These 5 ways of increasing the value of your home can have a great return on investment if done correctly. While every homeowner is wanting a quick fix, a good clean, coat of paint and de-cluttering is the cheap and easy step, but a little money spent in the right places goes a long way.
Nothing lets a house down like a tired and dated looking kitchen. Kitchens are the first and most important room to update and can make a huge difference to the value of your home.
Kitchens need to be clean, sleek and modern. New appliances and under cabinet lighting, along with pot lights help make a desirable kitchen. Consider stone or solid wood counter tops as opposed to laminate. Those on more of a tight budget can do well to use Ikea cabinets as opposed to custom ones, which will save a lot of money.
The next most important room to spruce up is the bathroom. Consider adding a bathroom where there isn’t one, or if there's a small awkward one, consider stealing a bit of dead space from another room to make it more usable. If you can add a 3 piece bathroom to a home with only one full bathroom, you will see a significant raise in the market value of that home.
Use glass enclosures rather than curtains in small bathrooms to make them feel larger, and keep the colour scheme nice and light. If there is a small window, consider enlarging it to let in more light
Flooring is a big deal when it comes to raising your property value. Adding hardwood flooring, or even better, re-finishing existing hardwood is a guaranteed way to up that listing price. Although high quality vinyl has seen a huge increase in popularity, it doesn't raise the value of your home like hardwood. Bathrooms should have tiled floors which are always popular and hold their value.
Out dated, tired looking fixtures are an easy fix. Make sure that hardware such as hinges and handles match, not mixing gold with silver etc. and keep the styles in line with one another.
New faucets, light fixtures and new handles on doors and cabinets are a great and simple way to boost your home value.
The biggest way to increase your home value is to add in income suite. Converting your basement, splitting the home into different units, renting out a floor or even converting an out-building, are all big investments with big pay offs. Shows like HGTV's 'Income Property' have brought to light how easy it is to create cash-flow by adding an income suite. If done right, not only could you be covering your mortgage, but you could be creating positive cash-flow, making a profit from have tenants in your suite.