10 Brilliant Improvements that Boost Your Home Value: 2023 Trends
Hello Homeowners! Whether you’re looking to give your home a spruce or add more value to your house before putting it on the market, improving your property can be incredibly beneficial. With 2023 just around the corner, now’s the perfect time to explore easy and cost-effective home upgrades that will ultimately get you top dollar in the market and impact how people perceive your abode.
From basic refreshes like painting and tile replacement to more extensive projects such as conservatories and new siding installations, many valuable improvements can increase the home’s value and look. Let’s look at 10 investments with a serious ‘wow’ factor while also increasing the worth of your place.
10 Improvements that Increase Home Value
1. Paint Your Walls
Investing in a new coat of paint for your walls is one of the simplest and most cost-effective renovations that increase home value. Neutral colors like whites and grays are popular choices that can easily be incorporated into any décor style or color scheme, so you don’t have to worry about painting over it again anytime soon. Not only will it make your home look brighter and fresher, but it will also give off the impression that you care about maintaining its value.
2. Update Your Kitchen Cabinets
Giving your kitchen an aesthetic boost and increasing the value of your home doesn’t have to be an expensive endeavor. Replacing the existing cabinets in your kitchen with new ones is a budget-friendly renovation that increases home value and modernizes the space. Consider giving your old cabinets a facelift by refinishing or repainting them rather than buying brand-new ones for a more budget-friendly option.
3. Upgrade Your Lighting Fixtures
Outdated fixtures can make a space look dingy and uninviting, so replacing them with newer models can help brighten up a room and make it more attractive. Choose modern designs that match the rest of the décor to create a cohesive look or opt for statement pieces that add a touch of personality to the room. Either way, this simple fix adds instant curb appeal and increases the overall market value of your property.
4. Install New Flooring
Installing new flooring is an excellent way to breathe life into any room without breaking the bank. Hardwood floors are always a timeless choice, but carpeting, tile, and laminate flooring are all great alternatives that can provide the desired look while staying within your budget. Additionally, installing new flooring will add considerable value to your home and improve its overall appearance.
5. Replace Old Windows
Replacing old windows with modern double-paned models is one of the most effective remodels to increase home value and lower energy costs in the long run.
Double-paned windows provide better insulation than traditional single panes, helping keep warm air inside during winter and cool air inside during summer. This way, you don’t have to blast your HVAC system unnecessarily, thus helping substantial savings over time on heating and cooling bills. In addition, new windows create a more pleasing aesthetic for visitors, making them a worthwhile investment overall.
6. Upgrade Your Bathroom
An upgraded bathroom can add serious resale value to any house. Luxury additions such as dual sinks or marble countertops are surefire ways to impress potential buyers. However, even small changes like replacing outdated faucets or adding new tiles can significantly affect how buyers perceive your property’s worth.
Other upgrades like new lighting fixtures or shower heads may also be beneficial investments if you’re looking for a quick way to increase the overall resale value of your home.
Landscaping is an essential part of home improvements that can drastically enhance the exterior appearance of a residence when done correctly. This improvement project can increase curb appeal and add value to a property, making it more attractive to potential buyers.
When landscaping, it’s important to be mindful of our unpredictable weather patterns in Vancouver when deciding on plant species and the overall aesthetic you want for your yard or garden. Mowing regularly and planting seasonal flowers are two simple ways to keep your lawn looking neat and vibrant year-round. In addition, adding features such as walkways and gardens can further boost the visual appeal of a home.
8. Add Outdoor Living Space
Outdoor living spaces are becoming exceedingly popular among potential buyers, allowing them to enjoy their outdoor surroundings without sacrificing comfort or style. For example, adding a few deck chairs around a fire pit can be a great start, providing a cozy atmosphere where homeowners and guests can gather and relax while enjoying the fresh air.
Suppose you’re willing to invest more time and money. In that case, you could even build an entire patio area with an outdoor kitchen and grilling station and seating areas with comfortable furniture such as sofas and armchairs. With such additions, you’ll be able to take full advantage of your outdoor space during warmer months while also increasing the value of your homes when selling later on down the line.
9. Invest in Energy Efficient Appliances
Investing in energy-efficient appliances can be a great way to save money on your monthly bills and increase the resale value of your home. Look for ENERGY STAR-certified models, as they offer the best energy efficiency features at an affordable price. These appliances use cutting-edge technology, such as regenerative motors and electronic controls, to ensure that they are drawing as little electricity as possible while providing you with all the power and features you need.
10. Install Security Systems
Many potential buyers and homeowners see security systems as more than just a way of keeping intruders away. They provide peace of mind knowing that their family and property are safe from harm and theft.
From video doorbells that alert homeowners when someone approaches your front door to alarm systems with motion detectors that detect unauthorized movements in any part of your property, security systems offer an added layer of protection to your property. Additionally, these systems can often be connected remotely via Wi-Fi or Bluetooth so that you can monitor your property remotely using smartphones or tablets — another plus for those looking for added safety.
How Much Do Renovations Increase Home Value?
In Canada, home values have increased since 2012, with major cities like Toronto and Vancouver seeing even more significant growth than others. However, 2022 was a year in which we saw price declines across Canada due to higher interest rates. Thanks to the pandemic, there’s been a massive surge in home renovations over the 3 years. A new RE/MAX Canada report has confirmed this trend and its motivations. According to the RE/MAX 2021 Renovation Investment Report, over half of Canadians renovated their homes for ROI purposes last year.
Renovations can be a great way to increase your home’s value, but it depends on the kind of renovations you make and how they are done. According to the AIC survey:
- Kitchen and bathroom renovations offer the best resale recovery rate, typically between 75% and 100%.
- Interior or exterior painting usually has a 50% to 100% recovery rate.
- Replacing the roof should result in 50% to 80% payback.
- Basement renovations, adding a garage or deck, new floor coverings, and installing a fireplace all have similar returns of 50% to 75%.
Minor improvements like landscaping outside or fencing around the property have been shown to increase home values in some instances. Luxury additions such as pools, Jacuzzi tubs, and kitchens also add significant value depending on your region.
It is important to remember that when it comes to renovations, high-quality materials and better craftsmanship make your home look nicer. It will also bring a greater return on investment when it’s time for you to sell if you ever decide to do so.
To Wrap It Up
Many upgrades can increase the value of your home without breaking the bank or taking on significant renovation projects. The 10 improvements shared above will allow you to get the most bang for your buck regardless of your budget.
If you’re looking for an easy and economical way to increase the value of your home in Vancouver, look no further than Skilled Home Renovations Burnaby. Our experts have extensive knowledge of the best ways to maximize the return on investment in home renovations. With us on your side, you can rest assured knowing that your money is being spent wisely and that your home will be worth more in the long run. Get in touch with us today to learn how we can help increase the value of your home.