The Best Renovations for your Home
From simple landscaping to remodeling a bathroom, we’ve put together a comprehensive list of 10 of the best renovations to increase your home’s value.
By Emily Southey | 11 minute read
Looking to increase the value of your home before selling? There are many renovations — big and small — that you can do to boost your home’s property value.
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Do Renovations Add Home Value?
Before we dive into the top renovations to increase home value, let’s consider the question on everyone’s mind: Do renovations add home value?
The short answer is yes, renovations can certainly add value to your home. That said, there is never a guarantee that you’ll make the money back that you spend. This is why being smart about renovations is so important. You should never assume that any update, repair, or improvement you do will automatically increase the value of your home. The reality is that only certain types of renovations are worthwhile. Knowing what they are and weighing the costs is crucial to renovating your home for better value. To start, let’s consider a few pros and cons of renovating your home before selling.
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Pro: Renovations can increase the value of your home
Renovating can increase the value of your home: Of course, the most important pro of renovating your home is that it can boost your home’s value. In turn, this is likely to translate to a higher selling price. To use renovations to increase the value of your home, make sure to choose projects wisely. Additions, bathroom and kitchen remodels, or updating your old HVAC units can all add value to your home.
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Pro: Renovations can be customized to your liking
If you aren’t quite ready to sell your home and plan to live in it for a few more years, then the customizations that renovations allow for can be another major perk. If you’ve always wanted your home to have certain design features, like a farmhouse sink or an open-concept floor plan, remodelling can allow you to do just that. Even if you only live in the home for a short time after the remodel, it can still be worth it.
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Con: Renovations may come with hidden costs or delays
The reality of renovations — especially major ones — is that they almost always take longer and cost more than a contractor originally says. When a contractor provides an initial quote, they are basing it on what they can see. As soon as they start tearing your house apart is when unexpected (and costly) issues like pest infestations or mould may arise. Therefore, if you’re looking to sell your home as quickly as possible, renovating it beforehand may not be a great decision. After all, the last thing you want is for the renovations to be so delayed that you end up listing your home while it’s still being renovated. Selling a home that’s a construction zone can be difficult and lead the property to sit on the market longer than others.
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Con: Renovations can be risky investments
One last drawback of renovating a home before selling is that renovations are not guaranteed investments. In fact, they can be quite risky. When you choose to renovate your home, you usually have to pay the cost of the renovations upfront. Although the goal is to recoup this money when you sell your home, this doesn’t always happen. To avoid a minimal return on investment (ROI), we recommend doing your due diligence by researching which renovations offer the biggest returns and consulting with a contractor or other real estate professional.
“You should never assume that any update, repair, or improvement you do will automatically increase the value of your home. The reality is that only certain types of renovations are worthwhile. Knowing what they are and weighing the costs is crucial to renovating your home for better value.”
Increase Your Home’s Value With These 10 Renovations
To increase the odds that the renovation you choose will increase the value of your home, choose improvements that are known for their returns. The experts at Wahi have put together a list of renovations to boost home value below.
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1. Create an addition
Creating an addition to your home is one of the best types of renovations you can make. This addition could be anything from an extra bedroom, an extension of the living room, a bedroom conversion in the attic, or even a basement living suite. Any kind of physical expansion will have a huge impact. Size matters, so extra rooms and square footage are a near-surefire way to add value to your home. To maximize your investment, make sure you select cost-effective materials and choose a design esthetic that is modern and in keeping with the rest of your home.
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2. Remodel your kitchen
As most homeowners know, the kitchen is one of the most important rooms in the home. And as most REALTORS® know, it’s also the one that sells homes. Therefore, if you’re going to spend money on one room in particular, make it your kitchen. When it comes to kitchens, functionality is key. So if you’re going to remodel a kitchen, we recommend going big — replacing old appliances and adding unique features like commercial-style ranges, hidden outlets, new sink hardware, drawer-style microwaves and dishwashers, and little perks like a wine fridge. Note that even a minor kitchen remodel can yield impressive results. For example, installing recessed lights, new countertops, or a layer of vinyl on the subfloor might not cost much, but they can still add value to your home. Even something as simple as repainting or sanding the cabinets can make your kitchen look more impressive.
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3. Renovate a bathroom
After the kitchen, the bathroom is the next room that deserves your attention. An updated bathroom — especially if it’s an updated ensuite bathroom — can be a major selling point for your home. When renovating a bathroom, think of sleek surfaces and modern fixtures and faucets. You might even replace shower doors or remove them entirely to create the illusion of more space. We also recommend regrouting old tiles in tubs or showers, as this can instantly refresh an old bathroom. If you don’t have the time or energy to do it yourself, hire a local handyman. Further, if you’re renovating a half bathroom, consider adding a shower. Alternatively, consider creating an additional bathroom altogether for guests.
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4. Replace your home’s HVAC systems
Your home’s HVAC (heating, ventilation, and air conditioning) systems are crucial to the comfort of its residents. Therefore, having one that is in tip-top shape is a great selling point. If your current HVAC units are nearing the end of their lives, we recommend purchasing new ones before putting your home on the market. New HVAC systems are far more energy efficient, which can translate to lower utility bills (another selling point for buyers). Plus, since HVAC units have long lifespans of over a decade, the presence of a new HVAC unit in your home will reassure buyers that they won’t have to make any major renovations any time soon.
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5. Invest in outdoor living space
Outdoor living space has never been more important. Thanks to the pandemic, which forced everyone into their homes, having an outdoor environment in which to unwind is a major selling point. Whether you have space for your kids to play in the backyard or to entertain friends and family, renovating your home to enhance your outdoor space is smart. For example, adding a screened-in front porch, backyard deck or patio, in-ground swimming pool, outdoor kitchen with a fridge and barbecue, or a cozy entertaining area can all add value to your home. Bonus tip: Before your first showing, make sure to stage these areas of the home with nice furniture and lighting to show them off.
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6. Focus on accessibility
When renovating your home — whether it be the kitchen, the bathroom, or the primary bedroom — prioritize accessibility. As you consider the way in which you want to redesign the space, ask yourself what you could do to make it more accessible for people of all ages, sizes, and physical abilities. Doing so can make your home more appealing to a wider pool of buyers. Examples of ways to make your home more accessible include widening doorways and hallways, creating a step-less entrance, adding doors to the back or sides of your home, or adding a shower or bathtub to the main floor bathroom.
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7. Update old light fixtures
Lighting is one of the simplest yet most cost-effective ways of adding value to your home. In fact, replacing old light fixtures is so simple it’s barely even a renovation. You would be surprised how much of a difference some strategically placed warm lights can make. When updating old light fixtures, do some research to determine what’s in style and where you can get the most bang for your buck (you can often find light fixtures at big box stores and online retailers). Lastly, don’t forget about exterior light fixtures, which can also add a lot of value to your home. Consider uplights on trees, spotlights facing your home, flood lights, and more to improve curb appeal.
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8. Refinish hardwood floors
If your home currently has hardwood floors, you’re in luck because hardwood floors are among the most desired features for buyers. That said, if your floors are old, dull, or covered in scuff marks, this can deter buyers. Rather than spending thousands of dollars to replace your hardwood flooring, consider having them refinished. Doing so is much cheaper than replacing them but can still add significant value to your home.
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9. Spruce up your home’s landscaping
As you likely already know, curb appeal matters, and the landscaping on your property is a crucial part of curb appeal. Therefore, sprucing up your front yard and entryway is important if you want to increase the value of your home. Ways to improve landscaping include planting a garden (with varying colours and varieties of plants) and creating a focal point like a walkway or fountain. In addition, take care to trim overgrown shrubs, mow and weed the lawn, add a sealant on flagstone, and fill holes or cracks in the driveway. For an added touch of green, you may also want to hang a fresh wreath on your front door or add some planters to your porch.
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10. Renovate your home’s exterior
As mentioned above, curb appeal matters, which means if you want to renovate your home in a way that will boost its value, updating the exterior might be as important as the interior. One of the most basic ways of improving your home’s exterior is with a fresh coat of paint. Do some testing to determine the right colour combination for your front door, trim, and siding. You can also add new siding to your home (fibre cement often has the highest returns). Other ways to renovate your home’s exterior include removing old awnings above windows and doors, replacing damaged railings or fences with brand new ones, installing new garage doors, or adding a pergola or columns on a porch or front entryway. Ultimately, there are many ways you can renovate your home’s exterior. If it’s looking old and worn, tackling the exterior of your home first through a combination of DIY tasks and professional improvements can be a great way to increase home value.
Frequently Asked Questions
If a renovation project is left unfinished, will that reduce the home’s value?
While it’s not a guarantee, leaving a renovation project unfinished typically will reduce the home’s value. This is because a buyer will have to assume the necessary costs to complete the renovation or return it to its original state. Either way, it may cost them a significant amount of money, and as such, they are likely to negotiate for a lower purchase price. It’s also worth noting that selling a home while it is being renovated is not advised. Most buyers are looking for turnkey solutions, and a home under construction is the complete opposite of that. Therefore, if you intend to put your home on the market in the near future, make sure you give yourself plenty of time to complete all renovations before selling.
How do you know if a renovation project is too complicated?
The best way to know if a renovation project is too complicated is by consulting with a professional contractor. They can let you know exactly what’s involved with your proposed project, as well as the estimated cost and timeline. A contractor can also tell you what materials are required and how easy or quick it will be to obtain them. Ultimately, everyone’s definition of “too complicated” will look a little bit different, so it’s up to you to decide what your renovation threshold is. That said, if you plan on listing your home for sale soon, we recommend avoiding any major renovations that may delay your home sale.
Which projects can you renovate on your own and which projects should you call an expert renovation company for?
Assuming you do not have a background in construction, electrical, or plumbing work, we recommend hiring professionals for most major renovations. Certain renovations are not only complicated but can be dangerous (especially if they involve electrical work). You should never attempt to do these kinds of updates on your own, as you could end up hurting yourself and/or creating a problem that is even more expensive to fix. That said, if you’re looking to save money while renovating, there are certain tasks you can certainly take on yourself, like repainting, landscaping, or even regrouting the bathroom.
Emily Southey
Wahi Writer
