How Home Renovations Can Increase Property Value
Toronto homeowners undertake renovation projects for a variety of reasons. Some just like the idea of turning the home they bought into something that more accurately reflects their own tastes. Others want to make their home more environmentally friendly. While still others are driven by the fact that their home is getting on in years and needs to be either upgraded or replaced. If you polled any of the above homeowners though you’d find one common thread running through all of their motivations: increased property value. It’s no secret that properly executed home renovations can add substantial bottom line value to a home. But just how do they do that?
6 Ways How Home Renovations Can Increase Property Value
While most people are aware that performing a home upgrade will result in increased valuations the whole market value calculus can still seem a bit mysterious. So just how is it that renovations cause home values to soar? Below we’ll look at 6 common ways.
1. They result in a bigger home:
This is may be the most obvious way a renovation project will enhance home value for the simple reason that a larger home is almost always more valuable than a smaller one in the same neighbourhood. Re-modeling the basement, finishing the attic or building an addition are just a few ways to increase the square footage of a home and add to its bottom line market valuation. Size, it seems, does matter. At least when it comes to homes.
2. They make the home more liveable:
There are a lot of factors that go into determining the value of a home. One of the most important is the notion of ‘liveability’. Many people, for instance, own older homes whose bathrooms were installed just after World War II and haven’t changed. While retro looks can be all the rage the fact is that many older bathrooms don’t exhibit the level of comfort that we want and expect today. Gutting and expanding an old bathroom and installing more generous features makes the entire bathroom experience more relaxing and rejuvenating and hence makes the house more liveable.
3. They can set a home apart from others:
If there is one phenomenon that has come to define the 21st century it’s design convergence. Stroll down the street in Toronto and you’ll see apartment blocks that look the same, cars that look the same, smartphones that look the same and more. In such a world buyers are often looking for something that sets one home apart from the others. Installing a beautiful custom deck can serve such a role as can a first-class landscape design. Don’t underestimate the value of being different.
4. They can make your home more durable:
Homes in the Greater Toronto Area take a beating. The winters are some of the longest experienced by any major city in the world and the summers can be blistering hot. All this extreme weather takes its toll on the average home and if damage is left unchecked it could severely impact the value of your home. Targeted home improvements like landscaping enhancements that direct water away from the home have the effect of making your house more likely to endure over the long haul. This in turn makes the home more attractive to potential buyers which increases its value.
5. They can make it more energy efficient:
No one today wants to live in an energy dump but all too often that’s exactly what many homes are. Leaky windows, leaky doors, poorly insulated walls and a cold uninsulated basement can all lead to the waste of expensive and irreplaceable energy. Shoring up your home’s exterior against the elements is not only good for your wallet short term, it will also go a long way toward adding market value to your home. No buyer wants to entertain the idea that they’re going to have to invest serious money just to bring the home they’ve purchased up to today’s environmental standards. Upgrading windows and doors and renovating the interior will help boost your home’s potential appeal to buyers and thereby raise its value.
6. They can increases its visual appeal:
Whether a home is attractive or not when viewed from the street indicates its level of ‘curb appeal’. This curb appeal is a major factor in determining the overall value of a home because, frankly, no one wants to come home to an ugly house. A professional landscaping scheme, exterior lighting, a new deck, new windows and more will help bring your home up to snuff visually and set it on a path to higher property valuation.
Increasing the value of your home is not as mysterious a process as it may seem. High quality home renovations like those list above will provide the conditions necessary for a home to experience a significant bump in its bottom line, while at the same time enabling you and your family to experience a high quality of life while you occupy the home. It’s a win-win situation if ever there was one and one you should not overlook.
Finding the Right Contractor to Perform your Home Renovation
Now that you hopefully have a better idea of how property valuations are affected by renovation projects it’s time to find the right contractor in the Greater Toronto Area to do those renovations for you. If you’re like many of your neighbours you’ll give Sticks and Stones Landscape Construction a call on 416-671- 5720. We’re the area’s most experienced home improvement contractors and can handle every aspect of your remodel from start to finish.
Home renovations should never be left to chance and, unless they’re fairly minor in scope, should never be considered a DIY project. Your home is more than a testing ground for budding handyman ambitions, it’s the largest single investment you’re likely to ever make. It needs to be treated as such, even if it’s in disrepair at the time you purchase it. Call Sticks and Stones today to find out more about increasing your property’s value through home renovations.