If you are looking for ways to improve the sales value of your home, there are a few top renovations that pay off, along with some that won’t. You can get advice on renovations that raise your property value from your Alberta mortgage broker before you take the plunge. Knowing which renovations are overpriced and which are beneficial can save you a lot in the long run.
We’ve asked Alberta mortgage brokers what some of the top renovations are that will actually add value to your home.
Exterior Renovations
Curb appeal and first impression matter a lot with people looking to buy a home. If your home looks uninviting from the outside, potential buyers may bypass it altogether. Whether you are selling your home or not, these renovations will add value to your home.
Replacing Siding This is a renovation that is well worth the cost and can raise the value of your home by nearly 75% of the cost of the project. It makes your home exterior look new and fresh and, depending on whether you use foam backing, can further insulate the home.
Window Replacement Any Alberta mortgage broker can tell you that replacing old windows with new vinyl ones looks great and has the added benefit of helping to keep your energy costs down. Buyers are more willing to buy a home that has had new energy efficient windows put in over one that has old windows. Most replacement window installation jobs will gain you up to 74% value on the cost of the job.
Roof Replacements Not many people want to buy a home that has to have the roof replaced and prefer homes that have recently had a roofing renovation done. It’s an essential upgrade to the home that adds value to the property and ensures the home is protected from the elements.
Interior Renovations Minor Kitchen Renovation You don’t have to gut your entire kitchen to add value to the home. Minor kitchen remodels, such as upgrading the flooring, appliances, cabinets will add around 80% recoup value to your home.
Bathroom Remodeling Just like a kitchen, you don’t have to tear out the entire bathroom to add to the value of your home. By updating your bathroom fixtures, tiles, and flooring, you can recoup about 70% of what you put into the remodeling when it comes time to sell.
Bathroom Additions
Having more than one bathroom in the home is often a key selling feature for many. Even if it isn’t a full bathroom, you will see many homes fitting a downstairs toilet as an addition to the home. You can add even more value if your bathroom is universally designed for safety, such as showers with support bars, wheelchair accessibility, and walk-in showers. You can recoup from 60 to 70% value on the jobs overall cost.
Adding a Master Suite Another big selling point in homes is those who have a master suite with its own bathroom. Many people will pay more for homes that have this addition and you can add around 55% to the home’s value.
These are just a few of top renovations that pay off for your home. For more ideas and advice on adding value to your home, visit your Alberta mortgage broker.