How to Increase the Value of Your Property (Without Spending A Fortune)
It’s no secret that the Toronto market has cooled slightly from the chaos of a few years back. These days, homeowners can’t count on aggressive bidding wars to up the value of their home, and properties have been sitting on the market longer than usual. Torontonians considering selling in the next year will need to get creative to make their property as appealing as possible. Luckily, there are a bunch of affordable home renovation projects you can undertake that will drastically increase the value of your home (without a huge initial investment). Here are a few of our favourites:
A Kitchen Refresh: The kitchen is one of the most important areas of a home—and one of the first places potential buyers explore to see if a house is a fit. It’s where families gather to discuss the day, where cocktail parties usually wind up, and, of course, where nourishing meals are made. It goes without saying that if your kitchen is outdated, your home will have less appeal to buyers.
While a total gut job can be costly and time-consuming, there are ways to give your kitchen a subtle yet meaningful facelift—without a huge headache. First, we recommend swapping out darker cabinets in favour of a lighter hue. A simple paint job of your existing cabinets (or just replacing the doors instead of the entire box) can go a long way in brightening up the space and making it feel more modern. Adding a few contemporary touches can also work wonders. For instance, replacing the pulls on your cabinets is an easy fix that can instantly transform a kitchen’s aesthetic vibe. We recommend visiting Kitchen and Bath to get more kitchen design inspiration.
A Bathroom Update: Bathrooms are probably next on the list of important features buyers are looking for in a home. While installing plumbing for an extra bathroom is incredibly complex, updating the bathrooms you already have is a simpler way to increase the value of your home. We’ve found that replacing the floors and countertops with high-quality materials generally has the biggest impact. We’re big fans of natural stone for the bathroom: it’s a dream to take care of, wears well in a wet environment and looks incredible to boot. This Bianca Carrera marble from Stone Masters is a fail-safe option that always looks super-stylish.
A New Roof: Okay, so this one might not be the most affordable home renovation you can tackle. Replacing a roof is a notoriously pricey project—which is why it’s so effective at improving the value of your house. Especially on homes that are more than 20 years old, a new roof provides a huge amount of selling power (because buyers know they won’t have to do it themselves!). That said, it’s crucial to go about the project carefully. You want to choose an excellent contractor, make sure they’re using the best materials and take out warranties whenever possible. We recommend using the roofing services of Hamilton-based family-owned business D’Angelo and Sons: they’re affordable, reliable and super-thorough, so you know you can trust them with the task.
A Floor Overhaul: Floors go through a lot of wear and tear over the years, so chances are, if your home has had the same floorboards for a decade or more, the floor could use an update. And while we never recommend tearing out true vintage hardwood, there are certain materials that look cheap or dated and this can impact the overall value of your home. A hardwood in a neutral brown colour is always a safe bet for the first and second floors of your home. The Floor Shop deals exclusively in the best wooden flooring and is the preferred installation contractor of Holmes on Homes on HGTV network. We also love their custom millwork for wide-plank herringbone patterns.
Installing heated floors is another way to increase the value of your home. Not only is it an incredibly luxurious feature that is guaranteed to attract buyers, but it can also help you save on heating and utility bills.
A Finished Basement: A finished basement is a major plus for your property value. Having a separate unit in your basement goes way beyond adding square footage. In this age of sky-high mortgages, an income unit you can rent out per month or post to Airbnb is priceless. And transforming it doesn’t have to be a huge undertaking: for instance, you can add a drop ceiling (SnapClip’s suspended ceiling system is a perfect DIY option), opt for a shower instead of a bathtub, and install a simple modular kitchen. In the basement, instead of hardwood, we always recommend installing a laminate or vinyl floor. It’s easy to replace if you experience a flood and it’s nicer on the feet in chilly spaces.
Summer is the perfect time to embark on a home renovation project. And if you’re selling soon, it can be more than a refresh—it can pad your pockets, too.