It can be hard to know which home renovation projects really will increase the overall value of your home. Influencing factors include the demand of your local market in Edmonton as well as national trends. While the monumental decision to upgrade and renovate your home requires a statement of your own personality and preferences, it’s also worth considering the types of projects and style trends that will lead to the most return on investment and increase the value of your home.
1. The Kitchen:
The kitchen is the heart of the home, the “central hub,” if you will. Due to this, renovating your home’s kitchen can and will pay off, assuming you don’t go to extremes. Research states you can expect a 60-120% return on investment, as long as your kitchen fits with the condition of the rest of your house, and/or the neighborhood. While a deluxe kitchen may seem enticing for you, and it may be if you’re a gourmet chef, most homebuyers don’t see the value in a $100,00-$200,000 kitchen reno alone, if the rest of the house continues to be dated. Take that idea into account when determining how far you want to go with the gourmet qualities of your cooking space.
2. Bathroom Additions:
Who doesn’t need an extra bathroom? Particularly if you’re living in a space with only one or two powder rooms currently. You can expect to recuperate 80-130% of what you spend on a bathroom addition to your house. Now, finding the space for an added washroom can present a challenge in some older, historic homes. Get creative and look for potential in underutilized areas, such as closets and stairway recessions.
3. Energy Efficient Windows and Insulation:
Both Energy-Star rated windows and insulation can each save you up to $600 a year in your utility bills. Not only is that important to you, as a homeowner, as that annual decrease can equate to about 60-90% return on investment, along with potential tax credits, but it’s important to potential home buyers too. Buyers are looking for homes with energy efficiency in mind. Many folks are seeking the character, charm, and personality of a home in an already established neighborhood, but are looking at the environmental and energy qualities of something new.
4. Outdoor Living Spaces:
Outdoor living spaces have become more and more popular over the last few years, as our world-wide obsession with technology has been calling for a bit of a nature reprieve. That said, more and more homeowners are even opting for “stay-cations” vs. traditional family vacations, with the intent of enjoying the renovated and additional outdoor amenities of their homes. Simply adding a deck to your existing backyard space will lead to around a 65-90% return on investment. However, adding even fancier and more enticing outdoor living essentials, such as a fireplace and built-in grill and cooking area can help you recoup even more of your renovation costs. At the same time, you’re bound to be more satisfied with the space while you’re living there as well.