Which Home Improvement Projects Offer the Biggest Payback in Home Value?

In the current housing market, especially here in Vancouver, it might not be feasible for you to think about buying a new home. In the meantime, you might be able to make improvements to your current home to increase its value for when you’re ready to sell. There are many great, affordable home improvements you can make while you wait. 

When your home’s value is assessed, they look at big things like additional suites and pools, as well as smaller things like the cabinet faces and door knobs.

Home improvement projects that have the best pay off for increasing home value:

In-law suite

Creating a small, rentable suite, either as a separate structure or within the basement, garage, or another part of the home, is a big selling point for buyers. Many people rent these suites to family members or tenants to supplement income. You can even do the same while waiting to sell your home. In Vancouver and other cities with universities, it’s a great option to rent out to students during the school year. 

Kitchen

The kitchen is one of the most important rooms in the home, and is one of the most considered when determining home value. A minor kitchen remodel you can do yourself like updating door handles, refacing cupboard doors, and adding a fresh coat of paint, can add a lot of value to your home without costing a fortune. You might even be able to do it yourself, without hiring someone. 

Bathroom

The bathroom is usually the first room that comes to mind when you think of renovations, and for good reason. Renovating your bathroom can make a big difference for the value of your home. According to some sources, you’ll recuperate up to 62% of that cost when reselling your home. 

Flooring 

Well-installed flooring can have between a 100 and 150% return on investment. However, it’s important to make sure it’s done properly. There are several common mistakes people make when installing flooring. It might be worth paying a professional to install for a guaranteed high return on investment when the time comes to sell. 

Home office 

Now that most of us are working from home, you might have thought about renovating your office space, or maybe you’ve already started. Your home office will probably get a lot of use before you sell your home, and it can add significant resale value, with so many people working from home now. If you have a spare room or a walk-in closet that could be turned into an office, it’s a great option to consider.

There are several ways to increase the value of your home, and this is just the beginning. If you’ve got another idea for a renovation your home needs, do some research and see if it would add value to your home. Odds are, it probably will. 

When you’re ready, Your Mortgage Guide can help you determine the right time to buy or sell, based on your needs. Contact us when you’re ready to talk.