In a competitive housing market, it is important to boost the appeal of your home. With some creativity and effort, simple home renovations can help to increase the value of your house while boosting its speed of sale.
Here are simple home reno ideas to increase the value of your home:
1. Add a fresh coat of paint
It’s easy and it makes a big difference. Adding a fresh coat of paint to interior walls and ceilings is a low-cost improvement that can yield up to a 75 to 100% return on investment.
If you’re looking to maximize your painting budget, prioritize main living spaces like the living room, kitchen, and bathrooms.
Consider painting your home with neutral colours for a clean and contemporary look. This easy home reno will help potential homebuyers envision the space as their own.
2. Update your kitchen
Your kitchen is the heart of your home. Updating this space is one of the most effective ways to increase property value. Before you start tearing out cabinets or replacing appliances, however, consider some basic home renovations that will make a big impact:
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Replace your countertop
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Refresh your cabinets with paint and new hardware
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Update your light fixtures
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Replace your faucets with contemporary styles
3. Give your front door some love
You never get a second chance to make a first impression.
Your front door is the focal point of your home’s exterior and sets the tone for visitors. It also plays a role in communicating the perceived value of your home. Give your front door a facelift – an easy home reno – with new paint and updated hardware.
4. Give your home’s exterior a refresh
To increase your home’s curb appeal, consider giving your gardens and exterior spaces a refresh.
This might mean re-seeding your lawn, washing windows, filling in visible cracks in walls, or just adding some potted plants. If you have a bigger budget, you could think about larger exterior home renovations, such as adding lighting, a back deck, or a fire pit.
5. Integrate some simple tech
You don’t have to be a tech expert to make a few digital upgrades to your living space. Make your home smarter and more valuable by adding plug-and-play solutions like DIY home security systems, smart thermostats, and camera-integrated doorbells. You never know – one of these digital home reno improvements might make a potential buyer feel right at home.
6. Upgrade your bathrooms
Bathrooms are among the most used spaces in your home, so they’re subject to more wear and tear. Higher moisture levels and water exposure can wreak havoc on paint and finishes, leaving them looking tired.
Freshen up your bathrooms by cleaning grout, removing rust stains, applying fresh caulk, and adding a coat of paint. While this work won’t take long, it will have a positive impact on the overall appearance of your home.
Looking to take it a step further? Think about replacing faucets, adding storage solutions, updating cabinet hardware, and installing a low-flush toilet. These updates can generate some of the highest returns for home renovations.
7. Get creative
With more people working from home, it is important to showcase areas that could function as a home office. Get creative with spaces that can transform – with staging or a basic home reno – to serve multiple functions. Showcase an office area with a desk, simple storage, and suitable lighting. Remember to keep this space decluttered for maximum appeal.
Budgeting for your next project
Wondering how you will afford home renovations? Before you reach for a toolbelt, keep these budgeting tips in mind.
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Space out your projects. Completing one project before moving on to the next will allow you to accurately fit renovations into your home budget.
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Don’t overdo it. The more you spend on home improvements, the greater the chance that you won’t recover the cost of your upgrades.
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Increase your budget by 10 to 15% to allow for unexpected expenses.
Remember: A home reno doesn’t have to involve a team of professionals. Embarking on DIY projects and doing some simple refreshing can go a long way when it comes to adding value to your property.
If you decide that an improvement is important for the sale of your home, but you need access to cash to make it happen, consider applying for Meridian Visa.
And of course, you can always reach out to an expert! Talk over your budget with a Meridian Advisor today.
A previous version of this post was published in March 2022.
