Simple Ways to Increase Your Home’s Value

Many of us (myself included) have wandered into Home Depot to find a small paint brush and somehow wound up walking out with a new hardwood floor. What can I say…it happens! Renovations can seem never ending, the wish list seems to grow the longer you live in a home. A weekend paint project turns into a wine cellar installation, a simple ceiling fan replacement turns into an entire home automation system. Ideas escalate in all sorts of directions. Over the years of owning a home, I’ve scaled back my impulses. Now I only complete projects that do two things 1.) provide me joy and 2.) make financial sense. They have to meet both those requirements or, they don’t happen. 

Before making major upgrades, realistically consider net return on investment. Generally speaking most one-off upgrades will generate an increase in home value equivalent to 50-85% of your total renovation spend. If you are upgrading the entire (or substantial part) of your home you can expect much higher returns and cost recovery, plus an increase in marketability which can drive final the sale price up even further. Adding high-end appliances and finishings will generate less return, in most cases it’s best to go for average yet good quality upgrades that focus on practicality over luxury. 

Key takeaway: Consult with your real estate professional before upgrading your home. Our market knowledge and expertise in your specific neighbourhood area will give you a better idea how upgrades will affect your homes future value. 

Here’s a list of the top renovations to increase your homes value.

Upgrade Appliances

Nothing is worse than walking into a million dollar home and seeing original appliances. Most buyers want to avoid as many upgrades as possible. Swapping old appliances for new stainless steel appliances will help sell your home faster and closer to the asking price. If you don’t upgrade appliances, you might be faced with low offers that take into account the necessary replacement costs. In most cases average buyers aren’t too concerned with luxury brand names like Wolf or Subzero. Decent quality mid-range appliances with a sleek design will provide the best return. 

Bathroom Remodelling

Bathrooms are a costly upgrade, a basic professional bathroom renovation starts around $8,000-$10,000. If your budget doesn’t permit a complete renovation try to upgrade what you can to make it look more modern. Swap out old electrical and plumbing fixtures, replace the vanity and sink (or re-furbish), install a new mirror with LED lighting, and/or a new toilet. The most costly part of a bathroom renovation is the plumbing hookup and tile work. If your current tub is in good shape, there are companies out there like BathFitters that can upgrade tub/shower combos for often a more reasonable price than complete demolition. To save money on tiling, try discount tile stores and shop around for an independent tile setter to come and do the work instead of a general contracting company that will charge you an arm and a leg for a small job.

Kitchen Upgrades

Kitchens are the heart of a home. They are a costly and time consuming upgrade however, there is good return on investment here. To save money take on tasks that are easy to learn: assemble pre-fabricated cabinets, install backsplash tiling, and do the demolition work yourself. If your current kitchen cabinets are wood, consider a repair and repaint/stain over a complete remodel. Don’t skimp on new countertops, they make a huge statement, buyers love granite, marble and quartz.

Smart Design

In a small space it’s important to show potential buyers how you’ve maximized tricky corners or previously unusable spaces within an home. Turning problem areas into new features is a great way to turn lemons into lemonade. Take this as an example, a 500 square foot loft space had no storage, so the owners built a custom storage space underneath the existing staircase. This alteration provides functionality of a previously unusable area, and now boasts the feature of having adequate storage within the unit. 

Another smart design example comes from a luxurious three bedroom apartment that had a 6x 6 foot den off the kitchen that was being used as in-suite storage. The condo had a large storage locker included with the unit, so they decided to transform the small den into a work from home office. Complete with custom millwork including floor to ceiling shelving and a built-in desk. Buyers walking through this property were impressed the owners were able to transform this room into an attractive and functional space. 

Fresh Paint

Most home owners are comfortable painting, or know a friend that is willing to help them out. YouTube tutorials can also be a life saver! I always recommend Benjamin Moore paint. It goes on quick with minimal coats needed. Often I’ve done walls with just one coat (using their premium Aura paint) In today’s market, choosing light toned neutral colours are always a good idea. Buyers have an easier time imagining themselves in bright and inviting space. 

New Flooring

Hardwood isn’t necessarily the gold standard anymore. Engineered hardwood, luxury vinyl plank, laminate, cork, and polished concrete are becoming increasingly popular and easier to install. As with most renovations, to get the most bang for your buck, go mid-range in price and choose a colour that most people like. In recent years lighter colour flooring options have replaced dark wood tones, this shift makes smaller spaces look larger. 

Want more advice on which upgrades will bring you the highest return in YOUR home? Let’s talk about how to INCREASE your homes value and to get it sold for TOP dollar! I have a strong network of trusted contractors and tradespeople that can assist with any renovation. Let’s work together to achieve the HIGHEST sale price possible for your home!

Nevada Cope

Personal Real Estate Corporation

Vancouver REALTOR®

Call or text me anytime! 604-897-6971