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Jul 29, 2014

Thinking about Renovating? Choose renovations that will make your property value soar!

While every home buyer might be looking for something different when they go check out a place they're considering purchasing, there are a few things almost everybody wants in a home. Certain renovations can dramatically increase your home's property value, helping you make a healthy profit when you decide to sell it.

If you've been thinking about renovating your home but you're not sure it's worth it, choose renovations that will make it both more enjoyable for you to live in and more valuable when you sell it.

We've already talked here about some of the fairly simple renovations that can increase the property value of your home, but what about bigger renovations?

If you're prepared to make a serious investment to increase the property value of your home, these three renovations will dramatically increase your home's value:

1. New flooring.

This is particularly dramatic if there are scratches you can't get out of your floor, but either way new hardwood flooring will bring your property value up significantly. Stick with hardwood throughout most of the house and get some particularly nice tile for the bathroom.

2. Modernize your kitchen.

The kitchen is the single most important factor when most people are choosing which home to buy and how much to bid on the home they prefer. Your kitchen should have modern appliances and cabinetry, and under cabinet lighting is something that will make most potential buyers happy. Another change that can dramatically increase your home's property value is making your kitchen more open concept and adding an island.

3. Transform part of the house into a rental suite.

This is a great thing to do even if you plan to stay a while and have simply realized you don't actually need all the space in your house. Real estate is almost always a solid investment—after all, people will always need a place to live—and any first time home buyer is going to be excited by the idea of making money back from their investment.

Separating your house into apartments before you sell it is the single best investment you can make in your home, because people are always happy to pay more for something that will then in turn make them money.

If you're selling your Toronto home, odds are it's already worth quite a bit—probably a fair bit more than you paid for it. These renovations, along with cleaning the house properly and doing a few simple things to make it more aesthetically pleasing to potential buyers, can transform your house in the eyes of potential buyers!

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