When it comes to updating and renovating your home, the money that you spend might not always be recouped when it comes to selling your home. When it comes to renovating, homeowners want to get the best value out of their renovation. Before deciding on a remodel, you should consider the cost versus the value and then decide if the remodel is worth the investment. The goal of a remodel is to improve your home while commanding a higher price when it comes time to sell your home. 

Projects That Offer Good Resale Value

The following projects will add value to your home when it comes time to sell.

Kitchens

Updating your kitchen is one of the best places to add value to your home. When planning a kitchen remodel, and picking fixtures and other materials like countertops, appliances, and cabinets, you should determine if you are only picking based on your design aesthetic or looking to gain a return on investment from the remodel. In most cases, it’s better to combine the two options and pick things that you but can also bring value to the next person that purchases your home.

Additional Living Space

Newly added square footage will add value to your home while also adding liveable space. Adding square footage requires demolition of walls interior and exterior walls, a new foundation, new exterior materials, windows, and the addition of a roof. While this can be a costly renovation, the added space will deliver when you sell your home. 

Curb Appeal

The front of your house is the first impression someone gets when walking up to your front door. It’s also the only impression a potential buyer needs to know if they want to continue viewing your property. Curb appeal is something that can be done through a variety of affordable projects like painting the front door, updating the sidewalk, or adding new plants to the flower beds. Curb appeal can also be more costly and can include updating windows, siding, or the addition of a porch. 

Bathrooms

While all bathrooms in a home are important when it comes to remodeling them, the priority should be placed in the powder room and master bathroom, followed by any additional bathrooms in the home. Remodeling a bathroom follows the same logic as remodeling a kitchen. Cosmetic changes are the safest investment because changing the layout or adding minor things to them can become costly and you might not see any return on the project.

Finished Basement

Finishing a basement is a great way to add additional space without building an additional room. A basement space can easily be turned into a playroom, media room, or a bar to suit the needs of the homeowner. This is also a great way to add a bedroom and bathroom to a smaller home for more value. 

Each home has the potential to bring a large return on investment if the right renovations are done to it to add value. If you are unsure which renovation might be right for you, consult a real estate broker in your area to see the comps on houses in your area to get an idea of the renovation that will bring you the most bang for your buck. 

For more information on real estate prices in the area, please contact Mehran Redjvani. Or for more information on Richmond Hill and the surrounding areas, please visit Mehran’s RE/MAX West Brokage page.