Five Unconventional and Affordable Ways to Increase Your Property Value

When it comes to home renovations, creating your dream space isn’t the only objective. Homeowners also want to get a bang for their buck! This means investing your time and resources into renovation projects that are within your budget and increase the value of your home. While it’s common knowledge that renovations like a kitchen remodel and new flooring can exponentially increase resale value, many homeowners are unaware of the more affordable tweaks they can make to make their homes more appealing. Here’s a quick look at five unconventional and affordable ways to increase your property value.

1. Paint your front door

There’s no doubt that the first thing buyers fall in love with is a home’s exterior. When putting their homes up for sale, homeowners usually get a fresh paint job and a well-manicured lawn. However, the front door is an important component often skipped over. Painting your front door and making it look brand spanking new is a great and inexpensive way to add to your home’s curb appeal. Depending on your home’s aesthetics, you can even get creative and choose bold colours to compliment the look of your house and make it more appealing to buyers.

2. Replace old windows

Not only do new windows have the ability to beautify a space, they’re also a great help when it comes to insulating your home. Replacing old windows with newer energy efficient ones is a great way to revamp your space and add to your home’s value. Not to mention, new windows can save you hundreds of dollars in heating bills. In a country like Canada with a long chilly winter season, a properly insulated home is invaluable.

3. Install modern lighting fixtures

Lighting is one of the most important components of a home’s interior – not only does lighting serve a crucial function, it can also be used to add a decorative touch as well. With buyers increasingly looking at every detail of a home before making a purchase decision, installing modern energy efficient lighting fixtures could make all the difference. This small renovation has the ability to turn an outdated shabby space into a contemporary and trendy one which is more desirable in today’s market.

4. Exchange light switches for dimmers

Nowadays, going green and living in a more sustainable way is the new normal. We’re seeing a surge in the number of buyers looking for energy efficient homes to complement their sustainable lifestyles. Exchanging your traditional light switches for dimmers is a fantastic way to capitalize on this trend. Modern day dimmers utilize motion sensors that turn your lights off when no one is in the room allowing you to use even less energy.

5. Landscape

As previously mentioned, a well-kept lawn does a lot for the visual appeal of your home. Since the lawn is one of the first things buyers notice, it’s a good idea to invest in a little lawn care. Mow your lawn, trim your hedges and put in a few flower beds to make your home look more inviting. However, when maintaining your lawn, you want to keep it simple. Steer clear of elaborate fountains, stone paths and the likes as they don’t appeal to everyone and most likely will not add value.

Increasing your property value doesn’t always require a major investment. With these minor and imaginative renovations, you can be sure your home will attract tons of buyers in the resale market!

Thinking of renovating your home? Get in touch with us today!

Home renovation – how it all adds up

As exciting as a home renovation is, it can also be expensive. From materials to labour, the costs of creating your dream home can add up. When setting the budget for your renovation project, there are a number of factors to consider before settling on a final number. We’ve come up with a few major cost categories for a typical home renovation. These categories are where the money for your renovation usually goes and should be researched thoroughly before you start your project to ensure you’ve put the appropriate amount of money aside.

Materials

In regard to the materials required for your renovation project, you get what you pay for. When coming up with a budget, you want to consider the quality of materials you want to be used in your home. For example, if you’re upgrading your kitchen, opting for stone countertops and custom cabinets will require a much larger budget than laminate countertops and standard stock cabinets. Seeing that stone countertops such as marble or granite can cost anywhere from $2,000 – $5,000+, while laminate countertops come in at a more affordable price of $800 – $1,600+, there can be quite a difference in the budget required for your reno depending on the materials you want.

Labour

The amount of money you set aside for your renovation is heavily influenced by your decision to either DIY it or work with professionals. If you DIY your renovation project, you may get to save big on labour costs. However, unless you have some expertise, going down this route could cause some very expensive mistakes.

Homeowners who opt to hire professionals should always leave room in their budget for contractor costs. Most contracting companies will charge anywhere from 10 – 20% of the total renovation costs. So, if for example, your renovation costs $20,000, then you can expect a contractor to charge you anywhere between $1,000 and $4,000. Remember, each contractor is different, so it’s essential to get different quotes. This will ensure that you get the best deal and quality service.

Permits and inspections

Depending on the scale and type of renovation, you may be required to have a building permit and to book an inspection to make sure the work done in your home is safe and up to city standards. Generally, projects that require adding or removing walls, electrical work, adding accessory structures such as garages and patios, and even completing an unfinished basement requires a building permit and subsequent inspection. The amount of money set aside for building permits can vary greatly depending on where you live. Nevertheless, these costs should be factored into your final renovation budget.

Interior design and home styling

No home renovation is complete without the perfect touches of design. Interior design is an important step in bringing your renovation dreams to life and creating a space that truly reflects our personality. When budgeting for your home reno, it’s essential to consider the costs of working with an interior designer, if you choose to go down that route. Prices for interior designers vary as they all bring different levels of expertise. Some may charge $150 an hour or less, while others charge upwards of $250. As with any other hired labour, you’ll want to get different quotes to ensure you’re getting a fair price.

Mistakes and delays

Finally, when putting together the budget for your renovation, it’s important to factor in the possibility of mistakes and delays. No renovation project is perfect. Sometimes materials take longer than expected to arrive and delay the renovation process. We suggest putting some money aside, as much as 20% of your total budget, to cover unforeseen events and circumstances that may arise.

Budgeting for a renovation can be tricky. If it’s your first time embarking on a renovation project, it can be difficult to know what to set money aside for. There are many factors that go into a successful renovation. However, as long as you consider the major costs mentioned above, you’re well on your way to budgeting appropriately for your next renovation.

Thinking of remodelling your home? Get in touch with us today!