9 renovations that add value to your home

September 25, 2020

Some renovations make you happier to be home, while others help you sell your home for top dollar. Before you install that in-ground pool, however, ensure you know which renovation projects to invest in now to increase your home’s value later.

9 renovations that add value to your home

Photo Credit: iStock.com/toa555

Canadian homeowners love to renovate. In 2019 alone, we spent $80.1 billion on home improvements, according to an Altus Group report. And although the home renovation industry was shut down during the early months of the pandemic, it’s quickly rebounded as homeowners decide to remodel for their work-from-home future.

Here’s how informed consumers can invest in home renovation projects to up their lifestyle in the short term, and offer a good return on investment in the long run.

Take it outside: Best exterior renovations to consider

A new garage door, whether traditional or modern in style, instantly adds to your home’s curb appeal. Glass panels in the garage door will let in natural light and you’ll find energy savings from foam insulation and thermal seals.

New siding can be transformational. Vinyl siding is affordable and durable, while materials such as fibre cement and stone veneer give a high-end look.

Windows and doors take a lot of wear and tear—and it shows. A new front door and vinyl, aluminum, or wood windows is no small investment, yet energy savings can pay for themselves over time. Many provinces also offer home renovation rebates and tax credits to help homeowners finance green renovations.

A wood deck creates living space outdoors and ranks high with potential buyers. Bigger is always better, and many homeowners now design a deck with accessibility in mind so it can be enjoyed by both small children and elderly visitors.

An in-ground pool is a highly divisive home improvement in 2020. Real estate agents advise against installing a pool as it’s a major expense that’s often a turnoff to home buyers concerned about the safety of small children or the burden of maintenance. It also increases energy costs (especially if you plan to heat it) and can bump up the cost of homeowner’s insurance. But then the pandemic happened, forcing everyone to take a long, summer staycation. Consider this renovation for your enjoyment only and don’t make the investment if you plan to move in the next 3-5 years.

It’s an inside job: Best interior renovations to consider

Fresh paint may not be a renovation, but it’s an inexpensive home improvement that can truly make over your home. Hire a professional who will repair the walls and recommend a good colour palette, for best results.

Updating your kitchen (think of it as a facelift vs. reconstructive surgery) is a pragmatic way to refresh this central space in the home. Opt for refacing cabinets that are still in good condition, and replace counters, flooring, and appliances with neutral, quality finishes.

Bathroom and kitchen renovations are the most popular home improvement projects, and for good reason. Homeowners can expect to recover up to 75% of their investment, according to the Appraisal Institute of Canada. However, don’t overdo it or over-personalize to your tastes. Luxury bathroom renovations offer less return than adding a bathroom to a family home.

A finished basement adds usable space without the hefty cost of building an addition. This can be the ideal place to carve out an extra bedroom, family room, gym, or that all-important home office that’s suddenly in such high demand.

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