6 Ways to Increase the Value of your Property
This can be done by a variety of home improvement tasks you can tackle to help boost the appeal of your home. Here are some useful ideas on how you can help raise your home’s value and get a return on your investment.
1. Kitchen Upgrades
A kitchen renovation is one of the most popular solutions to add value to your home and help get a return on your investment. This can be done by updating the cabinets, installing granite or marble countertops and adding luxurious appliances such as espresso machine or a wood-fired pizza oven. Be sure to set up a plan and budget for the remodel to remain on track.
2. Bathroom Upgrades
Beautifying the bathroom is another technique to help increase the value of your property. This can be done by replacing any old faucets, installing granite or marble with your countertops, updating tiles or getting heated floors. You can also check on the condition of your plumbing systems, especially if your home has galvanized pipes, which can have an approximate lifespan of 50 to 75 years and can potentially cause water damage.
3. Increase Curb Appeal
Helping to boost your home’s curb appeal can be one of the more cost-effective ways to increase its value and sell your home. Without undergoing a major facelift, small and subtle changes to your home can help spruce up your home’s exterior such as colourful container plants on the front steps, hanging a decorate wreath on the front door and repairing or sealing any cracks in the driveway. If you have the time and budget, you can also gussy up the backyard as well.
4. Interior Lighting
Replacing and updating any fixtures in your home can be an effective and simple way to add value. This can be done by installing recessed pot lights, decorative flush mounts or stunning chandeliers over the dining room. Turn the rooms in your home into bright and inviting spaces.
5. Energy Efficiency
An energy-efficient home can help reduce greenhouse gas emissions and save money. Choosing to use more environmentally friendly appliances can reduce your energy consumption and add more value to your property. When shopping for ecofriendly appliances, look for a blue-and-white ENERGY STAR® logo, which is known as a trusted mark of high efficiency.
6. Smart Technology
Adding some smart home technology into your home can help increase your home’s value while saving energy and time. This is becoming a popular trend in condos as an incentive for potential buyers. Having smart appliances such as a thermostat and alarm system that can connect to Wi-Fi can offer homeowners more control and personalization.
Remember, if you are planning any renovations you should share them with your insurer first because some projects may impact your coverage. For instance, if your home is vacated for more than 30 days while the renovations are being done and you didn’t inform your insurer, it would be a violation of your policy. Plus, if your home was broken into during this time, there’s a possibility a claim would not be covered. To learn more about this you can read our Home Renovation & Insurance Guide: Do’s & Don’ts post or contact a licensed insurance advisor.