Are you looking to increase your homes value? Or just make a few changes because it's time? Here are 5 of my top renovation suggestions to add value to your property. The 5 reno's can add up to 5-6x return on your investment.
1.) Flooring - Flooring is one of the most important features of your house. The installation of hardwood floors or existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be your best choice.
2.) Fixtures - Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your home’s value. This small, but effective upgrade will also revitalize the entire home. Pot lights are in high demand in open concept style homes.
3.) Bathrooms - The bathroom is the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. If you can update the cabinets and countertops this will also add value.
4.) Kitchens - This is the single most important room in the home relating to valuation. It is crucial that you invest in having a modern, fresh and desirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market.
5.) Income Suite - No surprise here, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting your basement into a rental, or another floor in the home, an income property will increase your home’s worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive – which creates real wealth that can supplement your income.