Thinking of putting your home on the market in the near future? 87% of experts recommend interior renovations when investing in your home improvement renovation projects.
Did you know that a kitchen renovation can potentially raise your home value by 20%?
A recent survey done by Royal LePage found that the average kitchen renovation had a great positive impact on the home value.
“Kitchen renovations typically yield the greatest return on investment, as this space is most frequently used, and is perceived as the gathering place and the heart of the home,” said Mike Heddle, broker and team leader, Royal LePage State Realty. “When a potential buyer views a home for the first time, the one thing that will stand out – for better or worse – is what the kitchen looked and felt like. They may not remember the size of the bedrooms or the colour of the walls, but they will remember the kitchen.”
Other home improvements that helped to increase the home’s value included:
- Bathroom renovations on average increased 16% increase
- Outdoor entertaining space and landscaping improvements on average increased 10%
- Upgrading windows was appealing to buyers, and boosted the value by 13%
- Interior painting was an easy, cost effective project that increased value 12% on average\
Finish the basement!
“In today’s market, investing in a basement apartment can greatly increase the value of a home, largely because it can help offset mortgage costs with a rental unit, or appeal to newcomers looking for multigenerational homes,” said Heddle. “Since the onset of the pandemic, we are also noticing senior homeowners looking at multigenerational opportunities to live under the same roof. Having an additional fully livable unit allows for more privacy for those families.”
Not a surprise but a finished basement and basement apartment have a large impact on your home’s value. In today’s housing market across the country, having a rental option can greatly improve your home’s value.
Are you thinking of selling soon? Want personal recommendations on ways to improve your home’s value? I understand the current pace of the local Comox Valley real estate market. I am happy to guide you into what small improvements will give you the biggest return on your real estate investment! Plus I have several professional relationships, connections and recommendations to local contractors and suppliers within the Comox Valley and Vancouver Island to help get the job done right.
Want a FREE competitive market evaluation on your home? Let’s talk today. You can reach me at 250-792-2776 or on the contact form on the website.