When it comes to maximizing your home’s value, home improvement projects offer the best return on investment for any homeowner. However, not every project’s value is equal. Some will add a lot of value to your home, while others may offer very little. Knowing how much to spend on your home and where to spend it can be the difference between wasting money and making money. Continue reading below for a list of small, medium and large budget projects that you can do to maximize your home’s value.
Small Projects ($$$)
A Fresh Coat of Paint
From kids and furniture to splashes and sunlight, your walls take a beating over time. Adding a fresh coat of paint to a room is an inexpensive way to freshen up your home and add a little bit of value. Keep in mind, colour choice is also an essential factor to consider so we recommend using neutral colours to appeal to as many buyers as possible. And if you feel the need to add a pop of colour, try painting a feature wall.
Breathe New Life into Your Landscaping
Looking to the outdoors can be an inexpensive way to increase your home’s value— especially if winter was particularly harsh on your lawn and landscaping. Projects like planting fresh flowers, spreading mulch or seeding bare patches in your lawn are all inexpensive ways to revamp the outside of your home in the span of an afternoon.
Pro Tip: Low-maintenance landscaping is a great selling feature and also minimizes the amount of outdoor work required by you leading up to the sale of your home.
Hire a Cleaning Service
Unless you’re a professional cleaner, you’re bound to miss nooks and crannies around your home when cleaning. Hiring a cleaning service is a great way to get your home ready for a potential buyer’s crucial inspection and guarantee you present the best possible image of your home.
Update the Powder Room
Powder rooms are perfect sources for added value with minimal spending. Powder room projects, like replacing a vanity or installing a new toilet, can transform these spaces and catch a potential buyer’s attention.
Dress To Impress
Mirrors and light fixtures are a couple of examples of small décor pieces that have a significant effect on rooms. Mirrors can make rooms feel larger without the need for construction, while light fixtures can create that grand entrance, gorgeous dining room or bedroom escape a buyer may be searching for. Both options are inexpensive purchases that maximize your home’s value and can be included in the sale of your home.
Now is the time to update that microwave that doesn’t match the rest of your appliances. Outdated appliances, especially ones that have turned yellow with time, do nothing to increase the value of your home and can make your kitchen feel dated.
Remove Popcorn Ceilings
Removing any popcorn ceilings in your home is a great project to update your home. However, be careful when taking on this project as many ceilings in older homes contain Asbestos, an extremely harmful substance if disturbed. We recommend having your ceilings tested by a professional before beginning this project.
Medium Projects ($$$$)
Much like using mirrors to make a room feel larger, removing a wall can also be a great way to make cramped rooms feel more significant. This project does come with its challenges though, as some walls are structural and cannot be removed without additional engineering and cost. We recommend consulting a professional before changing the floor plan of your home to ensure everything is done safely and correctly.
Have you ever heard the saying “Don’t judge a book by its cover”? Well, that’s exactly what potential buyers are going to do walking up to your home. Replacing a worn or damaged front door is a great way to create an excellent first impression.
The same goes for your garage door. If it’s banged and bruised from lousy park jobs, hockey playing kids or plain old age, replace it with a new one and transform the front of your home. Garage doors are one of few projects that can potentially recoup over 90% of their value.*
Potential buyers don’t want to see old or worn flooring when walking into your home. It’s an immediate red flag and kicks off the tour on the wrong foot. Replacing worn flooring with fresh carpet, laminate, vinyl or hardwood is a great way to add some perceived value to your home. If you can’t afford to replace all the flooring in your home, choose the rooms that look the most worn.
Large Projects ($$$$$)
Kitchens are the heart of the home. They are also one of the critical things a potential buyer looks at when making their purchase decision. If your kitchen looks like it’s straight out of the 70’s (and not in a good way), a kitchen remodel could be the big-ticket project you need to get more for your home.
Outdoor Living Space
Your home’s outdoor space is equally as important as its indoor space. Whether you have acres of backyard or just a sliver of side yard, ensuring your home has safe and adequate outdoor living space is a huge selling feature.
Replacing the windows may not have the same “sparkle” as an addition or remodel has, but new windows are a great selling feature. They help reduce the cost of utilities and create a sound environment for the next homeowner.
Whether it’s damaged or just simply tired, replacing your home’s old siding can completely transform your home.
Pro Tip: Depending on the size of your home and the style of siding you choose, this project can range significantly in cost. It’s best to get a quote before starting.
Similar to replacing the windows, a new roof isn’t a glamorous update. It is, however, a great way to increase your home’s value. A new roof speaks volumes to potential buyers and can be a deciding factor in their purchase decision.
Creating a spa-like master bathroom, or just adding a master bathroom to your floor plan are great ways to squeeze every last dollar out of your home.
Now that you know what projects should be a priority on your list, you’re able to start planning your renovations. For some, this might be the hardest part. You now have to determine how much you should spend, what projects should be completed first and whether to do it yourself or hire a professional. For that, we leave you with one last tip.
Consult a Realtor
If you’re struggling to get started, have a realtor like ourselves, tour your home. In just an hour, we can tell you what’s urgent, what can wait and what you don’t need to worry about. Our team would be more than happy to assist you and we can even recommend interior designers or contractors for any projects if you need.