The easiest way to increase the value of your home is to do a renovation. But what renovations will give you the most bang for your buck?
The most obvious answer is the kitchen. The kitchen is a place where you spend a lot of time, whether you’re recharging your body, baking cookies with your children, or hosting company for dinner, you want it to look amazing. That being said, this kind of renovation will have people seeing dollar signs, especially when you start throwing out words such as ‘granite’ and ‘stainless steel’. But don’t worry, but you can still create your dream kitchen on a realistic budget. Sometimes, all it takes is re-facing the cabinets, adding trim, painting or adding a new backsplash to make your kitchen look new again.
Another simple way to update kitchen cabinets (or any other cabinets for that matter) is to simply change the hardware. There is no reason to skip out on this as costs are minimal and yet it can have a huge impact on the space! Other accessories that can make a room look new when replaced include door knobs, light fixtures, and faucets.
The second renovation that is most certainly worth it, is the bathroom. People want their bathrooms to be their very own oasis, or at the very least not have a pink or blue toilet. Generally, what this means is soothing colours and chic finishes. A bold tile, an interesting sink or faucet can go a long way in making an impression.
Another obvious way to leave a major impact is with renovating new flooring. The one thing that you will always hear homeowners and tenants ask for is hardwood! But you will be paying big money for that type of upgrade. However, there is a less expensive alternative: engineered hardwood. If even that is not in your budget, there are plenty of laminate options that look great. There is even now an option to have porcelain tile that looks just like hardwood. With small grout lines, it could easily be passed as hardwood and is twice as durable!
Finally, the best renovation option to increase the value of your home is adding an income suite. Now, this obviously is not necessarily an option in all homes, but it is definitely an option worth exploring. No other renovation will increase your value quite like an income suite. Not only that, you will also be receiving monthly rent, which could knock down your monthly payments or even translate into positive cash flow!
Next time you’re thinking about renovating, keep in mind these tips to increase the value of your home without breaking the bank!