Whether you are concerned about resale value or have just purchased your home and want to make some improvements, there are some upgrades that are more worth your time and money than others. We have compiled a list of ten upgrades every homeowner should consider, based on both the eventual return on investment for resale/home equity and the immediate impact to your enjoyment of your house.
The kitchen and bathroom are the two biggest areas to make or break your resale value. Many experts recommend any homeowner looking to upgrade should start with the kitchen.
There are many options upgrading your kitchen on many different budgets:
- Upgrade to stainless steel appliances
- Re-stain or paint your cupboards
- Update your hardware
- Invest in a quiet, quality dishwasher
- Add a kitchen island, if space permits
Giving the interior (or exterior) of your house a fresh coat of paint is an easy and instant way to give it a facelift, both aesthetically and financially. Choose fresh, modern colours that will rejuvenate and lighten up the area.
If you have the budget for it, hiring a painter is a great way of getting the job done quickly and to a high quality. However, interior painting is not a difficult task for the amateur DIY-er. You can also do just one room at a time, which is not only a more budget-friendly option but allows you to slowly get the whole house done yourself and skip the expensive professional.
Again, the kitchen and bathrooms are big when it comes to home value. If you’re looking to improve your home’s lighting, it’s a good idea to start with those rooms.
The experts suggest you focus on overhead and task lighting for the majority of your upgrades. It’s also great to grab as much natural light as possible, especially in areas like the living room and bedrooms.
Upgrading your HVAC system not only is great for resale, but can save you money on your utility bills, having an immediate impact on your wallet.
If your system is a bit older, get it up and running smoothly again. However, replacing an outdated system with a more modern version – especially “green” options like solar power – will give a major boost if/when you put it on the market.
Some places also offer tax breaks and rebates for HVAC upgrades, which is definitely something worth looking into.
Attics & Basements
Your attic may be often ignored but it’s a great place to get some bang for your buck. Upgrading or replacing its insulation with a good-quality fiberglass can save money on heating and A/C and is a major boost to your home value.
If you’ve been thinking about remodelling your basement, it’s time to commit. Finishing and modernizing your basement is a draw on the real estate market, plus you can find more space to utilize and enjoy.
If your house is full of carpets, a great upgrade would be to make a switch. Hardwood floors never go out of style and are a great investment for any home.
Is budget a concern? Start with replacing the flooring in the communal areas – kitchen, living rooms, etc. – to make the most impact right away.
Your appliances could be costing you a fortune. Wherever possible, you want to be making sure you have the most energy-efficient appliances available.
Two appliances to especially focus on are your washing machine and water heater. Tankless water heaters are suggested as long as they are in your budget.
More and more people are wanting to create and enjoy an outdoor living space for their home. Whether it is a deck, screened porch or patio, a well-designed outdoor living space can add quite a bit of value into your home.
Just make sure to consider seasonal weather patterns and how they will affect your use of the space. For those of us constantly dealing with the colder weather, built-in fireplaces are all the rage!
Take a look around your house and find any unused or under-used areas. You might want to strongly consider turning those areas into more closet space. In the world of home value, there seems to be no such thing as too much closet space!
Even if you can’t actually add more closets, consider how you are using your closet space. Investigate storage options to make the most of every nook and cranny. Add lighting. Update the hardware. And one thing many people overlook – repaint.
A great upgrade is to add more outlets to increase the convenience and comfort of your home. One popular suggestion is adding ‘his and hers’ outlets on either side of the bed. You may also want to consider adding more outlets in the kitchen to increase appliance use; adding outlets within pantry spaces can help get your small appliances cleared off the countertop.
Our last piece of upgrade advice is to add extra outlets in the garage, particularly for an extra fridge or freezer that can be stored out there. This adds great convenience – which translates into value – for any home.