Five home renovation projects that pay off

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Renovating your home is an exciting time- you’re creating a better space and are changing up your home’s look. However, it can be stressful. You might wonder if you’ll get the money back that you put in. While there isn’t a magic formula, here are five home improvements that could be great investments and increase your home’s value.

1. Update kitchens and bathrooms

People spend a ton of time in their kitchens and bathrooms, so it’s no surprise that these investments pay off.  When redoing your bathroom, start by replacing old floors with fresh tile in ceramic or stone. A new mirror or vanity will give the room a fresh lift. In the kitchen, try lightening up the wall color, installing French doors that will let in natural light, upgrading to granite countertops or creating an “eat-in” kitchen.

2. Add more space 

It’s common knowledge that homes with more space are sold at a higher value, so adding an extra room usually pays off. Bathroom additions are the best bet to getting your money back. Other rooms to consider are family rooms, sunrooms and attic bedrooms.

3. Freshen up the outdoors 

First impressions are everything to buyers. Adding a splash of color to the home’s exterior will up your home’s curb appeal instantly. Adding a fence or decorative plants and bushes also provide an impressive entryway. (If you’re new to gardening or don’t know where to begin, many local garden centers have free design services.) Also, by adding a deck, patio or porch, you can instantly increase your home’s value.

4. Install refurnished hardwood floors

Installing hardwood floors makes any space look polished and modern. Remember that having an extra room sparks potential buyers’ interest, but finer details, such as hardwood floors, makes them want to put down an offer.

5. Keep up home maintenance

While this isn’t as glamourous as a new bathroom or bedroom, homeowners want everything to be working properly, so make sure to keep up your home maintenance. Potential buyers won’t be impressed if the basement is leaking or if things are breaking down.

No matter which renovation project you decide to undertake, keep in mind to always be realistic. For example, don’t “over upgrade” your kitchen to the point where it’s so premium that you won’t get the full value in the property’s appraisal. Most importantly, set budget requirements and expectations with your architects, builders and project managers upfront.

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