lighting installed, and even a higher-end mirror or series of mirrors placed.
Adding shelves to your closet could cost as little as $100, especially if you perform the installation yourself. However, if you want a closet designer to come in and redesign that area, the cost might be up to $6,300.
Overall, increasing the size of your closets and installing organizers can make your home more desirable and help you make the most of a resale when the time comes to sell your property.
4. The Living Room
Renovating the living room comes among the best rooms to renovate. A simple addition of more living room space is usually a good investment. In general, adding square footage to your home raises its worth. Regardless of the size of your expansion, there will be expenditures involved with it.
New square footage will necessitate the destruction of existing outside walls, the installation of a new foundation, a new roof, new external siding, and, most likely, new windows. If you’re going to pay these costs, you should receive the most bang for your buck. The extra room must be sized correctly to produce the space efficiently.
On the other hand, quality flooring is a must-have for any great living room design, and most buyers prefer wood flooring over carpet. So don’t forget to switch out your carpet for hardwood or LVP.
Another living room renovation idea is to create a reading nook out of a basic bay or box window or fill an empty corner with a game table and storage cabinet. These features add value to your living room and are likely to appeal to potential buyers when it comes time to sell.
5. Master Suites
Adults make home-buying decisions, and adults care about the setting in which they sleep. Remodeling and installing a new master suite or updating a master bedroom is money well spent. Buyers will imagine themselves living in their area, and when they like what they see, it has quantitative worth.
According to the Home Advisor’s Real Cost Report, adding a master suite to your home will yield a 63 percent return on investment. The average cost of this best construction addition ranges from $21,500 to $63,100, depending on the type of addition you want.
Bottom Line
This post is not intended to prevent you from focusing on a specific remodeling project. Even if the resale value is low, the enjoyment and functionality gained from a new room may make an effort worthwhile. Of course, It is up to you to make your choice.
Just make sure you fully understand the investment worth for every dollar you spend. Understanding where to invest your home renovation funds will help you get the most out of your investment.
