What kind of improvements should I do to add equity to my home?
The first improvement I would recommend is upgrading your kitchen . The kitchen is the heart of the home where families gather and spend most of their time. Some ideas: new counter tops (engineered stone or granite), new hardware on the cabinets and even replacing the old faucet with a new one. To take things a step further, opening up as much space as possible by knocking down a wall to create the open concept that everyone is after.
The next value adding reno is the bathroom . No one wants to use an old toilet that doesn’t even flush properly. The vanity should permit lots of space without compromising the overall size of the bathroom. Double sinks are always in demand and much like the kitchen, replace tired faucets with new ones to update the look and feel. If your bathtub is old and dated, you may want to consider an estimate to have it re-glazed. By re-glazing instead of buying a new tub, you may save some money while still achieving the updated look that you were after. Lastly, try to add as much light as possible. Natural light is the best.
In today’s market, value can be attached to energy efficient homes. Your home acts like a system with many components adding to the overall energy efficiency. In Canada, the EnerGuide Rating System (ERS) offers a standard measure of your home’s energy performance. The rating allows you to compare the energy efficiency of comparable homes in your neighborhood. Making the right renovations can reduce your energy bills and operating costs, lessen the environmental impact all while increasing the resale value of your home. Some examples of components that add to your ERS: heating equipment, cooling and ventilation equipment, windows, doors, skylights, lighting, major appliances, electronics and insulation.
Many homeowners love to have a big yard that is full of lush green grass. I mean who doesn’t love a well manicured lawn? Having said that, by installing a sprinkler system you can help to ensure your yard stays green while minimizing the labor involved.
My last value adding reno for today, replacing the front door . When you look at a house for the first time you are quick to formalize a first impression. If the front door is old and doesn’t feel secure what kind of feeling would that give to potential buyers… Replace the old door with a secure, stylish new one and I think you will be surprised at how much value this will add to your home.
We covered the value adding reno’s, next month look for the ones that don’t!