Owning a home is a major life achievement, but it’s also an investment in your financial future. There are upgrades you can make to your home that increase its value quickly, resulting in a big return on your investment. These simple actions won’t just make your home LOOK better—they’ll have a direct impact on the perceived value of your home. Homeowners should look for easy, cost-effective ways to increase their home’s value over time. This is especially important if you’re planning to sell in the future. Here are five ways to increase the value of your home to receive a strong return on your investment.
Real estate agents talk about “curb appeal” for a reason—first impressions have a big impact on the perceived value of your home. Affordable landscaping and other modest enhancements to the front of your exterior can help increase its value to both appraisers visiting your house and potential buyers looking for a home of their own. A weekend spent working on your front yard can be a massive value builder. Trim back trees, cut the grass, rake up leaves and plant some flowers. Consider simple changes, such as switching from brass doorknobs and locks to brushed nickel material, or even resealing your tar driveway. Even a small investment of $1,000 and some ‘sweat equity’—rolling up your sleeves—can increase the value of your home by 4x that, according to HomeGain. Don’t neglect your curb appeal!
2. Repaint to increase the value of your home
Home look a little worn, inside or out? A DIY paint job carries a low cost for materials, but it can also have a big impact on the eye appeal of your home. One of the best ways to revitalize a property is with a fresh coat of paint. Opt for bright, neutral colors, like cloud white or a light grey. Not only does painting refresh the room, but it will make it feel bigger. Far too often, people neglect how impactful paint can be. Rooms will feel larger, brighter and fresher.
Remember: A neutral landscape in your home is best. Add flare and personality in your decorative choices and not so much in your paint colours—think pillows, rugs and pieces of art to add a pop of colour. A neutral colour palette on the walls will make it easier to change up your look when your next design inspiration hits.
3. Invest your money into your kitchen and bathrooms
Kitchens and bathrooms are widely regarded as the rooms in a house that make the strongest impression on homebuyers. They’re also the fastest parts of your interior to become dated, as appliances, finishes and other décor fall out of style.
When people look at a home, the one place they spend the most time considering is the kitchen. It’s the central point of the home, and where people often gather for events, parties or just hanging out. A quick and simple way to add value to this room in as little as a day is to focus on the cabinets. Unlike doing a full kitchen reno, taking down the kitchen cabinet doors, sanding & repainting them, and then adding on some new hardware can give your kitchen an inexpensive facelift!
Additionally, bathrooms in particular are an excellent option for upgrades and renovations, financially speaking. This is especially if you’re adding a new bathroom or expanding from a half-bath to a full. If you are working with your existing home footprint, replacing faucets or floor tiles can have a huge impact.
FYI: Replacing your toilet is a quick way to freshen up your bathroom and save money. Many toilets are older and not very water-efficient, while newer ones can save you tons of money.
4. Invest in energy-efficient home features
Today’s homebuyers tend to place a greater emphasis on eco-friendly features. This is due to both a greater focus on environmental issues and a recognition that energy-efficiency saves money on their utility bills. If you’re upgrading in-home appliances—ranging from your microwave to your furnace—seek out energy-efficient equipment that can lower the cost of your electricity and gas bills.
You might also consider upgrading to a smart thermostat that improves energy efficiency. This kind of thermostat saves you money every month on your utility bill as long as you live in the home. This simple upgrade improves the value of your home and for an added bonus, you can replace your smoke alarms with smart alarms for a connected home.
5. Increase your finished square footage
If your home has an unfinished basement or other unfinished rooms or areas, building out this space can be a relatively low-cost way to add value to your home.
Investing in your home will make them worth more. According to Statistics Canada, Canadians across the country applied for 212,523 residential alteration and improvements permits from January to November 2021.
Any type of upgrades, from finishing your basement or adding on an addition, will affect the overall value of your home. So, as renovations have increased home values, the cost of home replacement has also gone up with it. Be sure to talk with one of our isure representatives if you are considering home renovations or additions to learn how it can affect your home insurance premiums.
Rapid fire value increasers
The above five suggestions are, statistically, the most likely to result in major increases in the value of your home. That said, there are many other fast ways to improve your home. Here’s our rapid-fire list of ways you can add value to your home in a hurry!
Get solar lighting
We’re not talking about the Canadian Tire on-sale special. We mean investing in high-quality solar lighting.
Amazingly, just getting rid of things has an impact on the value of your home.
Replace your kitchen counter
It’s a slightly bigger job, but modernizing your counter will improve your home’s value.
Older models are not only less aesthetically pleasing to the eye, but also are costlier to run. New ENERGY STAR washers use about 25% less energy than conventional models, and ENERGY STAR dryers use 20% less energy.
Everyone loves a little shade in the backyard. Consider a fruit tree for a side benefit.
Modernize your art
Banish the old, faded art prints to the basement and get something new, modern and unique. There are several ways to purchase art at a reasonable price. Market place sites on popular social media sites are a great place to look for second-hand purchases that will be pleasing to the eye and your wallet!
While these modest changes can improve the comfort of your home while you’re living there, they can also increase your future list price if you decide to sell. Speak with an isure representative to inquire how these tips may increase your home value and how this can affect your home’s replacement cost and home insurance premiums.