What kind of renovations add value to a property?

Old and dilapidated siding can make even the prettiest house look worn out. Bathroom and kitchen renovations are the most popular home improvement projects. You can expect to get back 75% of your investment (according to the Canada Assessment Institute). Replacing an outdated dressing table, old plumbing fixtures and lighting or adding a new tile floor will guarantee a lot for your money and give your bathroom a modern and updated look.

An outdoor kitchen that goes beyond the grill with features such as cabinets, countertops, a bar and a small sink or refrigerator enhances the luxury and charm of outdoor dining and entertainment. Our agents say that buyers especially like a combination with a grill, sink, fridge and bar (46%), as well as a retractable awning or awning for shade (34%). A bank of america survey revealed that more than 70% of Americans tackled home improvement projects during the COVID-19 pandemic, with millennials spending the most. The attractive exterior projects make the property look good as soon as potential buyers arrive.

While these projects may not add a considerable amount of monetary value, they will help your home sell faster and you can do a lot of the work yourself to save money and time. Features that enhance exterior appeal for every prospective buyer who comes to your home include a well-kept lawn, inexpensive landscaping, fresh paint (the front door as a minimum) and new address numbers. Whatever project you're considering, remember that your primary residence isn't just a house, it's your home. If you plan to live there for many years, add the services you want to have, regardless of their impact on resale.

When it's time to sell, do the basics to bring the property up to the neighborhood and add a little curb appeal, but don't bother undertaking several major projects strictly to raise the purchase price. Fixing the floor is another common task, taken on by 24% of sellers. With more companies offering employees the option to work remotely, a home office can really add something of value to a home. According to the same report by the National Association of the Remodeling Industry, realtors estimate that homeowners can recover 57% of the cost of renovating a bathroom if they sell their home.

Your house is a huge financial investment, and any money you put into it should not only increase your enjoyment of the house now, but it will also add value that you will recover when you sell it. Certain home renovations offer a sizeable investment, often recovering 80% or more of their cost on resale, including complete kitchen renovations, upgraded hardwood floors and bathrooms, as well as ceilings, siding, doors, windows, and energy upgrades. Adding the basics to a home that lacks them doesn't add value; it simply raises the property to the standards of the rest of the homes in the neighborhood, ensuring you can ask for a comparable price. Most people want to get the best value for their money by doing home renovations and there are some important things to keep in mind.

Before you research renovations that could add the most value to your home, decide how much you can afford and how you'll pay for renovations. Adding attic insulation is one of the best investments in the home, often recovering its entire value-added cost for the home.

Virgil Espree
Virgil Espree

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