Home renovations are about so much more than just upgrading the look and feel of your living space. They are an excellent way to add value to your home. Oftentimes, budgets dictate what gets done first. This brings about the question: Which renovations add the most value to your property?
We connected with some of Metro Vancouver’s top Realtors who are well-versed in which renos can add the most value to your property. Keep reading to find out what they had to say about Vancouver area renovations.
When should you renovate?
We always encourage approaching renovations in a strategic way. So when it comes to timing, we understand homeowners may be asking themselves if taking on a renovation project is worth it. Whether you’re looking to sell in the near future, or considering buying and revamping an outdated space, renovations are always a great way to add value to a property.
Ishraq Islam from the 360 Real Estate Group shared his thoughts on whether home renovations are worth it:
“It’s been proven that the right renovation can increase the value of your home. The best value-add projects are the ones that provided a better lifestyle and lasting appeal.”Ishraq Islam from the 360 Real Estate Group
Choose your renovation projects
The next step is deciding which areas of the home you’d like to remodel. We spoke to experienced Real Estate Agent Hugh Cooper of Kit + Coop to hear which renovations have the biggest impact on property value:
“The most important areas are the kitchen and the master bedroom including the en suite. These areas get used more than any others in the house and really change the appearance and functionality of a space.”Hugh Cooper of Kit + Coop
When done correctly, the following renovations will give you about a 75% return on your investment:
Master Bedroom upgrade: The bedroom is a staple of the home that should be a getaway from the business of daily life. If it’s feeling run down or outdated, it may be time for an upgrade. A modern, comfortable master bedroom space is sure to add significant value to your property.
Bathroom remodel: Bathrooms are a popular remodelling option because they’re a practical space that homeowners spend quite a bit of time in. It’s particularly important for these high-traffic rooms to be functional, aesthetically pleasing, and fit into the look of the rest of the home. Don’t forget the invisible structures, like upgrading outdated plumbing and appliances for energy efficiency. A beautiful bathroom remodel will elevate your home’s look and value.
Kitchen renovation: Kitchens are called the ‘heart of the home’ for good reason — they’re a central gathering space that sets the tone for the rest of the home. A kitchen remodel is another big-ticket upgrade that can add significant value to your home while giving you a 75-80% return on investment. Focus on upgrading appliances, installing new cabinets and flooring, and plumbing like sinks and faucets.
Incorporate Smart Home technology: Smart Home system installation is a trend that’s here to stay. Smart Home technology modernizes your space, simplifies daily activities, and can even lower utility bills and insurance premiums. Research shows that more homebuyers are on the lookout for Smart Home systems when purchasing — making it a great renovation to boost property value. This is also an excellent upgrade for those revamping an outdated space as an investment project.
Increase functionality or add a revenue stream: One of the best ways to maximize value is by maximizing the way you use your spaces. For instance, many homeowners put off completing the basement because it feels separate to the house. That’s the feeling we want to avoid. We want to see every space as an opportunity for enjoyment or growth. If we take an enjoyment approach, the basement can be a game room, a quiet oasis to relax and unwind, or a playroom for the kids. Or, the basement can add direct revenue to your home by acting as a space for a live-in nanny, for your in-laws when they drop by to help out, or a functional suite for renters. Getting clear on the functionality of each space will help you bring a clearer vision to life — ultimately adding more comfort and value to your home.
Select your materials
You’ve decided which projects you’d like to take on — now it’s time to choose materials that fit into your property’s look and budget. Here are a few important things to consider:
- Aesthetics: Choose materials that fit into the look and feel of the rest of the home — so the new additions blend in and feel cohesive.
- Cost VS. Life Expectancy: While some materials are pricier up front, they can save you repair or energy costs in the long run.
- Energy Efficiency: Aim for materials that optimize the insulation of your home, especially in places like doors, walls, roofing, and windows. (This is where energy escapes.) High-quality materials will help avoid this issue and raise your home energy savings.
Amy Leong of Amy and Ally Real Estate offered important tips on getting a second opinion before you start making major changes:
“Talk to a professional designer before embarking on anything structural, plumbing or electrical, and if you need an extra design spark. There are endless designers to choose from that do virtual walkthroughs, review floorplans, and make suggestions.”Amy Leong of Amy and Ally Real Estate
How can 360 home renovations help me add value to my property?
Renovating or remodeling your property is a big decision. Our experienced team in the Metro Vancouver area is here to guide you through every question and every step with full confidence. Get in touch for a quote, or visit us in our Surrey showroom.
Get in touch for a quote, or visit us in our Surrey showroom.