How can you increase property value? It’s the eternal question being asked by homeowners, real estate investors and renovators. While the answer may seem simple enough, the wrong upgrades can actually decrease the value of your home.
According to television host, celebrity contractor and real estate investor Scott McGillivray, “It’s doing the right renovations that provide value to the people.”
Whether you’re buying a fixer-upper home, are renovating an existing house to suit your needs, or you’re planning to sell and want to get the biggest return on your investment, here are some tips to increase property value.
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Don’t discount the value (or rather, the potential value!) of your flooring. Pull up your dingy carpets, and particularly in older homes, you’re quite likely to find a treasure buried beneath! Oftentimes, hardwood floors will have been covered up for years, and could be in great condition. Refinishing those floors could be all it takes to update the look – and boost the value – of your home.
Scott says paint is a simple and quick value-add to your home. “Use colour to enhance spaces and make changes. Change the way a space feels,” he says. For example, if you have a small, dark kitchen, consider repainting the walls and re-finishing cabinet in lighter, fresher hues to create the illusion of a larger space. Lighter, cooler colours make walls recede, so this is a great trick for any small room.
Believe it or not, adding a bathroom in an unconventional space is a growing trend that Scott is no stranger to himself. “What we’ve done a lot of times is under a staircase, we’ll add a powder room or a two-piece bathroom. You will add a lot of value.” If you’re short on space (or budget!) and adding a bathroom isn’t in the plan, renovate an existing bathroom. What’s trending? According to Scott, frameless walk-in showers make a big splash (pun intended!).
Number one on Scott’s list of ways to increase property value is (drum roll please…) renovate the kitchen. There are many areas to consider, and they all come at a cost. Scott says to tackle the task, start at the top and work your way down.
- Lighting Will you have pot lights, perhaps pendants or a chandelier?
- Seating “Most families today are spending time eating in the kitchen.”
- Flooring “We do a lot of hardwood in our kitchens,” says Scott. “Engineered hardwood performs best in these spaces.”
- Appliances “Most people are preparing spaces for 36 inch refrigerators.”
- Countertops “The most popular in demand is quartz.”
And the most popular layout when it comes to the kitchens is…open concept.
Take a good look at your home and see what you can do to improve property value. Once you do, you may never want to leave!