Whether you are planning on selling your home in the near future, or if you intend to stay for a long time to come, a renovation can be a great way to boost the overall appearance, utility, and value of your home. However, it should be noted that not all renovations are created equal and some will provide you with more value than others.If boosting the value of your home is a primary concern, you should look no further than these five renovation projects:
1) Finishing a Basement
Many homes in Canada have huge amounts of unused space sitting beneath them - their basements. Finishing your basement can be a great way to increase your home's livable space at an economical price. Of course, you will need to make sure that all work is completed to code to avoid any issues during the eventual selling process.
2) Remodel the Kitchen
For many homeowners (and prospective buyers), the kitchen is the focal point of the home. As such, having a dated or dingy kitchen can be a great way to drag the value of your home way down. Consider giving your kitchen a complete overhaul if you can afford it. However, if you are on a budget, a little paint and some new counter-tops can do wonders for the look and feel of your kitchen.
3) Install a New Roof
Though the initial cost can be high, installing a new roof can be a great way to add value to your home both now and when you eventually want to sell it. A new roof can increase the energy efficiency of your home, boost its curb appeal, and make it much more attractive to buyers in the future. New home buyers don't want to have to deal with roof repairs, so by taking care of that for them you can expect to sell your home for a much higher price.
4) Replace the Front Door
Replacing your front door is one of the easiest but most effective renovation projects you will ever undertake. By spending just a few hundred dollars on a great new front door you will make your home that much more inviting to both guests and potential home buyers. Your original outlay could potentially boost the value of your home by thousands.
Even though a home renovation project can seem daunting at first, it can certainly pay dividends in the end. By taking the time to maximize the value of your home, you can ensure that you receive top dollar for it when it comes time to sell.